The market on Friday started the June series on a weak note with underperformance in broader markets rolling over to the new series.

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The Nifty Midcap index closed 268 points lower at 18,636, while the Nifty Bank slipped 263 points to 26,693.

The benchmark indices closed flat with the Nifty giving up 10,700 and the Sensex edging down 95 points to 35,227. For the week, both the Nifty and the Sensex gained a little over 1% each.

Here's what you should know before the opening bell

The Reserve Bank of India (RBI)will hike rates in August on concerns that already above-target inflation will climb further, according to economists in a Reuters poll. This is in contrast to a survey just a month ago which saw an increase only in the second half of 2019.

Average airfares in India fell 18% in 2017, while the number of passengers flown by domestic carriers recorded a compounded annual growth rate (CAGR) of 19% in the last fiscal over the financial year 2013-14, Civil Aviation Minister Suresh Prabhu said.

Friday’s government data showed US job growth accelerated in May and the unemployment rate dropped to an 18-year low of 3.8%, pointing to rapidly tightening labour market conditions, which could stir concerns about inflation.

US President Donald Trump reinstated talks with Kim Jong Un, North Korean leader.

The fuel prices fell for the sixth consecutive day by 15 paise to Rs 85.77 per litre and diesel price, also cut by 15 paise, to Rs 73.43 per litre in Mumbai.

TheUS dollar ended sharply against the rupee at Rs 67.05 per dollar and the pound sterling also ended lower than rupee at Rs 89.49 in the interchange forex markets.

US crude futures fell to as low as $65.51 per barrel on Friday, touching their lowest level in almost two months as growing US crude production and a glut trapped inland due to a lack of pipeline capacity have pressured their prices.

Air India has asked the government to "restore" equity infusion in the carrier after it failed to find any takers for its disinvestment.