Pre-market: Choppy trades seen
Arvind, ITC, GVK Power in focus
After trading sideways for most part of the day on Monday, the markets could remain choppy in trade today tracking global cues.
Overnight, the US markets ended mixed with the Dow Jones industrial average losing 0.1% and the Standard & Poor's 500 gaining 0.3%.
Asian shares inched up on Tuesday as manufacturing data around the world highlighted the drag on growth from the protracted euro zone debt crisis.
MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.2%. Japan's Nikkei average opened up 0.1%.
Back home, the Nifty is likely to seek support around 5,265 – 5,255, while it can face resistance around 5,295 – 5,300, analysts say. At 810 am Indian Standard Time, the SGX Nifty was trading at 5,5319 – up 29 points.
Among individual stocks, keep a tab on ITC. The stock had lost considerable ground Monday on reports that the Uttar Pradesh government plans to increase tax on tobacco products from 12.5% to 50%.
Arvind Ltd could also see some action on reports that workers at its Naroda facility in Ahmedabad have called off their over three-week long strike.
Godrej Properties has created a Rs 770 crore development fund with a clutch of global investors to develop residential properties in the country.
GVK Power and Infrastructure is in discussions with a few private equity players in an effort to dilute stake in GVK Airport Holdings.
Pratibha Industries will react to reports that it has bagged orders worth Rs 1,491 crore in tunnelling and building segments.