Pre-Market: Weak opening seen on global concerns

Indian stocks are likely to open lower tracking weak global cues.

Traders continue to monitor the rupee movement and await further steps by the government to prop up the troubled currency.

At 800 hrs Indian Standard Time the SGX Nifty was down 41 points at 5,692.

According to technical experts, the Nifty may seek support around 5,715-5,700, while face resistance around 5,765-5,785.

U.S. stocks had the biggest one-day percentage drop since late June on Thursday in higher-than-average trading volume after poor results and outlooks from Dow components Wal-Mart and Cisco.

Data showed consumer prices rose broadly in July and new claims for jobless benefits last week fell near a six-year low, factors which could draw the Fed closer toward trimming its $85 billion monthly bond-buying program to stimulate economic growth.

Dow Jones, Standard & Poor's and Nasdaq Composite Index plunged 1-2percent.

Asian stocks were weaker, gold was at two-month highs, the dollar was nursing losses and Treasury yields were at two-year highs as traders debated what differing signals meant for the timing of any tapering of the U.S. Federal Reserve's stimulus.

Nikkei was down 1 percent, as U.S. stock futures traded near five-week low after Wall Street shares had their biggest one-day drop since late June.

STOCKS TO WATCH

Singapore Telecommunications will increase its effective interest in Bharti Airtel to 32.34 percent from 30.76 percent, paying around S$383.6 mn.

TCS has been slapped with a lawsuit by Orange County in California for making "a series of false promises and intentional misrepresentations" during the bidding process for a contract.

ONGC's bid to sell stake in its deep water and ultra-deep water blocks to US-based ConocoPhillips and Shell Corporation has hit a ministry of defence block.

Common Cause, a citizen’s group, has filed a public interest suit seeking cancellation of RIL lease for the D6 gas block in the KG-D6 or an “appropriate penalty because of RIL’s failure in adhering to their commitments and deliberate underproduction”.

GMR Infra is planning to raise equity by going in for an IPO of its power business, GMR Energy.