 "Pre-market: Markets may have a positive start")
However, investors are likely to remain cautious on account of the volatility in the Chinese markets and the unfolding developments with regard to Greece's future in the Euro zone. The IIP numbers for the month of May, due to be released during the course of the day, and result season is also likely to weigh on investor sentiment.
The benchmark indices had ended lower for the third consecutive session, on Thursday, with the Sensex shedding 114 points and Nifty losing 25 points.
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On the technical front, 8,250 on the Nifty would be an important level to watch for. On the derivatives front, the Nifty volatility index or VIX declined by 2% on Thursday, signalling a decline in volatility atleast from the immediate short term.
At 8.20am, the SGX Nifty was trading at 8,364, higher by 17 points or 0.2%.
GLOBAL MARKETS
Asian stock markets have advanced early Friday, as China's Shanghai index rebounded by another 5.5% to stay on course for a second consecutive session of gains. The Hang Seng index added 2% to Thursday's rally of 4.1% and Nikkei added 0.6% to reverse a lower opening. The Kospi, SET and Jakarta indices have also added about 0.5% each in early trades.
Overnight, US stocks finished mildly higher, giving back more than half of opening gains as investors remained cautious on China and Greece. The Nasdaq Composite gained 0.3 percent, while the blue-chip Dow and S&P 500 ticked up 0.2 percent each.
Meanwhile, Greece offered new measures including a tax hike on shipping companies in the latest proposal sent to creditors on Thursday, as Athens raced against the clock to win new financial aid.
STOCKS TO WATCH
TCS is likely to see action after missing revenue expectations for the fourth quarter in a row. Sequential dollar revenue grew at 3.5%, which was also the lowest growth in the first quarter in several years. However, the company's net profit and margin for the quarter beat consensus estimates. The company reported a net profit of Rs 5,708.9 crore, up 12.8% from Rs 5,057.8 crore in the first quarter of FY15.
Wipro may be in the limelight after Wipro Digital, the digital unit of India's third-largest software company Wipro, acquired the Denmark-based global strategic design company Designit for an undisclosed amount. It expects to close the deal in the current quarter.
JSW Energy will be on the investor's radar after announcing the signing of a non-binding agreement with Monnet Ispat for initiating due diligence for acquisition of majority stake in Monnet Ispat and Energy’s 1,050-Mw power plant in Odisha.
IDFC, which already received an in-principle approval from the Reserve Bank of India (RBI) last year to set up a bank, will apply for a final approval on Friday. Keep an eye on this counter!
According to reports, Mangalore Refinery and Petrochemicals said that it will take over a USD 1 billion petrochemical plant adjacent to its refinery in Karnataka in an all share deal.