Pre-market: Market may open tad lower on profit taking

Markets are likely to open lower amid profit taking after sharp gains on Wednesday which saw key share indices ending at record closing highs led by banks.

Meanwhile, FIIs continued their buying spree in Indian shares and were net buyers to the tune of Rs 740 crore

At 8:30AM, the SGX Nifty was down 11 points at 6,834    

Stocks in Asia pared early gains and were trading lower except for Japan's Nikkei. The Nikkei rebounded after the sharp fall in the previous sessions. The Nikkei was up 0.6%, Hang Seng was down 0.3%,

Key US share indices extended gains on Wednesday after minutes of the latest Federal Reserve's policy meet indicating that the US central bank was more accomodating. Gains were led by a rebound in IT and biotechnology stocks which had witnessed profit taking.

The Dow Jones ended up 1.1at 16,437, the S&P 500 rose 1.1% to close at 1,872 and the tech-laden Nasdaq ended 1.7% higher at 4,184.

Stocks in Europe ended higher on Wednesday with auto shares leading the gains. The CAC-40 ended up 0.4% at 4,443, DAX gained 0.2% to close at 9,506 and the FTSE-100 ended up 0.7% at 6,636.


Stocks in Focus

ACC and Ambuja will be in focus. Minority investors are worried that ACC and its sister-concern Ambuja Cements, will cease to exist once the merger of the world's two largest cement companies, Holcim and Lafarge, goes through.

The Competitition Commission of India has approved Torrent Pharma's proposed buyout of Elder Pharma's formulation business in India and Nepal for a consideration of Rs 2,000 crore.

Multi Commodity Exchange of India Ltd has informed that the Board of Directors at its meeting held on April 09, 2014, inter alia, decided, for the time being, not to go ahead with the preferential allotment of shares.

GTL Infrastructure Ltd has informed that a meeting of the Committee will be held on April 10, 2014, to consider allotment of Equity Shares consequent upon conversion notice received for conversion of FCCBs at a conversion price of Rs. 10 per share, in terms of the Offering Circular dated October 17, 2012.