Pre-Market: Sideways trade likely

Global cues muted

The markets will open today after a day’s holiday on Wednesday on account of Independence Day and are likely to trade in a narrow range tracking global cues.

US stocks spent another session in a tight range on Wednesday. The Dow Jones industrial average ended 0.06 per cent lower and the Standard & Poor's 500 Index was up 0.1 per cent.

Asian shares steadied on Thursday as investors took to the sidelines, waiting for more clues over the timing and extent of any further stimulus to tackle the euro zone's debt crisis and support global growth.

MSCI's broadest index of Asia-Pacific shares outside Japan was barely changed after falling 0.5 per cent on Wednesday, while Japan's Nikkei stock average opened up 0.5 per cent.

Back home, the Nifty is likely to seek support around 5,360 – 5,345, while it can face resistance around 5,400 – 5,415 levels, technical analysts say. At 710 am Indian Standard Time, the SGX Nifty was unchanged at 5,402.

Among individual stocks, IDFC, Lanco Infratech, Jain Irrigation, Hindalco, Unitech and Reliance Infra are some of the counters that will react to their respective June quarter results.

Coal shortage has forced National Alumunium Company to shut down two units of its captive power plant, hitting the aluminium output in the process.

Wheels India is looking at various options to reduce the promoters and promoter group stake in the company from the current level of 85.62 per cent. This could see the stock get back in focus today.

LIC has sold 2.68 per cent stake in cement maker ACC for Rs 187.75 crore through open market operations.