The Indian equity benchmarks are set to open sharply lower as indicated by the Nifty Futures traded on Singapore Exchange amid weak global cues. Nifty Futures on Singapore Exchange also known as the SGX Nifty Futures fell 0.93 per cent or 165 points to 17,635. Asian share markets and U.S. futures fell on Friday, after U.S. stocks took a knock overnight, hurt by lingering concerns over the Federal Reserve's tightening and weaker-than-expected economic and earnings data.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.8 per cent, and Japan's Nikkei slid 1.66 per cent. Oil prices fell sharply and were on track for their first weekly loss this year.
Overnight, The Nasdaq dropped late in the U.S. session, to close 1.3 per cent lower, as investors anxiously await the Fed's policy meeting next week for details on how it intends to tackle inflation.
Nasdaq futures were down 1 per cent in Asian trading, hurt by Netflix Inc forecasting weak first-quarter subscriber growth after the close, news agency Reuters reported.
Back home, foreign institutional investors sold shares worth Rs 4,680 crore while domestic institutional investors bought shares worth Rs 769 crore on Thursday.
Reliance Industries will be in focus as the country's most valuable company will report its December quarter earnings later in the day.
Hindustan Unilever and Asian Paints will also be on investors’ radar after they reported their December quarter earnings post market hours on Thursday.