Coronavirus concerns, corporate results, and macro data will be the top triggers for Indian indices today. Investors might turn cautious after China's Hubei province reported a record rise in the coronavirus death toll on Thursday, as global health experts warned the epidemic could get far worse before it is brought under control. Health officials in Hubei province said 242 people had died from the flu-like virus on Wednesday that brought the total number of deaths in the province to 1,310.
Market participants will also react to macro numbers released post market hours yesterday. Retail inflation in January rose to a multi-year high of 7.59 percent, while industrial output contracted 0.3 percent in December, against a growth of 1.8 percent in November, data showed. The figures might dent investors' outlook on the revival in the Indian economy.
On the results front, almost 615 companies, including BPCL, Page Industries, Nestle India, and Apollo Hospitals Enterprise, are scheduled to announce their December quarter results today.
Telecom stocks are likely to trade actively today after a Business Standard report said the Department of Telecommunications plans to send out letters to Bharti Airtel and Vodafone Idea, seeking payment of dues, if the industry’s modification plea on the AGR issue is not taken up by the Supreme Court this week.
Besides, investors will continue to monitor the Rupee's trajectory and oil price movement.
Globally, the Wall Street closed at record highs on Wednesday. The Dow Jones Industrial Average rose 0.94 per cent, the S&P 500 gained 0.64 per cent, and the Nasdaq Composite added 0.9 per cent. However, the Asian stock markets wobbled on Thursday as the number of new coronavirus cases at the outbreak’s epicenter jumped sharply. MSCI’s broadest index of Asia-Pacific shares outside Japan was trading 0.04 per cent weaker. Japan's Nikkei was 0.2 per cent lower, while Australia's ASX/S&P 200 index retreated from a record high. The SGX Nifty indicated a flat start for Sensex and Nifty today.
In commodities, oil prices ticked up with Brent crude futures trading at $56.03 per barrel.
Analysts say that the level of 12,100 will act as major support for weekly expiry in Nifty while 12,300 will act as resistance. Therefore, traders should try to buy any dip keeping a close eye on 12,100.
And, in the end, here's a stock idea by CapitalVia global research which recommends buying HDFC Bank above Rs 1,255 for the target of Rs 1,285 with stop-loss at Rs 1,238.