Pre-market: Choppy trades seen

Jain Irrigation, Tata Power in focus

The markets are likely to witness another choppy session today on the back of global cues and the weakening rupee.

US stocks slipped in light trading on Monday. The Dow Jones industrial average the Standard & Poor's 500 Index lost 0.3 per cent and 0.2 per cent, respectively.

Asian shares nudged higher on Tuesday but gains were limited as investors, worried about a global economic deceleration, waited for Chinese trade data due later in the day.

MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.2 per cent, while Japan's Nikkei average opened up 0.3 per cent.

At 815 am Indian Standard Time, the SGX Nifty was trading down at 5,268 levels.

Back home, technical analysts suggest that the Nifty may be entering a corrective phase; however, one need not turn completely bearish for now. In the very near term, it is likely to trade with a negative bias as long as the index remains below 5,330.

Among individual stocks, OnMobile could drift lower today as its CEO and co-founder, Arvind Rao, has stepped down after reports of financial irregularities emerged, alleging Rao's involvement.

Jain Irrigation could be in focus today on reports that the company, along with other partners, will invest Rs 100 crore to roll out a new Non Banking Financial Company for providing loans to farmers.

Standard & Poor's has lowered the credit rating outlook of Tata Power to, citing financial issues related to its Mundra ultra mega power project.

Arshiya International has reported 13 per cent rise in its consolidated net profit for the quarter ended March 2012 at Rs 31  crore.