Indian shares are set to open lower on Friday as investors turned cautious amid ongoing earnings season and ahead of election results this month. Poor April auto sales data and weak cues from global markets also dampened investor sentiment. On Thursday, Indian markets ended lower with Sensex at 38,981.43, down 50.12 points, and Nifty at 11,724.80, down by 23.40 points. Asian markets were mixed amid thin holiday trade. Stock markets in China and Japan still closed for holidays. Oil prices fell after US crude production output set a new record, though the losses were capped by the political crisis in Venezuela. At 7.17 AM, the SGX Nifty, an early indicator of the Nifty 50's trend in India, was down 14.5 points at 11,740.5, indicating a tepid start for the Sensex and Nifty.