Indian shares ended flat on Friday, as gains in technology stocks offset losses in other sectors, while minutes of the central bank's policy panel meeting stoked expectations of an interest rate hike. The broader NSE index ended little changed at 10,564.05, gaining 0.8 percent for the week.
The benchmark BSE index closed about 12 points lower at 34,415.58, gaining 0.6 percent for the week. Both indexes marked a fourth consecutive weekly gain.
The NSE IT index gained about 5 percent, with the country's top software services exporter Tata Consultancy Services Ltd marking its record closing high. The rupee dropped to its lowest in more than a year following a hawkish tone in the minutes, released on Thursday, of the Reserve Bank of India's monetary policy committee (MPC) meeting that took place earlier this month.
"Release of the minutes revive the risk of an earlier-than-expected rate hike," Morgan Stanley said in a note. Asian markets fell, with MSCI's broadest index of Asia-Pacific shares outside Japan down 0.8 percent.
"Markets will remain volatile this year as they are making new highs and factors such as upcoming elections, crude prices and dollar will only add to the volatility," Sudhakar Pattabiraman, head of research operations at William O'Neil's MarketSmith. Metal stocks lost shine with the NSE metal index shedding over 2 percent following a five-session winning run, while the NSE PSU Bank index was on track to lose for a seventh session in eight.
However, IT stocks shrugged off the weakness in broader market with the NSE IT index trading 4 percent higher, on track to post gains for a third straight week.