Pre-market: Markets likely to open on a cautious note

Markets are likely to open on a cautious note today, following cues from global peers. On Wednesday, the Sensex ended up marginally as oil & gas stocks advanced.

Overnight in the US, markets surged ahead of the third quarter earnings season. Previously, bourses had been moving sideways
following the Q-E-3 announcement by the Federal Reserve. The Dow and  Nasdaq added 12-15 points each in trades yesterday.

In Asia, markets traded on a soft note with the Hang Seng slipping 31 points to 20,856. Taiwan, Straits and Kospi also traded in the red. At 700 hrs IST the SGX Nifty traded flat at 5,774.

Among individual stocks, Reliance Industries and the Venezuelan state oil company, Petroleos de Venezuela have signed a 15 year heavy crude oil supply contract and a memorandum of understanding to develop Venezuelan heavy oil fields. This might bring Reliance into focus today.

Sun Pharma will be in the limelight after the board of directors approved the proposal to raise up to Rs 8,000 crore.

Guajarat Gas company may come in focus as British energy major BG Group has said that it has reached an agreement to sell its majority stake in Gujarat Gas to the state government-run GSPC for over 2,460 crore.