Traders will be getting some support with global rating agency Standard & Poor’s statement that the confidence level in India continues to grow amid indications of slower growth ahead for the Asia-Pacific region.

Also, the government has said that it was closely monitoring the Greek crisis and is prepared to face any situation in view of its ‘comfortable’ foreign exchange reserves.

There will be some buzz in the PSU stocks, with the government permitting seven public sector units to raise Rs 40,000 crore through tax-free bonds in the current financial year.

Some action can be seen in oil & gas stocks too, with India inviting Canadian firms to invest in energy infrastructure and offered to jointly underwrite large projects like LNG terminals as well as refinery and petrochemical plants. IT stocks too will be in lime light with the official start of the earning season by TCS numbers after the market hours.

According to market experts, it is too early to conclude impact of volatility in China.

“It is too early to conclude the finer reasons and ultimate impact of volatility in China i.e. whether it is led by market bubble or instability in its economy, but it will continue to impact global flows accordingly”, said Vinod Nair, Head-Fundamental Research, Geojit BNP Paribas Financial Services.

Companies like Bajaj Corp, RS software, TCS and Thangamayil may announce their earnings, which could be a driving force for the market.

Hindalco Industries may fall after weak results by global rival Alcoa Inc.

Asian equities extended losses on Thursday as concerns over China’s market turmoil spread,while the safe-haven yen shot to a seven-week high as global risk appetite ebbed.

MSCI’s broadest index of Asia-Pacific shares outside Japan shed 0.2 percent, hovering near a 17-month low struck the previous day.

Japan’s Nikkei dropped 1.8 percent, Australian shares lost 0.3 percent and South Korea’s Kospi fell 0.9 percent.

The focus in Asia again turned towards how Chinese stocks would fare later in the session, with a series of increasingly aggressive attempts by authorities so far having failed to stem the massive exodus from a once booming market.

The country’s stock markets have plunged nearly 30 percent over the last three weeks.