BENGALURU: Indian shares opened higher on Friday, boosted by financial and IT services stocks, as focus shifted to third-quarter earnings with IT major Tata Consultancy Services reporting its results later in the day.

The blue-chip NSE Nifty 50 index rose 0.75% to 14,243.60 and the benchmark S&P BSE Sensex climbed 0.67% to 48,417.84 by 0349 GMT.

The Indian economy is expected to contract 7.7% in the current financial year, the Central Statistics Office estimated on Thursday, broadly in line with forecasts of private economists and the central bank.

In Mumbai trading, the Nifty IT index rose 1.37% while the Nifty Bank Index gained 0.72%, with TCS and HDFC Bank among the top boosts to the Nifty 50.

Biocon added 1.8% after the biopharmaceutical firm said Abu Dhabi-based holding company ADQ would invest 5.55 billion rupees in its biologics unit.

Broader Asian markets rose, after Wall Street hit record highs overnight as investors bet on an economic recovery later in the year.