Global cues negative
Markets are likely to make a soft opening today tracking global cues.
According to technical analysts, the Nifty is likely to seek support around 5,255-5,245, while face resistance around 5,290-5,300. The momentum continues to remain in favour of the bears on the daily charts. On the upside, the index is likely to face resistance around 5,300 and higher at 5,340. Whereas, on the downside the support has now moved higher to 5,240, sustained trade below 5,240 could see the index slide to 5,160-odd levels.
Overnight in the US, the S&P 500 closed slightly lower on Tuesday as investors continued to await clarity on European Central Bank plans to shore up heavily indebted countries, but the market ended off its lows on a rally in Apple Inc .
Asian shares and the euro eased on Wednesday, with investors waiting for a European Central Bank meeting on Thursday and U.S. payrolls on Friday for signs of more action to counter European debt woes and support growth.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3% to a fresh four-week low and Japan's Nikkei stock average opened down 0.2%.
At 700 Indian Standard Times, the SGX Nifty was down 25 points at 5,277.
Among individual stocks, Axis Bank plans to take the share of retail credit in its overall loan book from the current 24 per cent to 30 per cent in the next 2-3 years. This may bring the stock in limelight in trades today.
Reliance Capital chairman Anil Ambani on Tuesday proposed a special interim dividend for shareholders, on the occasion of the completion of the 25 years of the company. This may also bring the stock in focus.
Lakshmi Vilas Bank could also remain in focus as the bank plans to raise Rs 500 crore to help maintain momentum in growth.
Also keep a tab on NTPC on reports that the company had to pay an excess amount of Rs 699 crore during 2008-11 due to its failure to ensure that imported coal is supplied with least transportation cost by STC and MMTC.
Bharti Airtel said it has entered into a strategic cooperation agreement with South African financial services group, Sanlam. This see the stock get back in limelight today.
The market breadth was firm. Out of 2,933 stocks traded , 1,685 stocks advanced compared to 1,136 declined on BSE