Pre-Market: Soft opening seen

Markets are likely to maintain range bound activity in trades today after witnessing a selling pressure yesterday on profit taking at higher levels amid political uncertainty after opposition parties called for a nation-wide bandh to protest against the government's decision to open up FDI in the retail sector.

According to technical analysts, the Nifty is likely to seek support around 5,535-5,525, while face resistance around 5,570-5,585.

Asian shares and the euro steadied on Friday as markets consolidated after recent sharp moves triggered by central banks' stimulus steps, with weak data giving no clear signs about the likelihood of another steep downturn in growth or a solid pickup.

The MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.3 percent. Tokyo's Nikkei stock average opened up 0.3 percent. At 700 am Indian Standard Time, the SGX Nifty was trading at 5,568 - up 7 points.

World stocks fell on Thursday as manufacturing reports from the euro zone, China and the United States showed factory activity remained lacklustre, evidence of sluggish growth globally.

STOCKS TO WATCH

The Indian Hotels Company Limited has evinced interest to set up its maiden premium five star hotel in Bhubaneswar.

Jubilant Life Sciences has received approvals from the US health regulator for four products that target central nervous system (CNS) and cardiovascular system (CVS) therapeutic areas.

Rakesh Jhunjhunwala purchased a 4.5% stake in Godrej-group firm Geometric Ltd from a foreign fund of Credit Suisse for about Rs 30 cr.

Dr Reddy's Laboratories has launched Amoxicilin tablets, capsules and oral suspension, a bioequivalent generic version of Amoxil in the US market.

Hindustan Motors has signed a memorandum of understanding (MoU) with UBI to faciliate trouble-free financing to its customers.

Jindal Stainless said the Corporate Debt Restructuring (CDR) Empowered Group has approved rescheduling of payments of over Rs 9,000 crore debt on August 24.