The European markets opened higher on Friday, reversing losses from previous session as European Central Bank hikes interest rates as expected. The British FTSE was last trading 0.6 percent higher. French CAC was last trading 0.4 percent higher. The biggest European market by volume, German DAX was last trading half a percent higher.

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The European Central Bank or the ECB on Thursday, May 4, announced a 25 basis point hike in interest rates to 3.25 percent, as expected, as part of its efforts to combat persistent inflation. The rate is now at its highest level since 2008.

The European stocks closed lower on Thursday. The British FTSE ended 1.1 percent lower and German DAX ended 0.9 percent down. The French CAC ended half a percent in the red.

The Wall Street indices ended in the red for fourth session in a row on Thursday dragged by regional bank shares. Dow Jones Industrial Average ended 0.9 percent lower, while S&P ended 0.7 percent lower. Nasdaq Composite ended 0.5 percent lower.

The European markets are also taking cues from their Asian counterparts. Asian markets extended gains on Friday. Japan's equity market is closed on account of Greenery Day today. Hong Kong Hang Seng was trading half a percent higher. China's Shanghai Composite, however, was last trading 0.5 percent lower.

Crude oil prices gained on Friday, however, poised to mark third straight weekly loss. At the last count, brent crude futures were trading 1.8 percent lower at $73.8 a barrel. US West Texas Intermediate futures, too, were trading 1.7 percent in the green at $69.7 per barrel.

The Indian markets remained volatile on Friday. At the last count, the Nifty 50 index was trading near 18,150, and Sensex was trading 370 points lower.

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