Markets to open flat amid mixed Asian cues

Markets are expected to open flat tracking mixed cues from Asia. However, sharp gains in software major TCS after it posted robust first quarter earnings will boost sentiment in early trades today.

Global risk appetite improved after US Fed chief comments on final day of testimony supported hopes of continued stimulus.

At 8:25AM IST, SGX Nifty was up 6 points at 6061.

According to the technical expert Rex Cano, "The NSE Nifty seems to have reached the higher end of the expected consolidation range. The index may witness fresh strength only if it sustains above 6,030. On the downside, the index has near support around the 6,000-mark."

Meanwhile Asian shares were trading marginally higher with the Nikkei paring early gains and was down 1% ahead of the weekend elections.

Market participants expect Prime Minister Shinzo Abe to win Sunday's upper house election which will help his government pursue aggressive reflationary policies.

Among other indices, Hang Seng and Shanghai Composite were trading marginally higher while Straits Times was trading flat.

Overnight, US stocks rallied on expectations of stimulus.

Bernanke, speaking before the Senate Banking Committee, reiterated comments he made on Wednesday to the House Financial Services Committee. He stressed that the timeline for winding down the Fed's stimulus program was not set in stone, global agencies reported.

The Dow Jones industrial average rose 78.02 points, or 0.50 percent, to end at 15,548.54, a record high. The Standard & Poor's 500 Index gained 8.46 points, or 0.50 percent, to a record close of 1,689.37. The Nasdaq Composite Index added 1.28 points, or 0.04 percent, to 3,611.28.

Domestically, companies such as HDFC, JK Paper, Bajaj Auto, Federal Bank and Reliance Industries will report their April-June earnings later today.

Following stocks are expected to move on the exchanges today:

Tata Consultancy Services (TCS) has recorded an increase in its revenue and net profit. Country's largest software services provider has a net profit of Rs 3,830 crore quarter-on-quarter basis.Similarly, the EBIDTA of the company has witnessed a 28.6% rise. It has been been reported at Rs 5,144 crore.

Pre-filled syringes (PFS) manufacturer Roselabs Bioscience Limited, a part of the Ahmedabad-based Roselabs Group, is in the process of raising Rs 100 crore, which it intends to utilise to file more ANDAs (abbreviated new drug applications), develop advanced products like auto-injectors and enter into more therapeutic segments like oncology and newer markets.

JB Chemicals & Pharmaceuticals on Thursday said it has reached a settlement with Cilag GmbH International and Johnson & Johnson LLC entities regarding all claims raised by them in relation to sale of its over-the- counter business in Russia and CIS countries.

Bangalore-based mid size IT company Mindtree's net profit for the first quarter of the financial year 2013-2014 registered a growth of 51.8% and stood at Rs 135.4 crores when compared to the corresponding period last year.