BENGALURU, April 20 (Reuters) - Indian shares reversed some early gains on Thursday as investors, hopeful of strong domestic earnings last week, turned largely cautious after IT companies sounded off alarm bells.

The Nifty 50 was down 0.11% to 17,598.55, as of 10:42 a.m. IST, while the S&P BSE Sensex lost 0.07%.

Both the benchmarks had risen nearly 0.4% in intraday trade, after losing over 1% in the week ahead of today's session.

Seven of the 13 sectoral indexes declined. Information technology (IT) stocks were little-changed, having lost 8% in the past five sessions since Tata Consultancy Services reported its quarterly results.

Analysts said that the underlying short-term trend of markets remained choppy and expected the benchmark to find support at around 17,500 levels.

"For now, the market is stuck in a narrow range," said Siddhartha Khemka, head of retail research at Motilal Oswal Financial Services.

"While IT stocks continue to pile the pressure, even FIIs have turned net sellers, adding to overall weakness."

HCLTech Ltd traded marginally lower ahead of its earnings later in the day, while Reliance Industries Ltd , India's biggest firm by market capitalisation, fell 0.4% ahead of its fourth-quarter results on Friday.

TCS and Infosys

reported

weak Q4 results and

flagged

uncertainties in client spending, especially in the banking, financial services and insurance (BFSI) segment.

Foreign institutional investors (FIIs) have sold Indian equities over the last three sessions, offloading 131.7 million rupees ($1.6 million) on Wednesday.

Among individual stocks, ICICI Securities fell over 5% after reporting a slide in net profit for the March quarter, as rising costs dragged earnings.

Brokerage firm Emkay Global Financial Services Ltd leaped more than 18% after receiving an

in-principle approval

from the market regulator to sponsor a mutual fund.

($1 = 82.2400 Indian rupees) (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Varun H K, Sonia Cheema and Nivedita Bhattacharjee)