The BSE Sensex is up 0.3 percent and the 50-share Nifty is up 0.15 percent. Maruti Suzuki shares gain 1 percent ahead of October-December earnings, due later in the day.

Bank shares lead gains on hopes the RBI will cut interest rates at its policy review on Tuesday: ICICI Bank (ICBK.NS) gains 1 percent, while HDFC Bank (HDBK.NS) gains 0.4 percent.

Tata Motors (TAMO.NS) shares gain 2.3 percent, as its 6.3 percent fall on Thursday was seen as overdone. That decline was sparked by concerns over unit Jaguar Land Rover's EBTIDA margins.