India's GIFT Nifty on the NSE International Exchange was down 0.15% at 19,428.50, as of 8:07 a.m. IST.

India's Nifty 50 snapped an eight-day winning streak on Friday, but extended weekly gains. Both the indexes hit record highs for six of the last seven sessions.

"The market was overheated after the spectacular rally in recent sessions," said Amol Athawale, vice president for technical research at Kotak Securities.

"With fresh concerns over interest rate hike by the U.S. Federal Reserve resurfacing, investors shunned equities on the last day of the week."

Meanwhile, corporate earnings for the June quarter, scheduled to begin this week, would be the next key trigger for domestic equities.

Wall Street equities were subdued on Friday after official data showed jobs growth in the U.S. slowed more than expected in June, signalling a cooling economy.

The reading eased investor concerns after private payroll data showed strength in the labour market and triggered worries of further monetary policy tightening. Still, the odds of a 25 basis-point rate hike in the upcoming Fed meeting is 92.4%. Asian markets were marginally higher. [MKTS/GLOB]

Foreign institutional investors bought 7.90 billion rupees ($95.63 million) of Indian equities on a net basis on Friday, while domestic investors sold 29.64 billion rupees of shares, as per provisional NSE data.

STOCKS TO WATCH:

** Reliance Industries: Co's unit Reliance Retail approves share capital reduction. Co-appointed consultants, EY and BDO, said to have valued it at between $92 billion and $96 billion.

** HDFC Bank: Co to replace HDFC on MSCI Indexes from July 13. Lender also sells 2% stake in NSDL IPO.

** Tata Motors: Co's group global wholesales at 322,159 units in June quarter, up 5% year-on-year.

** Zydus Lifesciences: U.S. FDA inspection at the drug maker's Ahmedabad formulation manufacturing facility concludes without any observations.

($1 = 82.6100 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Dhanya Ann Thoppil)