Pre-Market: Markets likely to open lower

Global cues negative

Markets are likely to open in the negative zone following cues from overseas bourses.

U.S. stocks dropped on data showing weekly initial jobless claims were more than expected. Dow slipped 8 points while Nasdaq shed 31 points.

In Asia, markets traded in red. Nikkei shed 27 point. However Hang Seng added 47 points to 21,565.75 on the reported gross domestic product for the July-September quarter.

Market experts feel that one should now wait for more clarity to emerge on the index front. Meanwhile, the broader range indicates, that the Nifty may gyrate between 5,600-5,800. The weekly charts indicate some resistance around 5,750. On Friday, the NSE index is likely to seek support around 5,690-5,675, while face resistance around 5,745-5,765.

From individual stocks,Tata group firm Indian Hotels Company will make an offer to acquire US-based Orient Express Hotels, which owns a chain of luxury hotels in US and Europe. This may bring the stock into focus.

Two days after the Central Bureau of Investigation filed the charge sheet in a graft case related to the multi-crore mining scam, JSW Steel Limited denied entering into criminal conspiracy with other accused causing Rs 890 crore loss to the state exchequer. Watch out for any movement on the stock.

MTNL may be in the limelight after the state-owned telecom firm, along with BSNL, said they will not participate in the spectrum auction to be held in November.

Dish TV is looking to invest Rs 70 crore to expand its presence in Sri Lanka with its subsidiary company, Dish TV Lanka.

Also watch out for ITC, IFCI, TCS and NIIT as they announce their quarterly numbers today.