Indian benchmark equity indices, Sensex and Nifty50, started Friday's trade at record highs, buoyed by gains in IT and metal stocks amid a mixed trend in Asia. Soon after, however, benchmarks pared gains as selling in HDFC twins and Reliance Industries offset IT gains.
At 9:15 am, the Sensex opened 0.29 percent, or 135.68 points, higher at 47,026.02, while the Nifty50 index started at 13,764.40, up 23.70 points, or 0.17 percent.
Broader markets, Nifty Smallcap100 and Nifty Midcap100 indices traded 0.4 and 0.2 percent higher, respectively.
Among sectoral indices, gains in Nifty IT, Nifty Metal and Nifty Pharma were countered by losses in Nifty Private Bank and Nifty Financial Services.
HCL Technologies, Infosys, Wipro, Tech Mahindra and Hindalco Industries were the Nifty50 top gainers, while HDFC Bank, HDFC, ONGC, Bajaj Finance and Coal India were the top index losers.
Stocks of defense sector companies gained after the Defence Acquisition Council approved proposals to procure equipment worth Rs 28,000 crore.
TCS gained over 1 percent as the company's Rs 16,000-crore share buyback offer opens today.
Meanwhile, in Asia, shares slipped from the record they hit a day earlier, but the prospect of a major US coronavirus relief package left some investors still in the mood to pick up stocks and other risk-exposed assets, a Reuters report said.
MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.3 percent from Thursday's record. Still, it's on track for a seventh consecutive week of gains—the longest such streak in about a year. Japan's Nikkei dipped 0.2 percent, facing strong resistance around 27,000.
(Edited by : Ajay Vaishnav)