Pre-market: Nifty may drift lower

The markets could see a gap down opening today tracking weak global cues. Cyclical sectors led US stocks lower on Thursday. The Dow Jones industrial average fell 0.6 per cent to 13,046 at close. The S&P 500 Index skidded 0.7 per cent to 1,392.78.

Asian shares fell on Friday and the safe-haven yen gained after data showing shrinking factory activity in China and the euro zone heightened concerns about a slowdown in the global economy. Tokyo's Nikkei share average fell 1.1 per cent and MSCI's broadest index of Asia Pacific shares outside Japan lost 0.2 per cent.

Back home, the Nifty is likely to exert downward pressure in trade today, with immediate target of 5,150, technical analysts suggest. At 810 am Indian Standard Time, the SGX Nifty was trading at 5,256 - up 18 points..

Among individual stocks, Tilaknagar Industries said that it has acquired Studd Projects and Mykingdom Ventures for an undisclosed amount.

Airline stocks will also be in focus today on reports that the government has lifted the freeze on private carriers flying abroad.

Vedanta Group has offered Rs 17,000 crore to buy the government’s remaining stakes in Hindustan Zinc Ltd and Balco, reports suggest.

Dhanlaxmi Bank may sell its 15 per cent holding in Destimoney Securities after the RBI raised objection to the old-generation private sector bank being categorised as the dominant promoter group.