Pre-market: Stocks may open flat ahead of FDI vote in RS

Asian shares trade at 16-month high on US fiscal hopes

Markets are likely to start off flat on account of mixed global cues. Markets will remain cautious in trades today ahead of the crucial FDI vote in Rajya Sabha. Markets gained yesterday as the Bahujan Samaj Party (BSP) said it would support foreign direct investment in supermarkets in a vote on Friday in the Rajya Sabha.

Technically, the Nifty is likely to seek support around 5,890-5,865, while face resistance around 5,970-5,995.

U.S. stocks edged higher on Thursday a day ahead of the key monthly jobs report, with a rebound in Apple's shares helping to boost the Nasdaq.

The Dow Jones industrial average was up 39.55 points at 13,074.04. The Standard & Poor's 500 Index was up 4.64 points, or 0.33 percent, to finish unofficially at 1,413.92. The Nasdaq Composite Index was up 15.57 points, or 0.52 percent, to close unofficially at 2,989.27.

Asian shares ticked up to a 16-month high on Friday following modest overnight gains in global equities as investors watched progress in U.S. budget talks and awaited U.S. nonfarm payrolls data later in the day.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 percent, pulled up by a 0.7 percent increase in Australian shares with top miners supported by rebounding iron ore prices and banks recovering from losses.

South Korean shares opened up 0.2 percent while Japan's Nikkei stock average opened little changed. At 700 am Indian Standard Time, the SGX Nifty was down 11 points at 5,963.

STOCKS TO WATCH

BT Group plans to raise about Rs 1,000 crore by selling its remaining stake of 9.09 per cent in Tech Mahindra.

Power Finance Corporation plans to raise up to Rs 4,590 crore through tax-free bonds by March next year.

ONGC, which trumped a strong bid by arch-rival China National Petroleum Corp to bag ConocoPhillips' stake in Kazakhstan's giant Kashagan oilfield.