Heading in to trade on Friday, the investors are likely to take cues from the global markets, movement in oil prices and rupee. Apart from this, stock specific actions are likely to continue amid the incoming December quarter results.
Among key stocks, Jet Airways will be in focus as its lenders led by State Bank of India (SBI) will become the largest shareholders in a move to bail out the ailing domestic airline. The Naresh Goyal-led company made the disclosure on Thursday after its board approved a draft resolution plan comprising conversion of lenders' debt into 114 million equity shares at an aggregate consideration of Rs 1, issue of fresh interim loan to the airline and changes in governance structure and board composition. Sources indicated that Goyal’s stake would be diluted to around 22 per cent from the current 51 per cent. Foreign partner Etihad will possibly retain its shareholding at the current level of 24 per cent. The airline also reported a standalone net loss of Rs 587.77 crore for the third quarter ended December 31.
Among quarterly results, only six companies including Amtek Auto will be releasing their December quarter results later in the day.
Asian stocks slipped on Friday after grim US retail sales figures raised fresh doubts about the strength of the US economy, offsetting optimism on trade talks between the United States and China.
Japan's Nikkei dropped 1.1 per cent while MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.25 per cent in early trade, with South Korea's Kospi shedding 1.0 per cent.
On Wall Street, the Dow Jones Industrial Average fell 103.88 points, or 0.41 per cent, to 25,439.39, the S&P 500 lost 7.3 points, or 0.27 per cent, to 2,745.73 and the Nasdaq Composite added 6.58 points, or 0.09 per cent, to 7,426.96.
US oil prices rose on Friday, gaining for a fourth day on hopes of further supply cuts by major exporters, despite uncertainty about US-China trade talks.
US West Texas Intermediate (WTI) crude futures were at $54.79 per barrel, up 40 cents, or 0.7 per cent, from their last settlement. They rose 51 cents, or 0.95 per cent, on Thursday. International Brent crude oil futures had yet to trade, after closing up 1.5 per cent in the previous session.
RBI governor Shaktikanta Das rules out asset quality review of NBFCs
Reserve Bank of India (RBI) Governor Shaktikanta Das shrugged off liquidity concerns pertaining to non-banking financial companies (NBFCs) and ruled out an asset quality review in the immediate future, saying such a move might not be well-received by the market.
Das told a group of 60-70 foreign portfolio investors (FPIs) during a meeting in Hong Kong on Tuesday that the RBI was prepared to step in to ensure that the liquidity needs of NBFCs were duly met, said sources in the know
WPI inflation eases to a 10-month low of 2.76% in January on cheaper fuel
The wholesale price inflation (WPI) rate fell to a 10-month low of 2.76 per cent in January, official figures released on Thursday showed. The inflation rate in December had stood at 3.80 per cent, while it was 3.08 per cent in January, 2018.
The trend is in line with the consumer price inflation rate, which declined to a 19-month low of 2.05 per cent in January from 2.11 in December, according to data released on Tuesday.