Pre-Market: Shares may fall; Asia muted on Fed minutes

Markets are likely to extend losses for 5th consecutive trading session tracking global cues.

The markets ended at 11-month closing low yesterday after the rupee touched a fresh all-time low.

The rupee plunged to a record low on heavy dollar demand from importers and as traders fretted over mixed signals from the RBI over its efforts to prop up the currency without choking off economic growth

At 800 hrs Indian Standard Time the SGX Nifty was down 52 points at 5,260.

According to technical experts, the Nifty may seek support around 5,215-5,155, while face resistance around 5,390-5,450.

U.S. stocks ended lower in choppy trading on Wednesday after minutes from the U.S. Federal Reserve's July meeting offered few clues on the timing of a reduction in its bond-buying program.

The Dow Jones industrial, Standard & Poor's 500 and Nasdaq Composite Index was down 0.3-1%.

Asian markets took a spill on Thursday after minutes from the Federal Reserve's July policy meeting showed it was still on track to start tapering stimulus as early as next month, sending Treasury yields to two-year highs.

In early trading MSCI's index of Asia-Pacific shares outside Japan.  Korean shares were down 1 percent. Japan's Nikkei fell 1.1 percent.

STOCKS TO WATCH

Asian Paints acquired an additional 25.72percent stake in Berger International and said it would make an open offer to fully acquire the company.

RIL has signed an agreement with 19 banks to raise a $1.75-billion syndicated term loan to finance its capital expenditure in India and new projects in its refining and petrochemical businesses.

Apollo Tyres has entered into a three-year partnership with Britain’s leading Premier League football club Manchester United.

NMDC signed an initial pact with IL&FS Energy Development Company (IEDCL) to set up a 500 MW coal-based thermal power plant at Gonda in UP with an investment of Rs 3,000 crore