Kishor Ostwal, chairman and managing director at CNI Research, said some foreign funds are also expected chase bargains after the market fell nearly 11 percent since the start of November.
Telecom carriers Bharti Airtel and Idea Cellular are likely to fall after India's telecoms ministry said it would tell carriers they would not be allowed to offer 3G services outside their licensed zones through roaming agreements with each other.
Bharti, Idea as well as Vodafone's India unit currently provide 3G services beyond their licensed zones through roaming pacts.
Asian stocks edged up on Friday, as signs of a strengthening U.S. economy encouraged a modest year-end rally in riskier assets.
By 0240 GMT, the MSCI's broadest index of Asia Pacific shares outside Japan was trading up 1.2 percent, while the Nifty India stock futures in Singapore were up 0.4 percent, pointing to a higher opening for the domestic market.
The main 30-share BSE index rose 0.8 percent on Thursday with sentiment helped by gains in European markets though investors were cautious because of domestic economic concerns and government policy inaction.
STOCKS TO WATCH
* HDFC Bank after the private-lender said it would raise interest rates on non-resident savings deposits to 9 percent from 3.82 percent from Friday.
* MBL Infrastructures Ltd after the company said it won projects totalling 3.2 billion rupees.
* ICSA India Ltd after it said its board has decided to pursue corporate debt restructuring program with bankers.
* Punj Lloyd after the construction and infrastructure company said its joint venture with Kenyan firm Intex Costruction Ltd had won $54 million road project in the African nation.For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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