Indian shares were on track for their fifth consecutive weekly gain on Friday in volatile trade, even as analysts pointed towards profit booking at higher valuations, while gains across tech stocks offset losses from banks.
Nifty was up 0.02% at 17,96.15 as of 0520 GMT, while Sensex edged up 0.03% at 60,317.14.
Both indices were poised for a weekly rise of 1.4% each, gaining for a fifth straight week.
"Valuations are at elevated levels now," said V K Vijayakumar, chief investment strategist at Geojit Financial Services, adding, "There can be profit booking at current levels. There is no fundamental trigger for the market to move up,"
India's Nifty IT index jumped 1.5% to its highest in over two months.
Meanwhile, shares of oil-to-telecoms conglomerate Reliance Industries Ltd fell as much as 0.6% following an overnight announcement on government raising tax on fuel exports after cutting them a little over two weeks ago, and slashing a windfall tax on locally produced crude oil.
Oil producer Oil and Natural Gas Corp and miner Vedanta Ltd were up 1% and 0.3%, respectively.
The Nifty Bank index fell as much as 0.4%.
Meanwhile, Asian shares were left in limbo, while the U.S. dollar made all the running as recession clouds loomed over Europe, highlighting the relative outperformance of the U.S. economy.
