Pre-Market: Sideways trade likely

Global markets firm

The markets are likely to trade sideways with a positive bias tracking global cues. US stocks rose on Tuesday, as data showing the vast US services sector improved in May outweighed investor angst about the euro zone's fiscal crisis.

Asian shares nudged up on Wednesday but were capped by concerns that Europe's financial strains could intensify without a global response, as Spain warned that it was being shut out of credit markets.

MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.2% and Japan's Nikkei average opened up 0.6%.

Back home, the Nifty is likely to seek support around 4,845 – 4,830, while it may face resistance around 4,880-4,895, analysts suggest. At 705 am Indian Standard Time, the SGX Nifty was trading at 4,874 levels – up 0.5%.

Among individual stocks, keep a tab on telecom sector stocks. An Empowered Group of Ministers has cleared the auction of a minimum of 10 mega hertz of 2G spectrum but put off a decision on the contentious issue of determining the reserve price for spectrum auction.

The Australian government has raised objections to environmental clearance given by a provincial government to GVK Group's $10 billion Alpha Coal mine project. This could see the stock come under some pressure in trade today.

Essar Oil has completed the optimisation project at its Vadinar Refinery in Gujarat to 20 million metric tonnes per annum.