Pre-market: Markets to open higher on firm Asian cues

Markets are likely to open on a positive note tracking gains in Asian shares.

At 8:20AM, SGX Nifty was up 12 points at 5789.

According to the technical charts, "The 5,720-5,685 area should be keenly watched for support. In case of a pull-back the index may jump back to 5,800-odd levels. On Thursday, the Nifty may seek support around 5,710-5,695, while face resistance around 5,770-5,790."

Meanwhile Asian shares rose in early trades after the US Federal Reserve said to continue with the bond-buying plan for the time-being but caution remained ahead of the China’s manufacturing data set to be announced later today.

Among the key Asian indices, Japan’s Nikkei was up 0.6% to 13,749 in the opening deals.

Overnight, US stocks ended flat as the Federal Reserve gave no hint that a reduction in the pace of its bond-buying program is imminent.

The Dow Jones industrial average slipped 21.05 points, or 0.14 percent, to end at 15,499.54. The Standard & Poor's 500 Index dipped 0.23 of a point, or 0.01 percent, to finish at 1,685.73.

In contrast, the Nasdaq Composite Index rose 9.90 points, or 0.27 percent, to close at 3,626.37.
 
Domestically, in the earnings calendar we have Adani Ports, Adani Power, Bank of Baroda, Ceat, Idea Cellular, J&K Bank, Mangalore Chemicals,   Power Grid Corp, Jubilant Life Sciences, Reliance Communications, Tata Teleservices, Tata Global, Titan Industries and Union Bank set to unveil their first quarter results later today.

Following stocks are expected to move on the exchanges today:


Consolidated net loss of Jubilant Industries widened to Rs 16.96 crore in the first quarter ended June 30, 2013. The company had reported net loss of Rs 6.89 crore in the April-June quarter of last fiscal.

Mangalore-based private sector lender Karnataka Bank today reported 12.87% rise in net profit to Rs 94.17 crore for the first quarter ended June 30, 2013 compared to Rs 83.43 crore reported in the same quarter last fiscal.

Buoyed by a strong revenue growth and a favourable currency, HCL Technologies Ltd reported a 41.6% jump in net profit at Rs 1,210 crore for the quarter ended 30 June compared to the same period last year. The country's fourth largest software service firm’s revenues during the quarter grew by 17.3% year-on-year at Rs 6,944 crore.

Drug firm Lupin today said the company's US subsidiary has received tentative approvals for its Armodafinil tablets and Doxycycline capsules from the US health regulator.

JSW Steel has reported a consolidated net loss of Rs 382 crore in the first quarter ended June 30, 2013 compared to a net profit of Rs 50 crore in the corresponding period last fiscal. Higher raw material costs and lack of demand for steel products impacted the