The Indian equity benchmarks are set to open lower as indicated by the Nifty Futures traded on Singapore Exchange amid weak cues from global markets. The Nifty Futures on Singapore Exchange also known as SGX Nifty Futures fell 0.4 per cent or 73 points to 18,227.
Nervous global stock markets tumbled on Thursday as the dollar wilted, after a drumbeat of hawkish remarks from Federal Reserve officials made clear that US interest rates could rise as soon as March, putting an end to ultra-easy monetary conditions.
Fed Governor Lael Brainard became the latest and most senior US central banker to signal that rates will rise in March to fight inflation, saying that the Fed "has projected several rate hikes over the course of the year".
After spending much of the day nursing modest declines, US stocks deepened losses toward the end of the session. The S&P 500 lost 1.4 per cent, the Nasdaq Composite dropped 2.5 per cent, and the Dow Jones Industrial Average lost 0.5 per cent, news agency Reuters reported.
Back home, Reliance Industries will be in focus after it informed exchanges that it signed agreement for investment of Rs 5.95 lakh crore in green energy and other projects in Gujarat.
HCL Technologies will be in focus as the company will report its December quarter earnings later in the day.