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US: U.S. markets were closed Thursday for the Thanksgiving holiday, after rallying in the previous session following the release of the Fed minutes.

Asia: Asian shares gained Thursday, although optimism about the Federal Reserve holding back on aggressive interest rate raises was countered by some uncertainty about coronavirus restrictions in China

India: A surprise dovish tone by the US Federal Reserve, where it said that the central bank is seeing progress in its fight against high inflation and is looking to slow the pace of rate hikes, cheered market bulls. Market crossed its all time highand ended higher.

Market is expected to open negative and likely to witness profit booking during the day.

Global Economy: Inflation in the euro area will hover around its current level over the next few months before starting to decline at some point during the first half of 2023, European Central Bank Vice President Luis de Guindos. Speaking at a financial event in Milan, de Guindos said inflation was likely at its peak or anyway close to it. Core consumer prices in Japan's capital, a leading indicator of nationwide trends, rose at their fastest annual pace in 40 years in November and exceeded the central bank's 2% target for a sixth straight month, signalling broadening inflationary pressure. The increase, driven mostly by food and fuel bills but spreading to a broader range of goods, cast doubt on the view of the Bank of Japan (BOJ) that recent cost-push inflation will prove transitory.The Tokyo core consumer price index (CPI), which excludes fresh food but includes fuel, was 3.6% higher in November than a year earlier, government data showed on Friday. The rise exceeded a median market forecast of 3.5% and the 3.4% increase seen in October

Commodities: Gold prices were flat on Friday, but they were set for a small weekly gain buoyed by the dollar's overall retreat on a perceived dovish tilt to the U.S. Federal Reserve's interest rate hike strategy. Oil rose in early trade on Friday, trimming some of the week's losses which have been driven by worries about Chinese demand and expectations a high price cap planned by the Group of Seven (G7) nations on Russian oil will keep supply flowing.

Currency The dollar stood close to a three-month low and was on track for a weekly loss on Friday, as the prospect of the Federal Reserve slowing monetary policy tightening as soon as December dominated investors' minds and kept the mood buoyant.