India's GIFT Nifty was trading at 22,679 as of 8:22 a.m. IST, indicating that the Nifty 50 will open below its Wednesday's record close of 22,753.80.

Indian markets were closed for a holiday on Thursday.

Asian markets opened lower on Friday, extending their fall after hot U.S. consumer price inflation data hurt expectations of early Fed rate cuts. [MKTS/GLOB]

Markets, which had expected a rate cut in June, are now pricing in a pause in both June and July policy meetings, according to the CMEGroup's FedWatch Tool.

India's benchmarks logged all-time closing highs on Wednesday, with the S&P BSE Sensex settling above 75,000 levels for the first time.

IT stocks will be in focus, as the March quarter earnings kick off with the country's top software services company, Tata Consultancy Services, due to report after the closing bell on Friday.

Results will be tepid for IT companies on weakness in client spending in the U.S., said VK Vijayakumar, chief investment strategist at Geojit Financial Services. "The market response will depend on the management commentary."

Analysts expect the earnings season to influence the market's trajectory over the next few weeks.

Also due after the closing bell is India's consumer price inflation data for March, which likely eased to a five-low of 4.91% in March but will stay above the central bank's 4% medium-term target, according to economists polled by Reuters.

The Nifty and Sensex have gained about 1% this week so far.

If gains hold, they will log a fourth straight weekly gain and eighth out of the last nine, driven by sustained domestic inflows and strong macroeconomic data.

STOCKS TO WATCH:

** Dr. Reddy's Laboratories: The company launched a drug-free migraine management device Nerivio in Europe through its subsidiary.

** Phoenix Mills: The company said retail consumption jumped 22% year-on-year in fiscal 2024, while March quarter gross retail collections rose 37%.

** Metropolis Healthcare: Company said it saw a 10% year-on-year revenue growth in the March quarter.

** Computer Age Management Services: The Reserve Bank of India granted authorisation to the company to operate as an online payment aggregator.

($1 = 83.3250 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Janane Venkatraman)