Pre-market: Global cues likely to drag Sensex lower

The Indian markets are likely to drift lower in trade today, weighed down by S&P’s downgrade of nine European economies on Friday, a move that may have more symbolic than fundamental financial impact but which serves as a reminder that Europe’s economic woes were far from over.

On the domestic front, the inflation data for the month of December due later today will also impact the sentiment.

Last week, the Sensex surged 306 points or 1.9 per cent to 16,154 and the Nifty ended up 2.5 per cent at 4,866, led by rate sensitives on the back of declining inflation and better-than-expected industrial production numbers.

Most Asian markets fell on Monday with the M-S-C-I's broadest index of Asia Pacific shares outside Japan slipping 0.3 percent and Japan's Nikkei average opening down one per cent. At 720 am Indian Standard Time, the SGX Nifty was trading at 4840, down 46 points.

Among individual stocks, stocks such as Den Networks, Digicable Networks, Hathway Cable could be in focus today on reports that RIL is planning to pick up a stake in leading cable operators.

IL&FS funds have picked up 9 per cent in Indiabulls arm for 200 crore. This could bring Indiabulls back in limelight today.

Moody’s Investors Service has affirmed all Syndicate Bank’s local currency deposit ratings and all debt ratings, but has revised the outlook on these to negative from stable. This could weigh on the stock today.

Sintex Industries could also be in focus today on reporting 27 per cent decline in its consolidated net profit for the third quarter ended December 2011.

Also keep a tab on ING Vysya Bank that announces its December quarter results today.