Pre-market: All eyes on Wipro's result

SGX Nifty trading weak

The markets are likely to react to the Wipro’s March 2012 quarter results due today morning besides tracking global cues.

US markets rose on Tuesday after strong earnings from 3M and Apple. The Dow Jones industrial average gained 0.6% to 13,002, while the Standard & Poor's 500 Index rose 0.4% to 1,372.

Asian shares rose on Wednesday as firm US corporate earnings, signs of an improving US housing market, and healthy demand for euro zone sovereign debt stoked risk appetite, while focus shifted to the Federal Reserve's meeting. MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.3%, while Japan's Nikkei average opened up 1.2%.

Back home, the Nifty is likely to face resistance around 5,240 – 5,255 and it can seek support around 5,200 – 5,190 levels,
analysts say. At 7:10 am, the SGX Nifty was trading at 5,215 levels – down 0.4%.

Among individual stocks, Wipro will announce its March 2012 quarter results today besides HCL Infosystems, India Cements, Nestle India and YES Bank.

Sesa Goa will also react to the 20.5% decline in its consolidated net profit at Rs 1,162 crore for the fourth quarter ended March 2012.

Telecom stocks could remain in focus today as the regulator has proposed a 10-fold increase in the reserve price for spectrum over what operators had paid in 2008.

J-M Financial group has increased its stake in IVRCL to 5.04% by acquisition of an additional 1.2 million shares.