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| Pre-market: Markets likely to trade sideways |
| SI Reporter / Mumbai Feb 22, 2012, 08:44 IST |
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The Indian markets are likely to trade sideways today tracking global cues. US stocks were little changed on Tuesday with the Dow Jones industrial average was ending up 9.61 points, or 0.07 per cent, at 12,959.48. The Standard & Poor's 500 Index added 2.19 points, or 0.16 per cent, at 1,363.42.
Japan's benchmark Nikkei average opened down 0.03 per cent at 9,459.74 on Wednesday, while the broader Topix gained 0.09 per cent to 816.99.
Back home, analysts suggest that the Nifty is expected to be volatile for next two – three trading sessions due to the F-and-O expiry for the February series due Thursday. At 715 am Indian Standard Time, the SGX Nifty was trading at 5,606 levels, down 14 points.
Among individual stocks, the government is likely to finalise timeline for auctioning of 5% of its stake in ONGC to institutional investors on February 24. This could see the stock back in focus.
RIL has finalised a joint venture with Sibur, Russia's largest petrochemical company, to set up a butyl rubber plant in India.
Bank of India would issue 70 million fresh equity shares on preferential basis to the government of India and LIC.
The London-listed Vedanta Resources is giving final touches to a merger of Sesa Goa with Sterlite Industries, reports suggest. This could bring both these stocks back in limelight today.
Lanco Infratech is known to be in talks with international energy majors like AES of United States and Gaz de France to sell a part of its power business.
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