Pre-market: Watch out for Union Bank, MCX, FTIL, Infosys

Markets are likely to rebound amid firm Asian cues and overnight gains on Wall Street

Markets are likely to rebound on Thursday tracking firm Asian cues and overnight gains on Wall Street.

At 8:30AM, the SGX Nifty was up 34 points at 6,706.    

Asian stocks were trading firm tracking overnight gains on Wall Street. The Shanghai Composite was up 0.4%, Hang Seng gained 0.7% and Straits Times was up 0.2%.

Shares on Wall Street ended higher on Wednesday after encouraging comments from Federal Reserve Chair Janet Yellen to support the economy As per the recent data release, US factory output eased to 0.8% in January, the highest decline in over four and six months.

The Dow Jones ended up 0.7% at 16,519, the S&P 500 gained 0.6% to close at 1,878 and the tech-laden Nasdaq ended down 0.3% at 4,068 weighed down by profit taking in IT majors.

Stocks in Focus

MCX will be in focus as the stake sale to new investors is unlikely to fetch a premium as envisaged earlier.

FTIL may be under pressure as promoter Jignesh Shah, Founder and Promoter of the company and former MD and chief executive of MCX were arrested by the Economic Offences Wing of the Mumbai POlice in connection with the NSEL scam.

Cipla may be in focus on rumours that the Teva is looking to acquire stake in the Indian pharma major.

Shares of IT majors will see some action after COgnizant reported revenue growth which was below street estimates. However, net profit for the March quarter was up 23%.

Brigade Enterprises will be in focus on robust Q4 performance.

SpiceJet may see some pressure after the DGCA granted licence to Air Asia to launch low-cost services in the country.