Market Ahead, January 24: All you need to know before the Opening Bell

Corporate results will continue to be the top factor influencing market direction. Besides, investors will also track newsflow ahead of the Union Budget and stock-specific action for further clues today.

A total of 46 companies, including Ultratech Cement, Bank of Baroda, and JSW Steel, are scheduled to announce their December quarter results today.

Shares of Infosys might be in focus today as reports said that the Securities and Exchange Board of India -- SEBI -- is likely to call for a forensic audit of the company's books as it continues to probe whistleblower allegations of alleged financial irregularities at the company.

Meanwhile, telecom companies heaved a temporary sigh of relief yesterday as the Department of Telecommunications issued a circular saying no coercive action should be taken against the operators for non-payment of AGR dues within the timeframe set by the Supreme Court. The apex court is scheduled to hear the matter next week.

Besides, oil and Rupee's trajectory and foreign fund flow will also influence sentiment.

In the US, the Dow Jones Industrial Average and the S&P 500 gained 0.1 per cent each and the Nasdaq Composite added 0.2 per cent. Stocks made a barely positive start in early Asian trade on Friday after the world’s health body called it a little too early to declare a coronavirus outbreak a global emergency. MSCI's broadest index of Asia-Pacific shares outside Japan rose a marginal 0.1 per cent, while Japan's Nikkei stood flat and Australian stocks added 0.4 per cent. The SGX Nifty, though, indicated a lowering opening for Sensex and Nifty.

Coronavirus fears continued to weigh on commodity prices. US WTI crude futures were up a marginal 0.05 per cent at $55.61 a barrel after hitting the lowest level in two months in the previous session.

Back home, markets snapped three-day losing streak on Thursday as the S&P BSE Sensex closed near day's high at 41,386, up 271 points and the Nifty50 ended the day 73 points higher at 12,180 mark.

Analysts say that the Nifty's close in the positive territory on Thursday might mean that the first leg of downside is over and a bounce back has resumed. The Index is likely to bounce till 12,300 levels in the short-term post which it is again likely to correct. Hence, traders can buy Nifty for the target of 12,300 with a stop loss of 12,090.

And, in the end, here's a stock idea for you from Anand Rathi Shares and Stock Brokers which recommends buying Ramco Cements for the target of Rs 920 with stop-loss at Rs 827.