The BSE index is down 0.38 percent and the 50-share NSE index falls 0.45 percent.
Tata Motors share markets fall 1.5 percent a day after the company said its October-December earnings fell 52 percent to  $303 million.

Shares in DLF Ltd fell as much as 3.6 percent a day after India’s largest listed real estate developer reported a net profit of 2.85 billion rupees, which missed market expectations.

Dr. Reddy’s Laboratories , India’s No.2 drugmaker by sales, reported a larger-than-expected 29.2 percent drop in quarterly net profit as sales in its key North America market remained muted.

Bank of America Merrill Lynch downgraded its rating on Dr. Reddy’s Laboratories Ltd to “neutral” from “buy”. The shares were down 1.95 percent at 1837.85 rupees.

With Q3 earnings season almost over, traders speculate over whether the budget would be populist or pragmatic, in the backdrop of increasing deficit.

The euro nursed heavy losses on Friday in the wake of data showing the euro zone slipped deeper into recession late last year, while markets braced for more conflicting comments on currencies as G20 officials meet in Moscow.  Oil prices edged up on Thursday as fears about U.S. gasoline supply pulled the complex higher, overshadowing concerns of weakening economic output in the euro zone.

U.S. Treasuries yields slid from 10-month highs on Thursday after disappointing growth data from the euro zone spooked investors into pouring money into perceived safe havens.

LOCAL MARKETS PREVIOUS CLOSE
    * BSE index 19,497.18 (-0.57 pct)
    * NSE index 5,896.95 (-0.61 pct)
    * Rupee 53.92/93 per dollar (53.82/83)
    * 10-year bond yield 7.82 pct (7.84 pct)
    * 5-year OIS rate 7.24 pct (7.27 pct)
    * 1-year OIS rate 7.60 pct (7.64 pct)
    * Call money 7.80/7.90 pct (7.75/7.85 pct)