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Market opened flat to negative tracking weak global cues. The 30-share BSE Sensex opened 16 points lower at 22,496 levels while Nifty was down 3 points at 6735 levels.
The BSE Sensex fell on Thursday after touching its ninth consecutive record high, as state-run banks such as State Bank of India (SBI) slumped on concerns about losses on their debt portfolios as domestic bonds extended a slide this week.
Still, heavy foreign buying has continued to underpin share gains. Foreign investors bought a net Rs350.3 worth of shares on Thursday.
Investors will look towards global cues in absence of any local triggers. US jobs report for March is due to be released late Friday. The report will gauge whether the economic weakness of January and February was due to bad weather and the recovery is still on track
Early trades in Asian markets point towards a subdued session on Friday as investors counted down the hours to the US jobs report.
In Europe, the ECB stayed out in its monetary policy review as was widely expected, but President Mario Draghi was at pains to emphasise the central bank's willingness to act if inflation stayed low.
Crucially, Draghi declared the policy making council was "unanimous" on using unconventional easing if needed. That marked a major change as some countries, notably Germany, have long opposed steps such as quantitative easing
Australia's share market dipped 0.1%, while MSCI's broadest index of Asia-Pacific shares outside Japan barely budged.
