The Index of Industrial Production data for October is set to be released later in the day on Friday. It is estimated to come in at around 1.95 percent against 0.2 percent on a month-on-month basis and may range anywhere between 1.1 percent and 3 percent.

The October IIP is going to be supported by factors such as manufacturing Purchasing Managers' Index (PMI) which is at around 58.9 and production ahead of the festive season as Diwali was in the month of November, so the expectation is that the production picked up in the month of October.

The core industry, however, is still in negative terrain with a decline of 2.5 percent year-on-year in October. Therefore, it needs to be seen how that plays out considering that within the core industries, the refineries were down around 17 percent and crude oil was down around 6.3 percent along with natural gas etc.

So that would be important in terms of a key factor, but overall a bit of an uptick is seen on a month-on-month basis in the IIP figure.

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(Edited by : Ajay Vaishnav)