Pre-market: Markets to open lower on weak Asian cues

Markets are expected to open lower, amid weak Asian cues, as investors are likely to book profits after benchmark indices surged to two and half year high yesterday.

At 8:35AM IST, SGX Nifty was down 33 points at 6050.

According to technical charts, "In the short-to-medium term, the index may consolidate in a broad range of 5,900-6,150. On Wednesday, the Nifty may seek support around 6,065-6,055, while face resistance around 6,090-6,100"

Meanwhile Asian shares dropped in early trades as investors awaited the latest reading on China's manufacturing activity to gauge the health of the world's second-biggest economy.

Among the key Asian indices, Japan’s Nikkei was down 0.7% to 14,676, Singapore’s Straits Times declined 0.15% to 3,248 in the opening deals.

Overnight, US stocks ended mixed.

The Dow Jones Industrial Average rose 22.19 points, or 0.14 percent, to end at 15,567.74. The Standard & Poor's 500 Index fell 3.14 points, or 0.19 percent, to 1,692.39. The Nasdaq Composite Index dropped 21.11 points, or 0.59 percent, to close at 3,579.27.

Domestically, in the earnings calendar we have Cairn India, Dabur India, Ambuja Cement, Hero Motocorp, Indiabulls Real Estate, Novartis India, United Phosphorus and Yes Bank set to unveil their first quarter results later today.

Following stocks are expected to move on the exchanges today:

Interior infrastructure company Greenply Industries on Tuesday reported a 25.61% increase in its net profit to Rs 22.56 crore for the first quarter ended June 30, 2013, on account of robust sales.

Ahead of the  crucial next week meeting, the Foreign Investment Promotion Board (FIPB) is scrutinising the commercial cooperation agreement between Jet Airways and Etihad Airways to ensure control is not passed to the Gulf airline.

State-run Oil and Natural Gas Corporation along with its partners, Tata Petrodyne and Hindustan Oil Exploration Company, will invest over Rs 1,100 crore in developing the CB-OS/1 block.

Shriram Transport Finance Company (STFC) reported a flat growth in net profit at Rs 341 crore rising just 6% on lower growth in the interest income and shrinking margins in the first quarter.

A meeting between Coal Ministry and CIL workers' unions to resolve the disinvestment issue remained inconclusive yesterday even as Coal Minister Sriprakash Jaiswal said there is no scope for any labour unrest.   Coal India Limited (CIL) employees are threatening to go on strike in case the government