Sensex edges higher; Infosys reverses gains

The BSE Sensex is up 0.35 percent, while the Nifty is 0.16 percent higher, hovering near record highs hit in the previous session.

Oil stocks gain on continued hopes of policy reforms in the sector by the newly elected Narendra Modi government.

Oil and Natural Gas Corp gains 2.2 percent, while Reliance Industries is up 0.9 percent.

Infosys Ltd is trading 1.6 percent lower after opening higher. The company on Thursday named SAP AG executive board member Vishal Sikka as Chief Executive Officer.

However, Bharti Airtel slumps 3.5 percent after Credit Suisse downgrades the stock to "underperform" from "neutral," citing competition from rival Rel Jio, a unit of Reliance Industries .