Pre-Market: Cautious start likely

Global cues muted

The markets are likely open on a cautious note with a negative bias tracking global cues. The US markets ended barely changed on Thursday as optimism about China's interest-rate cut was offset by Federal Reserve Chairman Ben Bernanke's comments that dimmed hopes for more US stimulus.

Asian shares also edged lower on Friday with MSCI's broadest index of Asia-Pacific shares outside Japan slipping 0.2% and Japan's Nikkei average dipping 1.2%.

Back home, the Nifty may seek support around 5,030 – 5,015, while it can face resistance around 5,070 – 5,080 levels,
analysts suggest. At 705 am Indian Standard Time, the SGX Nifty was trading at flat at 5,020 levels.

Among individual stocks, Cipla has reported 17% rise in its FY12 net profit as compared to the previous corresponding period. The company also informed that a US appeals court has upheld a district court's ruling, which last year declared a patent infringement by Cipla over animal healthcare drug PetArmor Plus.

Tata Steel could also be in focus today on reports that the company is planning to set up a Rs 30,000 crore steel plant in Karnataka.

BSE plans to add Indiabulls Real Estate, Britannia Industries and Hexaware Technologies in the BSE-200 index with effect from June 11. This could bring these stocks in the limelight today.

Fame India and three of its subsidiaries are set to merge with parent firm INOX Leisure with the company’s board expected to clear the deal in its next meeting on June 15.