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Indian shares are likely to post a subdued open on Friday after hitting record highs in the previous session but are still headed for their third straight week of gains amid hopes that the U.S. Federal Reserve could pause rate hikes this month.

India's GIFT Nifty on the NSE International Exchange was down 0.05% at 19,549 as of 7:53 a.m.

The Nifty 50 and the S&P BSE Sensex had breached all-time highs on Thursday as cooling U.S. inflation powered IT stocks, but gave up most gains towards the session's close.

IT stocks had rallied despite lacklustre earnings and the outlook provided by Wipro, TCS and HCLTech.

Foreign institutional investors bought 22.38 billion rupees ($272.9 million) worth of Indian equities on a net basis on Tuesday, while domestic investors sold 11.97 billion rupees of shares, as per provisional NSE data.

STOCKS TO WATCH:- ** Wipro: IT firm joined some of its larger peers in flagging an uncertain demand environment as clients cut spending and forecast the revenue from IT services to remain largely flat this quarter. ** JBM Auto: Company and its units won orders to supply 5,000 electric buses.

** Rail Vikas Nigam: Bagged a letter of award from the National Highways Authority of India worth 8.08 billion rupees. ** Aster DM Healthcare Ltd: Unit Aster DM Healthcare FZC acquired the remaining 20% stake in Premium Healthcare.