Pre-market: Cautious opening on cards

The markets are likely to open on a cautious note tracking global cues. Renewed concerns about China's economic growth weighed on global stocks on Tuesday. The Dow Jones industrial average ended down 0.5 per cent at 13,170, while the Standard & Poor's 500 Index lost 0.3 per cent to 1,405 levels.

Japan's Nikkei average slipped 0.3 per cent on Wednesday and the broader Topix index declined 0.5 per cent to 865.

Back home, the Nifty is likely to face resistance around 5,300 – 5,315, while it may seek support around 5,250 – 5,235 levels, technical analysts suggest. At 720 Indian Standard Time, the SGX Nifty was trading at 5,298 levels, up 8 points.

Among individual stocks, the boards of Satyam Computer Services and Tech Mahindra will meet on Wednesday to consider a merger, the companies said.

Realty major Godrej Properties has fixed the price band at Rs 575 - 620 per share for its proposed issue of shares through private placement and will raise up to Rs 508 crore at the upper band.

Kingfisher Airlines got another reprieve on Tuesday, as the directorate general of civil aviation (DGCA) decided not to suspend its operations.

NTPC would invest about 20 per cent less in 2012-13, compared to 2011-12, when it was estimated to spend around Rs 26,400 crore.

The Australian government’s move to impose 30 per cent tax on coal mining and iron ore profits might not affect any Indian investment in that country immediately, but could have an impact on Indian companies, including Coal India, which are scouting for assets Down Under.