Mumbai, May 31 (IANS): Indian equity indices snapped their five-day fall and opened higher on Friday following an over five per cent fall in the Indian Volatility Index (India VIX).

At 9:50 am, Sensex was up 484 points or 0.67 per cent, at 74,380 and Nifty was up 125 points or 0.56 per cent, at 22,613.

Banking shares are also bullish in early trade. Nifty Bank is up 342 points or 0.70 per cent at 49,043.

Among the other indices, auto, Fin service, pharma, FMCG, metal, realty, and infra are gainers. Only the IT index remains in the red.

India VIX is down over five per cent at 22.90 points.

Seven out of 30 Sensex stocks are trading in red.

L&T, M&M, Bajaj Finance, Ultratech Cement, Titan, Tata Motors, IndusInd Bank, ITC, HDFC Bank, Reliance, and Bajaj Finserv are gainers. Infosys, Kotak Mahindra, TCS, Bharti Airtel, and Axis Bank are losers.

Asian markets are trading with gains. Tokyo, Shanghai, Hong Kong, Bangkok, and Seoul are in green. Only Jakarta markets are trading in the red. American markets closed in the red in Thursday's session.

Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher, said that Nifty has witnessed a steady slide for the 4th consecutive session with bias weakening and index currently precariously placed with the significant 50EMA zone lying near 22380 levels.

"The index needs a decisive move past the 22700 zone for the bias to improve. With the election outcome event nearing, high volatility and fluctuations are expected in the coming days," Parekh added.