(Reuters) - Indian shares are set for a cautious start on Friday at the end of a tough week in which foreign investors pulled out on fears of slowing economic and corporate growth, with TCS in focus after the top IT firm met quarterly profit estimates.

The GIFT Nifty futures were trading at 23,586 as of 7:58 a.m. IST, indicating that the blue-chip Nifty 50 will open near Thursday's close of 23,526.5.

The Nifty 50 and BSE Sensex have lost about 2% each so far this week due to sustained foreign outflows amid fears of a slowdown in corporate earnings as well as the rising potential for fewer U.S. rate cuts, which makes emerging markets a less attractive investment.

Foreign portfolio investors have been net sellers in six of the seven sessions in January, with outflows of $2.2 billion.

Tata Consultancy Services posted roughly in-line third-quarter results, kicking off the quarterly earnings season, and gave, what analysts said was, encouraging signs about the revival of client spending, particularly in the key U.S. market.

Still, while IT firms expect to benefit after Donald Trump becomes U.S. president, since it will erase policy uncertainty, emerging markets overall have suffered due to worries that his tariffs plan could boost inflation and, consequently, slow the pace of U.S. rate cuts.

Other Asian markets were lower on the day.

STOCKS TO WATCH

** Engineering and technology services firm Tata Elxsi posts a drop in December-quarter profit

** GTPL Hathaway reports a fall in net profit for the December quarter

** Surya Roshni wins an order worth 814.7 million rupees from BPCL for a city gas distribution project