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The markets are likely to continue the momentum witnessed in the previous session, buoyed by gains across their Asian counterparts.
The benchmark indices had ended at three-month highs on Thursday, buoyed by the approval for composite cap on all foreign direct investment and Greece parliament's approval of tough austerity measures needed for the country to receive financial aid and avoid its exit from the eurozone. The BSE Sensex had rallied 247 points the Nifty had ended above the 8,600 mark.
One would have to see if the ongoing rally catapults the Nifty beyond 8,700, given the fact that the index has comfortably scaled the resistance level of 8,550, or if the rally loses steam on Q1 results and global cues.
At 8.20am, the SGX Nifty was trading higher by 9 points at 8,641.
ACC will report its numbers during the day.
GLOBAL MARKETS
The Asian stocks mostly advanced early Friday, tracking a positive lead from Wall Street overnight. Japan's Nikkei 225 bounced up to its highest level since June 26 as the yen hovered near its weakest level against the greenback in more than three weeks. South Korea's Kospi index pulled back from a two-week high, as markets await the outcome of a shareholder vote on a merger of two Samsung companies.
In Taiwan, chipmaker Taiwan Semiconductor Manufacturing (TSMC) surged 2.2%, following better-than-expected results for the second quarter. The index was trading with modest gains at opening bell.
Overnight, Wall Street had ended stronger on Thursday after earnings reports from eBay and Netflix boosted optimism. The Dow Jones rose 70 points or 0.3% to 18,120 and Nasdaq Composite added 64 points or 1.2% to end at 5,163.
STOCKS TO WATCH
Wockhardt may be under pressure on the news that it is recalling 1,62,142 cartons of various drugs, which are used to treat ailments such as high blood pressure and ulcer, in the US market.
Tata Motors may see investor interest on plans to raise Rs 4,400 crore from Non-Convertible Debentures (NCDs) during the current fiscal to meet its expansion plan.
Asian Paints may be in the limelight on reports that it is considering the establishment of a facility in Karnataka.
Great Eastern Shipping is planning to raise upto Rs 500 crore through non-convertible debentures (NCDs) on a private placement basis, according to news reports. Keep an eye on this counter.
According to reports, GAIL India plans to spend nearly $1.5 billion (about Rs 9,500 crore) to acquire a shale gas asset in the United States to meet future gas demand in India and other markets.
Among the results declared on Thursday, Mindtree posted a marginal growth in net profit and said on Thursday that it bought UK-based Bluefin Solutions and Ohio, US-based Relational Solutions Inc for a combined value of nearly $75 million as part of the Bangalore-based firm's effort to shore up its digital business.
DB Corp reported a 16.01% decline in its consolidated net profit at Rs 66.45 crore for the first quarter of 2015-16.
