Pre-market: Cautious opening on cards

Axis Bank, BOC, Indraprastha Gas in focus

The markets are likely to trade on a cautious note tracking global cues. International Monetary Fund’s revision of growth projections for India to 6.1 per cent in 2012 from 6.9 per cent could also weigh on the sentiment.

Overnight, the Dow Jones industrial average dropped 0.4 per cent and the Standard & Poor's 500 Index fell 0.2 per cent.

Asian shares paused on Tuesday as investors awaited Federal Reserve Chairman Ben Bernanke's view on the US economy later in the day.

MSCI's broadest index of Asia-Pacific shares outside Japan was nearly flat, while Japan's Nikkei stock average opened up 0.2 per cent after a public holiday on Monday.

Back home, the Nifty is likely to seek support around 5,175 – 5,160, while it can face resistance around 5,220 – 5,235, technical analysts suggest. At 705 am Indian Standard Time, the SGX Nifty was trading at 5,243 – up 0.8 per cent.

Among individual stocks, BOC India could be in focus today on reports that it has bagged a contract from Tata Steel for long-term supply of industrial gases and will invest Rs 540 crore to meet the production requirements.

Adani Enterprises is reported to be in discussions with the Mozambique-based NCondezi Coal to acquire a minority stake in its coal assets.

In a move to expand beyond the National Capital Region (NCR), Indraprastha Gas is planning to take majority stake in Central UP Gas that operates city gas business in Bareilly and Kanpur.

Also keep a tab on Axis Bank, as it will announce its June quarter results today.