BENGALURU  - Indian shares surrendered early gains on Friday, as a decline in banks outweighed the rise in information technology stocks fuelled by Accenture's upbeat revenue growth forecast.

The NSE Nifty 50 was down 0.1% at 23,544.85, while the S&P BSE Sensex shed 0.2% to 77,323.22, as of 10:47 a.m. IST.

The Nifty 50 rose as much as 0.43% to hit a record high at the open.

While the outlook remains positive, the benchmark Nifty is "exhibiting a non-directional trend, and traders are still waiting for a breakout in either direction," said Shrey Jain, founder and chief executive of SAS Online, a deep discount broker.

The Nifty 50 is headed for a third straight weekly gain, rising 0.5% so far, after election results earlier in the month signalled policy continuity.

Six of the 13 major sectors logged gains.

Highest weighted financials and private banks dropped about 0.65% each following a recent rally. Financials had gained 4.1% in the last six sessions while private banks added 4.7% over the previous four sessions.

IT firms, the second-heaviest on the benchmark index, climbed 1.25% and was the top sectoral gainer.

LTIMindtree and Infosys added between 1.5% and 1.75% and were among the top three Nifty 50 gainers.

The rise comes after U.S. peer and sector bellwether Accenture forecast annual revenue growth above expectations on Thursday.

Indian IT firms look up to Accenture for cues about the demand environment in their key market, the United States, which has been grappling with persistently high interest rates.

"The earnings commentary of Indian IT companies will get better by the end of the year or early next year," said Deepak Shenoy, founder and CEO at Capital Mind.

The small- and mid-caps rose about 0.7% each, hitting record highs, before erasing gains.

Among individual stocks, JM Financial lost 4.5% after markets regulator barred the company from new mandates for bond issues until March 31, 2025.

(Reporting by Bharath Rajeswaran and Kashish Tandon in Bengaluru; Editing by Janane Venkatraman, Savio D'Souza and Eileen Soreng )