Pre-Market: Soft opening on cards; China data eyed

Markets are likely to open on a flat note following muted global cues.

Rupee movement, corporate results and the developments at the monsoon session of Parliament will dictate the stock market trend.

At 800 hrs Indian Standard Time the SGX Nifty was up 11 points at 5,554.

According to technical experts, the Nifty may seek support around 5,490-5,470, while face resistance around 5,545-5,565.

Overnight, U.S. stocks finished Wednesday lower after Federal Reserve officials said that stimulus programs could begin winding down this year, though equities trimmed earlier losses.

At the close of U.S. trading, the Dow Jones Industrial Average finished down 0.31%, the S&P 500 index fell 0.38%, while the Nasdaq Composite index fell 0.32%.

Asian stocks found a tentative footing early on Thursday, having suffered their biggest one-day slide in a month, though investors were nervous ahead of a slew of Chinese data as a troubling slowdown in the world's second-largest economy has rattled global markets recently.

MSCI's broadest index of Asia-Pacific shares outside Japan crept up 0.3 percent, following Wednesday's 1.3 percent slide. Tokyo's Nikkei climbed 0.6 percent, but remained shaky after a 4.0 percent dive in the previous session.

Back home, Adani Enterpris, REC, Page Industries, Fortis Health, GE Shipping, Jet Airways, Sobha Developer, IRB Infra are set to unveil April-June 2013 quarter results today.

STOCKS TO WATCH

Biocon has put on hold its effort to develop a novel molecule to manage a type of oncology and which was aimed at developing therapies that target multiple tumor types.

Emami group is set to invest around Rs 1,000 crore to build a cement plant and a hospital in the state, the first major investment from the R S Agarwal and R S Goenka promoted company after the Advance Medicare and Research Institute (AMRI) Hospital fire incident in which the group had a major stake, claimed more than 90 lives.

Karur Vysya Bank has received approval from the Board of Directors to raise up to Rs 1,000 crore through Qualified Institutional Placement (QIP).

Larsen and Turbo has been awarded Rs 646.56 crore contract for equipment supply and construction of 28 mega lift irrigation projects in Tel River basin by the water resources department of Odisha government.