Pre-Market: Positive opening seen
ONGC, IDFC, Coal India to be in focus
The markets could open on a firm note tracking positive global cues.
Overnight, US stocks surged Tuesday on hopes that the Federal Reserve will agree to extend stimulus measures. The Dow Jones industrial average gained 0.8% and the Standard & Poor's 500 Index advanced nearly 1%.
The rub-off effect was visible across Asian markets on Wednesday, as Japan's benchmark Nikkei average and the broader Topix gained nearly 1% each.
Back home, the Nifty is expected to head higher till 5,150 with support around 5,082 in the short- term, said a technical analyst at Sharekhan. At 815 am Indian Standard Time, the SGX Nifty was trading at 5,132 – up 11 points.
Among individual stocks, cement stocks are expected to crack in trade today after the Competition Commission of India is likely to pass an order, accusing companies of cartelisation. UltraTech Cement, Ambuja Cements and ACC are likely to be impacted the most, analysts say.
ONGC could be in focus today on reports that its overseas arm, ONGC Videsh, is planning to sell 50% stake in its Cuban offshore blocks.
Bharat Light & Power and Hyderabad-based Mytrah Energy are in the race to buy DLF's wind power business for around Rs 1,000 crore, reports suggest.
In another development, Macquarie Bank has offloaded 80-lakh shares of IDFC for Rs 102 crore through an open market transaction.
The government has allocated 116 mines to Coal India for expansion to help it boost production capacity. This could see the stock come back in the limelight today.