Positive global cues helped the Indian markets to open firm on Friday, but high inflation and rise in crude oil to $128 per barrel pushed investors to book profits at higher levels. Overseas, crude oil rose for the second day as the dollar headed for a weekly loss against euro, making investments in commodities attractive as a hedge against inflation.

Back home, India's wholesale price index based inflation for the week ended May 24 rose by 8.24 per cent against 8.10 per cent rise in the previous week. Though still high and a serious concern, the number was heartening as market expecting inflation in double digits.

At 12:08 pm, NSE 50-share Nifty was lower by 0.10 per cent at 4672. Nifty June futures was at discount of 8 points to the spot against a premium on Thursday. The futures price slipped 0.48 per cent while it added 5 per cent in open interest. The cost of carry was also negative, indicating short build up.

Nifty call of strike 4700 added 46 per cent in open interest and 4800 added 19 per cent. However, Nifty 5000 call shed 5 per cent in open interest, indicating strong resistance in the 4700-4800 zone. Puts of strikes 4600 and 4500 added 3 per cent and 5 per cent respectively, where Nifty may get support.

In stocks futures, Reliance Industries June price slipped 0.73 per cent, Cairn India contract soared 7.2 per cent, Reliance Petroleum fell 0.24 per cent while ONGC dropped 1.48 per cent.

Tata Steel June price slid 0.49 per cent and open interest added 2 lakh shares. Reliance Capital futures price fell 0.47 per cent and open interest shed 72,000 shares. Suzlon June jumped 5 per cent, NTPC skid 1.5 per cent and Reliance Infra marginally gained 0.6 per cent.

HDIL June futures price dropped 1 per cent, DLF price decreased by 1 per cent and Unitech fell 0.71 per cent.

ICICI Bank price increased 0.77 per cent on short covering while State Bank of India near month contract was down 0.5 per cent.