The 50-share Nifty index is expected to open lower on Thursday tracking weak Asian markets while investors will keep a close eye Infosys and TCSahead of their quarterly results.
According to an ET Now poll, Infosys' FY13 revenue growth guidance is likely to be revised to 6.5-8.5 percent from 8-10 percent earlier. The guidance cut would largely be on cross-currency movement.
For TCS the poll indicated that the IT major will be able to post a volume growth of 4 percent, with revenue likely to get hit by cross-currency movements. Margins will be flat due to salary increases and quarterly variable payouts. The market will await commentary on BFSI, margin performance and hiring guidance.
Later in the day, on the macro economic front, investors will watch out for industrial production data for May.
India's industrial output likely accelerated at a modest pace in May on an annual basis from barely any growth at all in April, held back by deep contractions in capital goods, a sign that the pace of overall economic growth remains weak, a Reuters Poll indicated.
"The Nifty has closed in the negative on Wednesday and is now expected to head higher till 5400 with support around 5298 in the short term. It will face crucial resistance at 5348," Somil Mehta, Senior Tech Analyst (Equity) at Sharekhan, said.
"The Nifty had been trading in a range between 5263 and 5333 and the range has broken out on the upside with support around the 5257 mark. The Nifty is now expected to move up till 5450 levels," added Mehta.
Overnight, US stocks edged lower as minutes from the Federal Reserve's last meeting proved to be dampener as policymakers gave no hint on another round of quantitative easing to stimulate the economy.
The Dow Jones industrial average dropped 48.59 points, or 0.38 percent, to 12,604.53. The Standard & Poor's 500 Index ended flat, to 1,341.45. The Nasdaq Composite Index fell 14.35 points, or 0.49 percent, to 2,887.98.
Asian shares slipped on Thursday after US Federal Reserve gave no indication of taking any aggressive stimulus steps to support growth in world's largest economy.
"The US Federal Reserve is open to buying more bonds to stimulate the economy, but the recovery might need to weaken for a consensus to build, minutes from the central bank's June 19-20 meeting released on Wednesday showed," Reuters reported.
Brent crude inched up 0.3 per cent to $100.48 a barrel and US crude rose 0.1 per cent to $85.92.
Japan's Nikkei 225 index was trading 0.65 percent lower at 8,793.75 and Hong Kong's Hang Seng index was trading lower at 19,155.12, down 1.3 percent. South Korea's Kospi index was trading 0.3 percent lower at 1,819.45. China's Shanghai index was trading at 2,162.12, down 0.6 percent.
At 08:00 a.m., Nifty India stock futures in Singapore were down 27 point at 5,293.50, indicating a negative opening in the domestic market.
According to an ET Now poll, Infosys' FY13 revenue growth guidance is likely to be revised to 6.5-8.5 percent from 8-10 percent earlier. The guidance cut would largely be on cross-currency movement.
For TCS the poll indicated that the IT major will be able to post a volume growth of 4 percent, with revenue likely to get hit by cross-currency movements. Margins will be flat due to salary increases and quarterly variable payouts. The market will await commentary on BFSI, margin performance and hiring guidance.
Later in the day, on the macro economic front, investors will watch out for industrial production data for May.
India's industrial output likely accelerated at a modest pace in May on an annual basis from barely any growth at all in April, held back by deep contractions in capital goods, a sign that the pace of overall economic growth remains weak, a Reuters Poll indicated.
"The Nifty has closed in the negative on Wednesday and is now expected to head higher till 5400 with support around 5298 in the short term. It will face crucial resistance at 5348," Somil Mehta, Senior Tech Analyst (Equity) at Sharekhan, said.
"The Nifty had been trading in a range between 5263 and 5333 and the range has broken out on the upside with support around the 5257 mark. The Nifty is now expected to move up till 5450 levels," added Mehta.
Overnight, US stocks edged lower as minutes from the Federal Reserve's last meeting proved to be dampener as policymakers gave no hint on another round of quantitative easing to stimulate the economy.
The Dow Jones industrial average dropped 48.59 points, or 0.38 percent, to 12,604.53. The Standard & Poor's 500 Index ended flat, to 1,341.45. The Nasdaq Composite Index fell 14.35 points, or 0.49 percent, to 2,887.98.
Asian shares slipped on Thursday after US Federal Reserve gave no indication of taking any aggressive stimulus steps to support growth in world's largest economy.
"The US Federal Reserve is open to buying more bonds to stimulate the economy, but the recovery might need to weaken for a consensus to build, minutes from the central bank's June 19-20 meeting released on Wednesday showed," Reuters reported.
Brent crude inched up 0.3 per cent to $100.48 a barrel and US crude rose 0.1 per cent to $85.92.
Japan's Nikkei 225 index was trading 0.65 percent lower at 8,793.75 and Hong Kong's Hang Seng index was trading lower at 19,155.12, down 1.3 percent. South Korea's Kospi index was trading 0.3 percent lower at 1,819.45. China's Shanghai index was trading at 2,162.12, down 0.6 percent.
At 08:00 a.m., Nifty India stock futures in Singapore were down 27 point at 5,293.50, indicating a negative opening in the domestic market.
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