Global cues weigh
The markets could see a nervous start today tracking global cues. The S&P 500 ended flat on Monday after recent sharp losses, though worries about the European debt crisis and weaker US data kept investors wary of equities. The Dow Jones industrial average slipped 0.1% to 12,102 levels.
Asian stocks climbed amid speculation global policy makers will take steps to stimulate economic growth and after a four-day drop left the regional gauge at the cheapest level this year. The MSCI Asia Pacific Index of stocks gained 0.6%, halting a four-day slide.
Back home, the Nifty is likely to face resistance around 4,880 – 4,905, while it can seek support around 4,815 – 4,795, analysts suggest. At 705 am Indian Standard Time, the SGX Nifty was trading flat at 4,854 levels.
Among individual stocks, Indraprastha Gas could be in limelight once again today on reports that the Delhi government has withdrawn the budget proposal to levy 5% VAT on CNG.
Kalanithi Maran has pledged shares worth around Rs 94 crore in Sun TV Network.
Hero MotoCorp has approved a proposal to merge the investment arm of its parent into the automaker. The company also plans to invest Rs 2,575 crore to set up plants in Gujarat and Rajasthan and an R&D centre by 2013-14.
EIH Associated Hotels plans to raise Rs 110 crore by issuing equity shares on a rights basis to its existing shareholders.
Omaxe could also be in focus today. Reports suggest that the company has cut its gross debt by Rs 213 crore in the last fiscal to Rs 1,339.55 crore.
The market breadth was firm. Out of 2,933 stocks traded , 1,685 stocks advanced compared to 1,136 declined on BSE