Pre-market: Cautious start likely, IIP data eyed

The markets are likely to open on a cautious note ahead of the index of industrial production (IIP) data and the consumer price index numbers due later in the day today.

For the Nifty, 5980-5950 would be act as a near-term support zone. The short-term strategy should be to buy Nifty on every dip for the target of 6130-6150, said Mudit Goyal, technical analyst with SMC Global.

Overnight, S&P 500 broke a five-day string of record closing highs on Thursday, ending a fairly volatile session lower. The Dow also broke its two-day string of all-time closing highs, but still ended above 15,000.

Asian shares eased on Friday, taking their cues from global equities which took a breather from recent rallies overnight, but Nikkei opened 1.8 per cent higher.

At 705 am Indian Standard Time, the SGX Nifty was trading flat at 6,069 levels.

Back home, among individual stocks, keep a tab on RIL as the company has submitted plan for enhancing KG-D6 gas output using existing infrastructure.

Fair trade regulator Competition Commission is probing allegation of anti-competitive practices against five entities related to pharmaceutical industry, including drug maker Cipla.

NDTV beat market expectations by posting a consolidated net profit of Rs 27.81 crore in the March 2013 quarter as against a net loss of Rs 41.33 crore in the year ago period

The Securities and Exchange Board of India (Sebi) has approved a proposal for Wipro transferring promoter holding to a philanthropic trust to achieve the 25 per cent public shareholding requirement.

Also keep a tab on Ashok Leyland, Balrampur Chini, NTPC, Punj Lloyd and Sobha Developers as they will announce their respective March quarter results today.