Six Stock Market action to look out for today

The Nifty, already at 3-month highs, is likely to remain in an uptrend on Friday as the Greek-debt overhang fades after its parliament approved austerity measures for a fresh bailout. Cues from overseas equity markets are positive and commodities remain muted.

The Nifty is seen trading in the higher 8,637-8,737 band after yesterday's 1 percent surge over a crucial resistance level. The new support level is seen at 8,540. ACC and Kotak Bank are the major companies slated to report earnings today.

Meanwhile, the US markets shut 0.4-1.2 percent higher on Thursday after Greece's parliament voted for steps that will rein in further government spending in exchange for EU's funds to keep its banks afloat. The Nasdaq Index hit a record high. Markets in Europe were also in a fine fettle. Asian markets are upbeat as well.

The Dollar Index hit a 7-week high after US Federal Reserve's Chief Janet Yellen said a rate rise was very much on the cards in September and she expects the US economy to exhibit strength all through 2015. Gold Futures fell to 8-month lows.

Meanwhile, back in India, foreign funds stepped up purchases in the cash market following sharp gains. They bought a net 746 crore rupees for Indian equities in the cash segment, the 4th straight day of purchases, versus a net sell figure of 99 crore rupees from domestic players. FIIs were even more aggressive in the derivatives markets, where they poured a net 1,511 crores in Index Futures; 544 crores in Stock Futures and 756 in Index Options.

STOCKS TO WATCH

SUN PHARMA: CLSA raised its price target to `1,160 from `1,130. Maintains `Buy'

MINDTREE: CREDIT SUISSE raises target to `1,225 from `1,200. Maintains `Neutral'. Company spends $75 million on two buyouts.

SPICEJET: Reported the highest load factor of 93.2 percent in June among airlines thanks to its special discounted fares offered in the past month

3M India: To invest more in local unit and make it a global export hub. No plans on delisting as of now

TATA STEEL: To cut 720 jobs at its UK operations. To focus on high value steel products

PUNJ LLOYD, BHARAT ELECTRONICS: Shortlisted by Indian Army for a $100 million upgrade of Air Defence Guns

(Image credit: Indiatimes)