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Indian shares are set to open lower on Friday despite improved global cues, after the volatility in the previous session in which the benchmarks reversed losses in the final hour of the May series expiry day.

India's NSE stock futures listed on the Singapore exchange were down 0.24% at 18,421.50, as of 8:16 a.m. IST.

Progress on U.S. debt ceiling talks lifted sentiment and powered a rise in Wall Street equities. The White House and congressional Republicans were edging close to an agreement, according to a person familiar with the matter.

Strong earnings from chip giant Nvidia also supported the rally in technology stocks. Asian markets edged higher. [MKTS/GLOB]

The Nifty 50 has gained 0.65% this week, led by metal stocks, which rose 4.53% on a surge in Adani stocks.

"Expect the uptrend in markets to continue," said Sahaj Agrawal, head of research - derivatives at Kotak Securities. "Select energy and media stocks look interesting. Suggest buying on dips till we breach the support level of 18,040."

Foreign institutional investors (FIIs) bought 5.89 billion rupees ($71.2 million), worth of Indian equities on Thursday. FIIs have been net buyers in Indian stocks in 20 of the last 21 sessions.

Stocks to Watch:

** Zee Entertainment Enterprises Ltd: Co posts first quarterly loss in three years on weak ad demand, higher costs.

** Reliance Industries Ltd: Co's unit Reliance Consumer Products completes acquisition of 51% stake in Lotus Chocolate.

** Emami Ltd: Co reports fall in consolidated net profit in March quarter.

** Page Industries Ltd: Co reports fall in March quarter profit on weak demand.

($1 = 82.7176 Indian Rupees)