(Reuters) -Indian shares opened little changed on Monday as hopes of demand recovery in China were offset by jitters over a potential global recession.
The Nifty 50 index was up 0.01% at 18,268.60, as of 09:30 a.m. IST, and the S&P BSE Sensex opened 0.03% higher to 61,366.56.
The information technology stocks fell 0.5% after Accenture Plc forecast lower-than-expected sales for the upcoming quarter.
Among individual stocks, Sun Pharma fell nearly 2% after receiving a warning letter from the U.S. Food and Drug Administration for Halol facility in Gujarat. The stock was the top loser on the pharma index, which fell 0.5%.
Dilip Buildcon surged over 3% on securing an order worth 16.47 billion rupees.
Asian markets reversed early gains as recession fears soured sentiment, with the MSCI Asia ex Japan falling 0.24%.
Major central banks including the U.S. Federal Reserve and the European Central Bank hiked rates last week and signalled a prolonged rate-hike cycle, triggering fears over the impact on the global economy.
Reports say that China planned to increase flights to encourage the recovery of its air transport market. The decision comes after the world's second-largest economy eased several restrictions from its zero-COVID policy last week.