Pre-market: Positive opening on cards

The markets are likely to open on a firm note following positive cues from the global markets. World stocks and the euro edged higher yesterday following another report on deals to bolster the euro zone's rescue fund.

Reported suggest that France and Germany have reached a deal to enlarge the Euro-zone bailout fund to 2 trillion euros in a bid to contain the region's debt crisis. The Dow Jones industrial average gained 180.05 points, or 1.58%, to end at 11,577.05. The Standard and Poor's 500 Index was up 24.52 points, or 2.04%, at 1,225.38. The Nasdaq Composite Index was up 42.51 points, or 1.63%, at 2,657.43.

Asian shares rose on Wednesday, but gains were capped by a cut to Spain's sovereign credit rating from Moody's Investors Service that kept investors' risk appetite in check. MS-I's broadest index of Asia Pacific shares outside Japan rose 0.5%, while the Nikkei stock average opened up 0.8%.

Moody's, on Tuesday, cut Spain's sovereign ratings by two notches, citing high levels of debt in the banking and corporate sectors.

Back home, analysts peg the support for the Nifty at 4,960 and expect the 50-share index to face resistance at 5,120 – 5,174 levels. At 8:30 a-m Indian Standard Time, the SGX Nifty was trading at 5077,
up 22 points.

Among individual stocks, Hero Motor Corp is likely to react to the 19.39% jump in its net profit for the quarter ended September 30 at 603.62 crore. The results were announced yesterday.

The markets are also likely to react to IndusInd Bank that reported a 45% jump in its Q2FY12 net profit.

Also keep a tab on HDFC Bank, Crompton Greaves, Biocon and Indraprastha Gas as these companies will announce their September 2011 quarter results today.