Check out: Cues that will decide Nifty's course today

The US markets faded in the final minutes of trading to close flat, but still managed to break their longest losing streak in nine months.
The Dow snapped a six-day negative run. The S&P 500 closed a quarter percent higher and the Nasdaq a tad bit weaker as investors continue to be cautious amid ongoing uncertainty in the euro zone.
On the economic data front, weekly jobless claims edged down 1,000 last week to a seasonally adjusted 367,000. However, the US trade deficit widened more than expected in March to USD 51.8 billion, the biggest gain in nearly a year.
Key data to watch in US
Consumer sentiment is expected to come in at 76.2 for May. The data from producer price index would also be eyed today.
Meanwhile, the Federal Reserve chairman Ben Bernanke said the banking system and the financial sector have improved significantly, but still have "more to do" to restore health.
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The European markets rebounded in afternoon trade to close higher, after recoveries were seen in the euro.  There is also some investor optimism that Greek political leaders will form a coalition government.
Key data to watch in Europe
The European commission will unveil its economic forecasts for member states today
Analysts are expecting the data to show further deterioration in the peripheral economies. Spain in particular will be in focus as it is lagging behind on the EU's deficit targets battling a recession at 24% unemployment. The commission said in its last economic forecast that the EU economy will stagnate with the first signs of improvements for GDP coming in the second half of 2012.
Meanwhile, the Asian markets opened mixed today morning.
Back home, it was a very volatile session on the Dalal Street on Thursday. Nifty moved above 5,000 in early trade, but slipped back on weak European cues.
Key data to watch in India
The government will announce the industrial output numbers for March today. A CNBC TV18 poll sees it at 1.5%. versus 4.1% in February.
Currency corner
The euro is trading around 1.29 to the dollar before Italy, Spain and France sell bonds next week amid concern the region's debt crisis is deepening. The dollar index firm above the 80 mark.
The Indian rupee trimmed some of its earlier gains against the dollar on Thrusday, though it remained well above the session lows after the RBI said it would require exporters to convert 50% of their existing foreign currency holdings into rupees (with inputs from Reuters). It appreciated by 22 paise to 53.60 a dollar after hitting a high around 53.20.
Commodities
In the commodities space, crude prices declined after OPEC said that growth in global crude supplies is outpacing demand. Brent crude is currently at USD 111 per barrel levels. Meanwhile, gold continues to trade below USD 1,600 per ounce levels.
Domestic cues
The much awaited insurance sector reforms have been postponed. Cabinet has deferred clearing the Insurance Bill, which means that the foreign direct investment limit in the sector will stay at 26% for now.
However, the MFI bill has received cabinet nod. The bill makes the RBI the regulator of the micro-finance industry. It also overrides state legislations on MFIs, and proposes the setting up of a Microfinance Development Council.
In the telecom space, the presidential reference to Supreme Court in 2G case will come up for hearing in Supreme Court today. A five-judge bench headed by CJI has been constituted to hear the matter
Earnings Central
Dr Reddy's will announce its numbers today. According to a CNBC-TV18 poll, the company may post a 27% revenue growth year on year. Margins and PAT is expected to grow due to the concurrent effect of exclusivities.
From the midcap banks, Indian Bank and the Federal Bank will declare their numbers today.
Stocks in News
Cipla posted a healthy set of numbers yesterday. Its revenues come in 12% higher at Rs 1,865 crores year on year. Also, its exports surged due to supply of Lexapro generic to Teva.
Sintex Industries’ profits came in lower at Rs 91 crores versus Rs 168 crores year on year. Meanwhile, Escorts posted a profit of Rs 18 crores versus Rs 73 crores year on year.
Kingfisher Airlines pilots are on a strike. Seventy two pilots based in northern India have gone on mass sick leave and are trying to convince their counterparts in Mumbai to follow suit. Seventeen KFA flights have been cancelled so far.
LIC has picked 4.68% stake in Bank of Maharashtra through open market and preferential allotment, their total stake now at 9.99%