(Reuters) - Indian shares rose in early trades on Friday, with gains in bank stocks countering losses in metals, as investors weighed mixed cues from global equities amid earnings reports and expectations of a slower pace of rate hikes from major central banks.
The NSE Nifty 50 index advanced 0.35% to 17,799 as of 0354 GMT, and the S&P BSE Sensex rose 0.42% higher to 60,005.19. If gains hold, the benchmark indexes may register their second straight weekly rise.
The Nifty public sector bank index rose more than 1%, while metal index, which closed 2.7% higher in the previous session, was down 1%.
Nifty 50 components top carmaker Maruti Suzuki and pharmaceutical major Dr. Reddy's Laboratories Ltd were up 1.2% and down 0.3%, respectively, ahead of their quarterly earnings results later in the day.
Foreign institutional investors bought a net 28.18 billion Indian rupees ($342.12 million) worth of equities on Thursday, while domestic investors sold net 15.80 billion rupees worth of shares, as per provisional data available with the National Stock Exchange.
In broader equities, Asian shares fell on Friday and were set to snap a three-day winning streak, while U.S. stocks were mixed at close on Thursday, as investors balanced mixed earnings reports and economic data.