Indian equity benchmark indices, BSE Sensex and Nifty50, dipped in opening trade on Friday following global cues. While BSE Sensex was near 82,300 levels, Nifty50 was below 25,200.

High-weightage Nifty IT led the sectoral indices, rising 1.8%, fuelled by strong performances in Infosys and Tech Mahindra.

Several stocks plunged in excess of 5 per cent in Mumbai trading on Friday even as equity benchmark BSE Sensex traded 435.45 points up at 82932.55 amid brisk buying in frontline bluechip counters. On the BSE,

Nifty is trading at 21.5 times its one-year forward earnings, which is above its historical average of 20.4 times. India is being perceived as relatively expensive market compared with other emerging market peers.