Indian shares open muted; IT stocks jump
Updates at 09:33 IST
BENGALURU, Sept 27 (Reuters) -Indian shares opened little changed on Friday, hovering near record highs, asa surge in IT stocks after their U.S. peer Accenture posted a better-than-expected quarterly profit was offset bya decline inheavyweight financials.
The benchmark Nifty 50 .NSEI and BSE Sensex .BSESN 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 theirthird consecutive week of gains, continuing theirstrong performance this year.
The latest seven-day rally follows an outsized U.S. rate cut last Wednesday, which bolstered expectations of higher foreign inflows into emerging markets such as India.
IT companies .NIFTYIT, which have the second-heaviest weightage among the major sectors and earn a big chunk of their revenue from U.S. clients, rose nearly 3% and were set fortheir best day in over a month after U.S. peer Accenture ACN.N posted better-than-expected quarterly earnings due to strong demand for its AI services.
Market leaders TCS TCS.NS, Infosys INFY.NS Wipro WIPR.NS and HCLTech HCLT.NS 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 .NIFTYFIN, which fell after adding over 1% in the priortwo sessions.
($1 = 83.6210 Indian rupees)
Reporting by Indranil Sarkar and Manvi Pant in Bengaluru; Editing by Savio D'Souza
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