The BSE Sensex is set to open down on Friday, with banks and property firms in focus, after Dubai's debt problems revived concerns about the global financial system and rattled markets across Europe and Asia.
Dubai said on Wednesday it wanted creditors of Dubai World and property group Nakheel to agree a debt standstill as it restructures Dubai World, the conglomerate that spearheaded the emirate's breakneck growth.
The MSCI's measure of Asian markets, other than Japan, was trading 2.1% lower by 0322 GMT, while Japan's Nikkei shed 1.8%.
The Nifty India stock futures in Singapore were down 1.3%, indicating the domestic market would open in the red.
Leading vehicle maker Tata Motors will be watched ahead of its consolidated second-quarter results, expected by 3pm (0930 GMT). The results will include its UK-based Jaguar and Land Rover unit.
Drug maker Ranbaxy will be on the radar after the company said it had launched the generic version of GlaxoSmithKline's medicine Valtrex in the United States.
On Thursday, the 30-share BSE index dropped 2% to 16,854.93, its lowest close in a week.
Stocks to watch
* Tata Steel, the world's eighth-largest steelmaker, reported a second consecutive consolidated quarterly net loss, but said it expected a sharp turnaround in the second half of the fiscal year to March.
* Patni Computer Systems Ltd sold 383,000 shares in the company through open market sales.
* Sugar mills such as Bajaj Hindusthan, Oudh Sugar, Dhampur Sugars, Triveni Industries, Balrampur Chini and Simbhaoli Sugars after the farm minister said the country's top cane-growing state should further raise government-set cane prices.
* State-run explorer Oil and Natural Gas Corp on media reports it was eyeing a 20-25% stake in a project in Iran's South Pars gas field.
* Top lender State Bank of India, after a newspaper reported it had tied up with Southeast Asia's biggest bank DBS to offer retail banking services in Singapore.
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