Pre-market: Global cues may take Sensex lower

Indian markets are expected to drift lower in trade today, as more European countries stare at rating downgrades because of the ambiguity over a stimulus package that has, in turn, led to increased default concerns.

The Dow Jones industrial average added 45.79 points, or 0.38 per cent, to 12,143.62. The Standard & Poor's 500 Index was off 0.09 points, or 0.01 per cent, to 1,256.99.

In Asia, MSCI's broadest index of Asia Pacific shares outside Japan was up 0.3 per cent on Wednesday, while the Nikkei stock average opened up 0.6 per cent, with traders expecting the market to stick to recent ranges.

Back home, the Nifty is likely to face resistance around 5,060 – 5,070, analysts say, while it may seek support around 5,020 – 5,000 levels. At 715 am Indian Standard Time, the SGX Nifty was trading at 5060, up 28 points.

Among individual stocks, Cairn Indian is likely to be back in focus today after ONGC gave a no-objection certificate to British oil firm Cairn Energy's sale of a majority stake in its Indian unit to Vedanta Resources.

Ranbaxy has launched a generic version of Caduet, used for treating cardio vascular diseases, in the U-S market, as part of an agreement with Pfizer Inc. This can bring the stock back in focus today.

JSW Steel can also be in limelight on reporting an 18 per cent increase in crude steel production for November.

The Parliament will convene today after a day’s break. It is widely expected that the government will rollback its proposal of allowing F-D-I in the retail sector. This will put some pressure on the retail stocks such as Pantaloon, Shoppers Stop etc.