India's GIFT Nifty was trading at 22,210 as of 8:04 a.m. IST, indicating that the NSE Nifty 50 will open above its Thursday close of 21,982.80.

Both the Nifty and BSE Sensex are on track for weekly declines, having shed about 1% so far after two weeks of gains.

Indian economy grew 8.4% in the October-December quarter, the fastest pace in six quarters and also above estimates, aided by robust manufacturing and construction activity, data showed post-market hours on Thursday.

"The gross domestic product (GDP) growth data was influenced by higher net taxes," said analysts at Barclays in a note, while adding that "underlying growth momentum remains intact."

Barclays forecasted a Reserve Bank of India rate cut in the third quarter of calendar 2024.

India's strong macroeconomic fundamentals, coupled with sustained domestic inflows and steady corporate earnings have been key drivers of the ongoing stock market rally.

The benchmark Nifty 50 is up 1.2% in 2024 so far, after rising 20% last year. It has hit record highs in ten sessions in the year, although bouts of profit booking have emerged near record-high levels.

Wall Street equities closed higher overnight, with S&P 500 and Nasdaq Composite settling at record highs after in-line U.S. inflation reading kept intact the likelihood of a June interest rate cut.

Asian markets were muted at the open on weak economic data from China. [MKTS/GLOB]

Foreign investors net bought shares worth 35.68 billion rupees (~ $430 million) on Thursday, while domestic institutional investors sold shares worth 2.30 billion rupees.


** Auto Stocks like Bajaj Auto, Tata Motors, Hero MotoCorp, Maruti Suzuki India: Companies scheduled to report February sales data

** Aurobindo Pharma: U.S. drug regulator issued Form 483 with seven observations after inspection at company's injectable facility in Telangana

** Dilip Buildcon: Company's unit received an order worth 19.55 billion rupees from National Highways Authority of India for a construction project in Chhattisgarh.

** Suven Pharmaceuticals: Company approved merger with Cohance Lifesciences to further scale up its contract and development manufacturing services (CDMO) business.

($1 = 82.9040 Indian rupees)

(Reporting by Bharath Rajeswaran and VarunVyas Hebbalalu in Bengaluru; Editing by Eileen Soreng)