BENGALURU (Reuters) - Indian shares are set to open lower on Friday after a sell-off on Wall Street on U.S. growth concerns spilt over to other Asian markets.

The GIFT Nifty was at 24,804 points as of 8:05 a.m. IST, suggesting the Nifty 50 will open below its Thursday's record close of 25,010.9.

India's Nifty 50 and S&P BSE Sensex have logged gains in the last four sessions, rising about 0.7% each for the week so far.

Asian markets fell on the day, with the MSCI Asia ex-Japan index losing 1.7%. Wall Street equities slid overnight after weak U.S. manufacturing and labour market data sparked fears of a worsening economic outlook.

While the Federal Reserve had signalled earlier in the week that the rate cut could begin from September, the odds of a 50 basis point rate cut next month have risen to 31.5% from 11.8% after the latest data, according to CME FedWatch.

Investors await nonfarm payroll data due later in the day to gauge the health of the U.S. labour market.

"Despite the benchmarks hitting all-time highs, the market breadth remains restrained, with limited support from the bulls indicating a sign of exhaustion," said Osho Krishnan, senior analyst at Angel One.

"As far as levels are concerned, 24,800 remains the crucial support zone for Nifty 50 with anticipation of buying emerging," Krishnan said.

Shares of Tata Motors will be in focus after the automaker beat June quarter profit estimates on strong sales of luxury cars.

Tobacco-to-hotels conglomerate ITC could be under pressure after it missed first-quarter profit estimates, hurt by higher expenses and competition from more affordable brands.

STOCKS TO WATCH

** Maruti Suzuki led drop in Indian carmakers' sales to dealers in July as demand cools.

** Nestle India subscribed to 49% stake in joint venture with Dr. Reddy's for 7.06 billion rupees ($84 million) and sold its medical nutrition and nutraceuticals business to the joint venture for 2.19 billion rupees.

** Kalyan Jewellers posted a rise in June quarter profit.

** Earnings today: Titan Company, UPL

($1 = 83.7340 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Eileen Soreng)