Mumbai, May 24 (IANS) Sensex on Friday opened on a firm note but shed most of its gains to trade just over 100 points higher.

The Sensex at 10.40 a.m., was trading 113.41 points or 0.29 per cent higher at 38,924.80 after advancing by over 400 points earlier.

The Nifty was up 31.25 points or 0.27 per cent to 11,688.30.

On Thursday -- the counting day -- the BJP led coalition was seen coming back to power with around 350 seats and BJP itself getting around 300 seats.

The FIIs were also net buyers on Thursday. They bought shares worth Rs 1,352.20 crore.

--IANS ravi/in