India鈥檚 equity benchmark indexes were little changed in early trade on Friday, as a dip in heavyweight financials at near record highs offset a broader rally fueled by upbeat global cues.
The Nifty 50 added 0.07% to 25,569.4 points and the BSE Sensex rose 0.08% to 83,834.11 as of 10:15 a.m. IST.
鈥淭he Nifty鈥檚 breakout above its recent consolidation indicates rising optimism among traders,鈥 said Aakash Shah, technical research analyst at Choice Broking.
Nine of the 13 major sectors advanced. However, financials and banks lost 0.6% and 0.4%, respectively, after climbing to record highs a day earlier.
Private lender HDFC Bank, the heaviest stock on the benchmarks, fell 1%, and was on course to snap a three-session winning streak in which it gained 3.8%.
IT companies, which earn a significant share of their revenue from the U.S., rose 0.8% on expectations of an early rate cut by the Federal Reserve and reports of a U.S.-China agreement on rare earth shipments.
Indian shares have risen over the last three sessions on the back of an easing conflict in the Middle East.
Reliance, financials lead rise in Indian shares
The share benchmarks are trading less than 3% below their all-time highs, making valuations 鈥渟tretched鈥 and triggering some profit booking, according to two analysts.
The metals index gained 1%, making it the top sectoral gainer, as a weaker dollar made the greenback-denominated assets cheaper for holders of other currencies.
Both Hindustan Copper and Vedanta rose about 2.5%.
Mahindra Lifespace Developers gained 2% after securing a redevelopment project in Mumbai with a gross development potential of 12.50 billion rupees ($146 million).
On the day, the broader small-caps and mid-caps rose about 0.8% and 0.7%, respectively.