The market has opened in green. The Sensex is up 64.37 points or 0.2 per at 28187.81 and the Nifty is up 11.45 points or 0.1 percent at 8684.70. About 530 shares have advanced, 179 shares declined, and 32 shares are unchanged.

SBI, Infosys, ONGC, Axis Bank and Wipro are top gainers while Lupin, Adani Ports, Asian Paints, ITC and HDFC Bank are losers in the Sensex.

The board of country’s largest lender, State Bank of India, has approved the merger of its associate banks, along with Bhartiya Mahila Bank, with itself. The merger will add to the strength of SBI — which, at assets of about Rs 23 lakh crore, is roughly one-fourth of the Indian banking system — with an additional capital base of about Rs 4 lakh crore.

The net debt of the top 30 steel companies globally has touched a record high of over USD 150 billion, according to consultancy firm Ernst and Young (E&Y). The global consultancy’s report also reveals that major part of this (debt) is with companies in India, China and Brazil. Debt in the steel sector rose significantly between 2008 and 2013 before experiencing some relief in 2014, E&Y said in a statement. The relief was short-lived, however, as the pressure of excess capacity, rapidly cooling demand in China and the stronger position of steel customers drove a 30 per cent decline in steel prices in 2015, it added.

Mahesh Nandurkar of CLSA said, “Our analysis of high frequency economic indicators reiterates that signs of economic recovery are not visible. Clearly, the market is moving on global liquidity cues and this is likely to continue as easy money chases emerging markets. While India does not enjoy the preferred status within EMs anymore it will still get its share of inflows.” “Our recent meetings with US investors highlight that they have already reduced India exposure and scope for further underperformance is limited. FII flows are largely ETF-driven and this should augur well for large caps.”

The Indian rupee slipped in the early trade. It has opened lower by 14 paise at 66.95 per dollar versus 66.81 Thursday.

Pramit Brahmbhatt of Veracity said, “We expect the rupee to trade sideways despite positive economic data from US, as it will take cues from the domestic equity market and constant FII inflow.” The dollar nursed declines on speculation of US interest rates will remain low amid unprecedented global stimulus.

Among global peers, Asian stocks edged up as Wall Street benefited from buoyant crude oil prices and expectations US borrowing costs will remain at stimulatory levels at least until year-end.

Japan’s Nikkei added 0.5 percent and South Korea’s Kospi tacked on 0.2 percent. Australian shares added 0.1 percent.MSCI’s broadest index of Asia-Pacific shares outside Japan stood steady. The index was on track to rise 0.25 percent on the week, during which it reached a 1-year high.

Global equities received a lift this week after the Federal Reserve’s July policy meeting minutes showed that the US central bank was in no hurry to hike interest rates.

US stocks eked out gains on Thursday following upbeat earnings and forecasts from Wal-Mart and as higher oil lifted energy shares.

Oil prices surged 3 percent overnight, with Brent hitting an eight-week high as the world’s biggest producers prepare to discuss a possible freeze in production levels.