Pre-market: Range bound movement likely
Ashok Leyland, LIC Housing Finance in focus
The markets are likely to trade in a narrow range a day ahead of the F&O expiry for the July series amid weak global cues. There will be stock specific action as the markets will react to the June quarter results of India Inc.
Wall Street stocks fell on Tuesday, hit by signs the euro zone crisis is worsening and evidence that Europe's slowdown is hurting US companies. The Dow Jones industrial average slipped 0.8 per cent, while the Standard & Poor's 500 Index lost 0.9 per cent.
In Asia, markets lost ground on Wednesday. The Nikkei 225 index and the KOSPI were trading 1.4 per cent and 1.6 per cent lower, respectively.
Back home, the Nifty is likely to seek support around 5,115 – 5,100, while it can face resistance around 5,145 – 5,155 levels, analysts say. At 815 am Indian Standard Time, the SGX Nifty was trading at 5,112 – down 0.16 per cent.
Among individual stocks, Ashok Leyland, LIC Housing Finance, ING Vysya Bank and Lupin will react to their June quarter results declared Tuesday.
The National Stock Exchange has decided to remove 51 securities, including TTK Prestige, BEML, Glaxosmithkline Pharmaceuticals, TVS Motors and Videocon, from futures-and-options segment as the exchange revised eligibility criteria for stocks.
Oil marketing companies could also see some action on reports that they plan to tweak tax rates, as a result of which, fuel prices could see a minor dip.
In earnings watch for today, keep a tab on Biocon, HCL Technologies, Jubilant FoodWorks, Jyothy Laboratories, NIIT and YES Bank.