India's GIFT Nifty was up 0.42% at 18,991.50 as of 8:11 a.m. IST, more than 100 points above the Nifty 50's Thursday close of 18,857.25.

The Nifty 50 and Sensex have lost nearly 5% each over the last six sessions, settling at near four-month lows on Thursday.

So far this week, the Nifty is down 3.51%, on course for the worst week in 16 months.

Meanwhile, Asian markets rose on Friday, with the MSCI Asia ex Japan index adding 0.8%.

Wall Street equities closed lower overnight on mixed economic data and weak earnings. [MKTS/GLOB]

While an advance estimate of the third-quarter gross domestic product (GDP) showed that the U.S. economy grew at the fastest pace in nearly two years, business investment softened.

However, U.S. treasury yields, which rallied to 16-year highs earlier in the week on expectations of higher-for-longer rates by the Federal Reserve, eased on data showing cooling inflation.

Core personal consumption expenditure, the Fed's preferred inflation gauge, came in at 2.4%, its lowest since the fourth quarter of 2020.

Brent crude futures hovered around $88.50 per barrel, after sliding in the previous session.

Crude prices have been volatile, since the Israel-Hamas clashes began. Brent Crude rose from $84.50 on Oct. 6 to $93 per barrel on October 20, before easing over the last week.

The rise in oil prices is negative for importers of the commodity, like India. [O/R]

Foreign institutional investors (FIIs) sold 77.03 billion rupees ($925.57 million) worth of shares on a net basis on Thursday, while domestic institutional investors (DIIs) bought a net 65.58 billion rupees of shares.

STOCKS TO WATCH:

** Major Earnings: Reliance Industries, Cipla, Dr Reddy's Laboratories, Maruti Suzuki India, SBI Life Insurance, Bajaj Finserv.

** Colgate-Palmolive India: Oral care company posts rise in September-quarter profit, aided by steady demand and pricing.

** Aditya Birla Sun Life AMC: Co reports fall in second-quarter consolidated net profit.

** Vodafone Idea: Telecom operator posts wider-than-expected loss in September quarter as user base shrinks.

($1 = 83.2240 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sohini Goswami)