(fxcue news) - Indian shares are likely to open higher on Friday as softer-than-expected U.S. inflation data bolstered hopes for two Federal Reserve rate cuts this year. That said, volatility cannot be ruled out due to apprehensions over quarterly earnings and concerns over rising oil prices on signs of stronger demand. After market hours on Thursday, Tata Consultancy Services (TCS) kicked off the April-June quarter results for fiscal 2024-25 (FY25), reporting an 8.7 percent rise in first-quarter net profit despite degrowth in several business year-on-year. Investors also await IIP and CPI inflation data later in the day for clues on the economic outlook. Benchmark indexes Sensex and Nifty ended marginally lower on Thursday to extend weakness for a second straight session amid the weekly options expiry of the Nifty 50 contracts. The rupee fell by 4 paise to close at 83.56 against the dollar. Asian stocks traded mixed this morning, as technology stocks followed their U.S. peers lower and a surge in the yen triggered speculation that Japanese authorities may have again intervened in forex markets to prop up the ailing currency. Gold dipped in Asian trade, after having surged above the $2,400 per ounce mark on Thursday to reach its highest level since May 22. Oil extended gains on signs of improved summer demand and optimism over U.S. interest-rate cuts. U.S. stocks declined overnight even as data showed consumer prices surprisingly fell in June from the previous month, bolstering hopes for two Federal Reserve rate cuts this year. Treasury yields dropped as data showed the CPI declined 0.1 percent from May, the weakest monthly reading since May 2020 and putting the 12-month rate at 3 percent, down from 3.3 percent in May. The annual rate of core consumer price growth also slowed to 3.3 percent from 3.4 percent. The tech-heavy Nasdaq Composite plunged 2 percent and the S&P 500 shed 0.9 percent after reaching new record intraday highs in early trading. The narrower Dow ended little changed with a positive bias. European stocks rose for a second straight session on Thursday after the release of encouraging German inflation, U.K. GDP and U.S. CPI data. The pan European STOXX 600 advanced 0.6 percent. The German DAX and France's CAC 40 both added around 0.7 percent while the U.K.'s FTSE 100 gained 0.4 percent.