(fxcue news) - Indian shares may open on a cautious note Friday as investors await the Reserve Bank of India's (RBI) monetary policy decision later in the day for directional cues. After recent worrying prints of headline inflation and gross domestic product (GDP), analysts remain divided on whether the rate-setting panel will maintain its stance on the key interest rates or go for its first policy reduction since February 2023. With FIIs resuming their buying streak, overall losses, if any, are likely to remain limited. Meanwhile, the Maharashtra government has declared a local holiday today to observe the death anniversary of Bharat Ratna Dr BR Ambedkar, widely known as Mahaparinirvan Diwas across the country. However, the stock exchanges BSE and NSE have not issued a holiday notice. Benchmark indexes Sensex and Nifty rallied around 1 percent each on Thursday to extend gains for a fifth day running, with IT stocks leading the surge. The rupee gained 3 paise to close at 84.72 against the dollar, recovering from a record low. Asian markets edged lower in cautious trade this morning ahead of the all-important U.S. jobs report due later in the day that could help decide the Federal Reserve's policy path later this month. The dollar traded weak, Treasuries were steady and gold drifted lower towards $2,600 per ounce. Oil prices dipped after the OPEC+ group postponed planned supply increases and extended deep output cuts to the end of 2026. U.S. stocks fluctuated before ending lower overnight. The S&P 500 and the tech-heavy Nasdaq Composite both slid around 0.2 percent after hitting new record highs earlier in the day. The Dow dipped 0.6 percent as United Health Group shares tumbled following the fatal shooting of CEO Brian Thompson outside a Manhattan hotel. European stocks gained for a sixth straight session on Thursday in the longest winning streak since May amid optimism a new budget could be passed within a matter of weeks. The pan European STOXX 600 advanced 0.4 percent. The German DAX rose 0.6 percent, France's CAC 40 added 0.4 percent and the U.K.'s FTSE 100 edged up by 0.2 percent.