Pre-Market: Subdued start likely

Global cues flat

Indian shares are likely to remain subdued in early trades ahead of quarterly earnings from index heavyweights later today.

Major US share indices ended flat on Thursday as mixed earnings from major corporations failed to boost investor sentiment.

The Dow Jones Industrial Average ended up 26 points at 13,104. S&P 500 ended up 4 points at 1,413 and Nasdaq Composite ended up 4 points at 2,986.

Stocks in Asia were trading mixed as investors remained cautious during the quarterly earnings season. The Nikkei was up 0.2 per cent. Korea's KOSPI was down 0.2 per cent after lower-than-expected from global electronics major Samsung.

According to technical experts, the Nifty on Thursday moved in an extremely narrow band of 30-odd points. The index from a low of 5,686, moved up to a high of 5,719, before settling with a marginal gain of 14 points at 5,705. The momentum oscillators, on the daily and weekly charts, continue to remain in conflicting mode. Wait for a breakout from 5,625-5,770 range before taking fresh position. Today, the Nifty is likely to seek support around 5,690-5,685, while face resistance around 5,715-5,725.

Corporates which reported robust earnings late Thursday include Asian Paints which registered 14.6 per cent increase in consolidated net profit at Rs 239 crore for the second quarter.

Trent reported an over two-fold jump in its standalone net profit for the quarter ended September 30 at Rs 9 crore compared with Rs 3.40 crore in the last year quarter.

Paints and coatings firm Akzo Nobel India reported 86 per cent jump in net profit at Rs 44.8 crore for the second quarter ended September 30.

Among the major companies that are scheduled to announced their second quarter earnings later today include Hindustan Unilever, ICICI Bank, NTPC, Sesa Goa, GAIL (India), Punjab National Bank and IDFC.