Indian shares opened lower on Friday, weighed down by financials, although losses were capped by a rebound in IT stocks despite Accenture’s warning of weaker client spending. Twelve of the 13 major sectoral indexes declined, with the heavyweight financials index losing over 0.7%. Shares of asset management companies fell after Reuters reported that the government may propose investments in debt mutual funds be taxed as short-term capital gains. HDFC Asset Management Co fell over 3%, UTI AMC lost 2% and Aditya Birla Sun Life AMC shed 2%. IT stocks rose more than 1% despite Accenture lowering its forecasts for annual revenue and profit and announcing about 19,000 job cuts, joining other IT service providers who have warned of muted growth and tapering demand due to high interest rates and the U.S. banking turmoil.