Indian shares opened flat on Friday, tracking muted Asian peers, as investors looked for fresh triggers. Gains in banking and financial indices boosted shares, offsetting losses in IT and FMCG indices.
Asian share markets were little changed as investors pared expectations for a US rate cut this year while oil prices loitered near one-month lows on oversupply fears.
At 9:20 AM, the BSE Sensex was trading 70 points higher at 39,055, and the Nifty 50 was up 24 points at 11,749.
YES Bank, Bharti Infratel, BPCL, IOC and Asian Paints were the top gainers on Nifty, while, TCS, Tata Motors, Infosys, HCL Tech and Tech Mahindra were the worst performing stocks on the index.
IT stocks were under pressure after Cognizant reported poor numbers and cut its CY19 guidance. TCS fell over 2 percent, while Infosys slipped 1.5 percent.
OMCs gain with IOC, BPCL, and HPCL gaining over 1 percent each after crude oil prices slipped, extending a steep fall from the previous session on surging US output and an expected supply increase from OPEC.
Nifty PSU Bank was the top performing sectoral index, up 1 percent followed by Nifty Realty, Nifty Bank and Nifty Financial Services.