Premarket: Cautious opening in the cards

SAIL, Cadila Healthcare, Mahindra & Mahindra, Power Finance Corp, Indian Oil and IPCA Lab to react to quarterly numbers

The markets are likely to start the June F&O series on a cautious note ahead of the January – March economic growth data (GDP data) due later in the day today. Positive global sentiment, however, could keep the markets buoyant.

The near support for the NSE Nifty seems to have moved higher to 6,080-odd levels. The bias is likely to remain positive as long as the Nifty sustains above 6,080. On the upside, the NSE index may attempt a rally to 6,200-odd levels, technical analysts suggest.

US stocks rose on Thursday, rebounding from the previous session's losses, with the Dow Jones industrial average moving up 0.14 per cent and the Standard & Poor's 500 Index gaining 0.37 per cent.

Asian shares recovered on Friday as global markets recovered overnight after lacklustre US data eased concerns about an early end to the Federal Reserve's strong stimulus programme which has sharpened investor appetite for risk.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1 per cent, Australian shares inched up 0.2 per cent and the Nikkei stock average opened up 1.6 per cent after tumbling over 5 percent to a five-week low the day before.

At 710am Indian Standard Time, the SGX Nifty was trading at 6,124 – up 0.6 per cent.

Among the stocks that are likely to see some action today, keep a tab on ADAG Group stocks as a Delhi court has issued notices to all the accused in the 2G spectrum case, including Reliance ADA Group Chairman Anil Ambani and his wife, Tina Ambani.

SAIL, Cadila Healthcare, Mahindra & Mahindra, Power Finance Corp, Indian Oil and IPCA Laboratories are some of the stocks that will react to their March quarter earnings announced Thursday.