BENGALURU: Indian shares opened little changed on Friday, hovering near record highs, as a surge in IT stocks after their US peer Accenture posted a better-than-expected quarterly profit was offset by a decline in heavyweight financials.
The benchmark Nifty 50 and BSE Sensex opened flat at 26,248.25 points and 85,893.84, respectively.
The Sensex briefly inched higher to hit an all-time high of 85,935.31.
Despite the muted start, the benchmarks were on track for their third consecutive week of gains, continuing their strong performance this year.
Indian shares notch new highs as auto, metal stocks surge
The latest seven-day rally follows an outsized US rate cut last Wednesday, which bolstered expectations of higher foreign inflows into emerging markets such as India.
IT companies, which have the second-heaviest weightage among the major sectors and earn a big chunk of their revenue from US clients, rose nearly 3% and were set for their best day in over a month after US peer Accenture posted better-than-expected quarterly earnings due to strong demand for its AI services.
Market leaders TCS, Infosys Wipro and HCLTech were up between 1.7% and 3.5%.
However, gains on the benchmark indexes were kept in check by a 0.4% drop in top-weighted financial stocks, which fell after adding over 1% in the prior two sessions.
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