Investors will look at global cues, stock-specific action, the rupee's trajectory against the US dollar, and foreign fund flow for market direction today.
Vodafone Idea yesterday reported a massive net loss of Rs 50,922 crore, the highest-ever for an Indian company, in the September quarter after it provided for payments related to adjusted gross revenues, or AGR.
For the very same reason, Bharti Airtel also reported a pre-tax loss of Rs 31,334 crore for the quarter as compared to the pre-tax loss of Rs 1,998 crore in the year-ago quarter. In today's session, the stocks of both these companies will remain under pressure.
Moreover, a small batch of 17 companies is scheduled to announce their September quarter numbers today.
In another development, Moody’s has cut India's calendar year 2019 GDP growth forecast to 5.6 per cent from 6.2 per cent, citing a consumption slowdown.
On Wall Street, the Dow Jones Industrial Average and Nasdaq Composite dropped marginally while the S&P 500 posted slim gains.Asian equities rose on Friday. Early in the Asian trading day, MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.34 per cent. Japan's Nikkei added 0.58 per cent and Australian shares gained 0.53 per cent. The SGX Nifty was also trading higher in early trade, indicating a positive start for domestic indices.
In commodities, oil prices were mixed on Thursday. Brent crude futures were trading 28 cents higher at $62.56 per barrel.
Benchmark indices ended Thursday's volatile session in the positive territory. The S&P BSE Sensex gained 170 points to end at 40,286. On the NSE, the broader Nifty50 index ended at 11,870, up 30 points.
After the Nifty closed above 11,850 levels, analysts now say that traders should buy it for the target of 12,000 with a stop loss of 11,780.
Here's a trading idea by Anand Rathi Shares and Stock Brokers who recommend buying Infosys at current market price for a target of Rs 740 with stop-loss at Rs 685.