BSE Sensex is set to start lower on Friday on caution ahead of Lok Sabha election results due later in the day while falls in Asian rivals also weigh.
Indian shares hit record highs on Tuesday in anticipation Narendra Modi's BJP and its allies would win a majority, raising the prospect of a steep sell-off should they fall short.
NSE Nifty index futures traded on the Singapore Exchange drop 0.6 percent, while the MSCI-Asia Pacific excluding Japan index falls 0.5 percent.
Asian shares were under pressure on Friday morning, with Japanese stocks skidding as the yen rose against the dollar, which has struggled in recent days on the back of lower U.S. Treasury yields.
Overseas investors bought Indian shares worth 9.35 billion rupees ($158.09 million) on Thursday, provisional exchange data show.
With emerging equity funds positioned for a business-friendly outcome to India's election, any further boost for the pumped-up stock market may come from global funds whose India allocation still has room to grow.
India's wholesale inflation eased in April helped by a moderation in food prices, but the threat of a below-average monsoon in coming months will fan price pressures that will compound challenges for an incoming government.
($1 = 59.1450 Indian Rupees)