The BSE Sensex is expected to be subdued ahead of monthly inflation due around noon (0630 GMT) on Friday, with the data set to provide cues on the Reserve Bank of India's monetary policy stance.
The wholesale price index probably rose 9.70 percent in September from a year earlier, easing slightly from 9.78 percent in August, a Reuters poll showed.
The Reserve Bank of India (RBI), which has raised rates a dozen times since mid-March 2010 to rein in high inflation, is set to review policy on Oct. 25. Many analysts expect another 25 basis point increase in rates despite slowing economic growth.
Shares in DLF will be watched after sources told Reuters LVMH, China's HNA Group and a Middle Eastern fund are expected to submit binding bids for the Indian developer's luxury hotel chain.
Market sentiment is likely to be dented by continued uncertainty about the health of the global economy and European debt crisis with ratings agency Standard and Poor's cutting the long-term credit rating of Spain by one notch.
The MSCI's broadest index of Asia Pacific shares outside Japan was down 0.8 percent by 0247 GMT, while Japan's Nikkei fell 0.7 percent and South Korea's Kospi was trading 0.4 percent lower.
The Nifty India stock futures traded in Singapore were down 0.04 percent, pointing to a subdued opening for the Indian market.
On Thursday, the main 30-share BSE index ended down 0.4 percent at 16,883.92 points.
STOCKS TO WATCH
* Zenith Infotech Ltd after it said it has defaulted on its $33 million foreign currency convertible bonds which was due on Sept. 21, 2011 and is in negotiations with the bondholders to extend the time for repayment.
* Lupin Ltd after it launched blood sugar lowering drug metformin hydrochloride in the United States.
* SpiceJet after it said it had allotted 35.9 million shares at a premium of 26.48 rupees to Kalanithi Maran, promoter of the company.
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