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 India's benchmark indexes are likely to open lower on Friday amid weak global sentiments as U.S. President Donald Trump's extensive tariff announcements ignited fears of a global recession.

The GIFT Nifty futures were trading at 23,229.5 as of 7:45 a.m. IST, indicating that the blue-chip Nifty 50 will open below Thursday's close of 23,250.1.

Wall Street recorded its biggest single-day percentage losses since 2020, wiping out $2.4 trillion in market value, as investors grew anxious about a global trade war and recession.

The U.S. announced baseline tariffs of 10% on all imports as well as higher reciprocal tariffs on several trading partners that have a trade surplus with the world's largest economy.

India was hit with a 27% retaliatory levy, lower compared to China's 34%, Vietnam's 46% and Bangladesh's 37%.

The relatively lower tariffs and exemption of the pharmaceutical sector limited losses in Indian equities on Thursday.

The fall in crude oil prices, which can reduce India's fiscal deficit and lower raw material costs for companies, also provided some comfort, analysts said.

However, foreign portfolio investors (FPIs) sold Indian shares worth 28.06 billion rupees ($329.04 million) on Thursday, as per provisional data.

"At this juncture, the risk-reward balance appears to favor domestic-facing sectors due to minimal impact from reciprocal tariffs, while export-oriented sectors will remain in a wait-and-watch mode, contingent on further developments and their impact," said Axis Securities.

Asian markets were mixed on the day, with MSCI Asia ex-Japan down 0.2%.

STOCKS TO WATCH

** HDFC Bank says growth in quarterly deposits outpace advances in the March quarter. Jefferies says loan growth improved after four quarters for India's largest lender.

** Bajaj Finance's assets under management grew 26% year-on-year to 4.17 trillion rupees as of March 31, with a 36% growth in new loans booked during the quarter

** Mazagon Dock Shipbuilders will be in focus as the government plans to sell up to a 4.83% stake via offer for sale at 2,525 rupees per share, a discount of nearly 8% from Thursday's closing price.

($1 = 85.2780 Indian rupees)