** Morgan Stanley highlights CSL CSL.AX, Insurance Australia IAG.AX, Woolworths WOW.AX, Stockland SGP.AX and Telstra TLS.AX as key stocks likely to influence large-cap positioning this reporting season

** Says CSL at turning point; investors watching for margin recovery, guidance clarity

** Sees IAG facing scrutiny on sustainability of strong margins; upside from RACQ/RAC WA acquisitions hinges on anti-trust nod by September 4

** Expects Woolworths results to be "litmus test" after smaller peer Coles' COL.AX outperformance; investors awaiting clarity on co's Big W department store arm, its ops

** Sees Stockland positioned as housing recovery bellwether; market focus on land activation, settlements ramp-up, early fee-income leverage

** Says Telstra facing questions around ARPU vs churn trade-off and InfraCo valuation; dividend uplift potential under new "Connected Future 30" strategy

** CSL, WOW, SGP and TLS gain between 0.3% and 2%; IAG falls 1.4%

(Reporting by Rishav Chatterjee in Bengaluru)

((Rishav.Chatterjee@thomsonreuters.com;))