Pre-Market: Cautious opening seen; Q1 GDP eyed

Markets are like to remain cautious on the first day of September series with all eyes on June quarter GDP data on Friday. The movement of rupee would also largely drive the stock market.

Meanwhile, the Lok Sabha approved land reforms on Thursday that boost farmers' rights but are opposed by other businesses who say the new law will thwart efforts to revive the floundering economy.

At 800 hrs Indian Standard Time the SGX Nifty was flat at 5,374.

According to technical experts, the Nifty may seek support around 5,360-5,330, while face resistance around 5,455-5,485.

U.S. stocks closed modestly higher on Thursday as the economy showed signs of improvement, but uncertainty over possible military action against Syria continued to pressure markets.

The Dow Jones industrial, Standard & Poor's 500 and Nasdaq Composite Index was up 0.1-1%.

Asian stocks rose in early trading and oil prices tumbled as a possible U.S. military strike on Syria appeared less likely.

MSCI's broadest index of Asia-Pacific shares outside Japan was up about 0.1 percent, while Japan's benchmark Nikkei stock average rose 0.9 percent.

STOCKS TO WATCH

Reliance Industries and its partner BP Plc on Thursday won approval to invest $3.18 billion in R-Series gas field in the flagging KG-D6 block.

HDFC Bank Limited is planning to open 300 new branches across India, adding to its existing branch network of 3,119.

Wipro in partnership with Qatar Airways today announced the launch of a range of information technology products for the aviation industry.

Bharti Airtel today said it along with SoftBank Mobile has successfully conducted field trial of a technology that provides cost-efficient 3G phone services using a communications satellite as a transmission line.