Pre-Market: Markets likely to extend losses

Global cues negative

The markets are likely to extend their losses in trade today tracking global cues.

Overnight, US markets edged down as government bond yields fell as Eurozone officials met to discuss the debt crisis. The Dow Jones industrial average was down 21 points at 13,182.

In Asia, weakness persisted with the Nikkei and Hang Seng down 0.8 per cent each. South Korea's Seoul Composite droppped 1 per cent to 1,923.

Back home, the Nifty is likely to seek support around 5,400 – 5,390, while it can face resistance around 5,425 – 5,435 levels,
technical analysts suggest. At 710 am Indian Standard Time, the SGX Nifty was trading at 3448 - up eight points.

Among individual stocks, keep a tab on United Spirits. According to reports, Diageo could announce acquisition of United Spirits today when they meet for quarterly numbers.

Hindustan Zinc may also be in focus today on reports that Vedanta Group may shell out up to 25 per cent more than planned earlier, for buying the Government's remaining stakes in the company.

Larsen & Toubro has sought shareholders' approval to raise up to 3,200 crore through sale of equity or other securities from public and institutional investors.

Alstom India has bagged a 700 crore contract, to be implemented alongwith BHEL, for supplying power equipment for Nuclear Power
Corporation's plant in Rajasthan.