Pre market: Markets likely to open soft

November inflation data eyed

The markets are likely to open soft as the government announces the November inflation numbers later in the day.

Nifty on Thursday dropped around half a per cent after Federal Reserve Chairman Ben Bernanke warned of the US fiscal-cliff impact.

U.S. stocks tumbled on Thursday as uncertainty over the nation’s fiscal policy overshadowed upbeat economic data and moves by global central banks.

The Dow dropped 75 points while Nasdaq shed 22 points in trade.

Asian markets were mixed in morning deals.

The Nikkei is up 161 points while Hang Seng has slipped 58 points.

At 7:00 am IST, the SGX Nifty was down 14 points at 5,865.

In individual stocks, Kingfisher Airlines Ltd, has capped foreign portfolio investment in the company at three per cent, carving space for a foreign investor to buy as much as 46 percent of the embattled carrier.

Also keep an eye on Bangalore-based realty major Puravankara Projects, which is looking to foray in Gujarat as part of its expansion plans.

Among future markets of interest for the company include Ahmedabad and Vadodara, two major cities of the state.

The Murugappa Group company E I D Parryhas said that it has bought the entire stake from its joint venture partner, Cargill Asia Pacific Holdings PTE in its joint venture entity ’Skill Sugar Private Ltd.
With this acquisition, the equity holding of E I D Parry would increase to 99 per cent and SSPL would bec-ome a subsidiary of E I D Parry.
This might bring the stock into focus.