(fxcue news) - Indian shares look set to open on a positive note Friday as strong U.S. GDP data and signs of cooling inflation raised confidence the world's largest economy could achieve a soft landing. The upside, however, may remain capped ahead of the June PCE price index data from the U.S. due later in the day that could influence the outlook for interest rates. On the earnings front, IndiGo, IndusInd Bank, Cipla and Power Grid are among the prominent companies that will unveil their quarterly financial results today. Benchmark indexes Sensex and Nifty ended on a flat note Thursday despite global markets experiencing significant declines due to a rotation from tech stocks into more economically sensitive sectors. The rupee ended slightly stronger at 83.69 against the dollar. Asian markets traded mostly higher this morning while the yen headed for its strongest week in three weeks ahead of a Bank of Japan policy meeting next week. Gold edged higher in Asian trading after falling to a two-week low in the previous session. Oil edged up but headed for a third weekly loss on China demand concerns. U.S. stocks fluctuated before ending mixed overnight as strong Q2 GDP data offset more tech weakness. Data showed the U.S. economy grew at an estimated 2.8 percent annual rate from April through June, double the rate from the prior quarter. Inflation pressures subsided, with the personal consumption expenditures (PCE) price index, excluding the volatile food and energy components, increasing at a 2.9 percent rate, down from the prior reading of 3.7 percent in the first quarter. Durable goods orders plummeted in June while jobless claims fell more than last week, other reports revealed. The Dow edged up 0.2 percent while the S&P 500 gave up half a percent and the tech-heavy Nasdaq Composite shed 0.9 percent. European stocks closed lower on Thursday amid jitters over tech companies' growth and concerns over weakening Chinese demand. A string of disappointing earnings and weak business sentiment data from Germany also weighed on markets. The pan European STOXX 600 closed 0.7 percent lower after hitting its lowest for over two months intraday. The U.K.'s FTSE 100 gained 0.4 percent while the German DAX dipped half a percent and France's CAC 40 fell 1.2 percent.