The markets are likely to drift lower in trade today following weak global cues. The rupee, which closed at 53.96 a dollar amidst a central bank intervention on Monday, will also impact sentiment.
US stocks fell on Monday as investors dealt with the one-two punch of worsening political upheaval in the euro zone and the possibility that China's economy may be softening more than previously thought.
The Dow Jones industrial average dropped nearly a percent to 12,695. The Standard & Poor's 500 Index lost 1.1% to 1,338.
Asian stocks also lost ground on Tuesday as investors sought refuge from the political turmoil fuelling fears of Greece's exit from the euro. MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3% to a four-month low, while Japan's Nikkei share average opened down 0.7%.
Back home, the Nifty is likely to seek support around 4,875-4,855, while it can face resistance around 4,940-4,960, technical analysts suggest. At 810 am Indian Standard Time, the SGX Nifty was trading at 4,834 – down 43 points.
Among individual stocks, after RIL cut estimates for proven gas reserves in its Krishna-Godavari block, credit ratings agency Moody’s has downgraded the company as ‘credit negative’. The rating agency has also downgraded LIC, Axis Bank, ICICI and HDFC Bank.
IGL, Monnet Ispat and Eicher and Adani Power will react to their March quarter results announced Monday.
Jain Irrigation Systems has acquired 100% stake in the joint venture firm NaanDanJain.
Also keep a tab on Cummins India, Gammon, PBA Infra and Pantaloon Retail as they will announce their respective March quarter results today.
