Dalal Street is poised to snap a three-day losing streak on Friday tracking a bullish trend in fellow Asian peers and a strong finish at Wall Street overnight as concerns that Greece may be pushed out of the euro, and China’s stock market rout, ebbed, bolstering the lure for risky assets. Traders will also eye the May industrial output data which will be released after market hours and offer further cues over the health of Asia’s third biggest economy. Analysts expect factory growth to have remained steady at 4.1 per cent, year on year in May 2015. Production of the eight core infrastructure industries surged 4.4 per cent, year on year in May 2015, the biggest gain in six months, signaling a recovering manufacturing sector. The scrip of TCS, the country’s largest IT software services exporter, may extend a decline today after the company’s Q1 earnings lagged estimates, signaling a slowdown in the IT sector amid global headwinds. The company said that net income on a sequential basis was down 3.5 per cent at Rs 5,906 crore while dollar denominated revenue grew 3.5 per cent in the April-June quarter, the lowest in several quarters and missing analysts’ estimates for 4.1-4.2 per cent growth. Gains in the SGX CNX Nifty Index futures for July delivery which rose 0.22 per cent at 8,365 at 10:23 am Singapore time, signals a bullish opening at Dalal Street on Friday. The 30-share Sensex had plunged by 114.06 points or by 0.41 per cent to end at 27,573.66 on Thursday amidst caution ahead of the start of the corporate earnings season and Grexit jitters.
