Pre-market: Cautious opening on cards

HDFC, Infosys, auto shares on the buzzer

The markets could open on a cautious note tracking global cues.

However, the traders will be mindful of the Index of industrial production (IIP) data for the month of May 2012 and the quarterly results of TCS and Infosys due tomorrow.

Overnight, the Dow Jones industrial average lost 0.7 per cent and the Standard & Poor's 500 Index shed 0.8 per cent.

Asian markets also began trading on a cautious note on Wednesday. MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.1 per cent, while Japan's Nikkei average opened down 0.4 per cent.

At 805 am Indian Standard Time, the SGX Nifty was trading at 5,341– down 0.3 per cent.

Back home, a close above 5,380 for the Nifty could trigger heavy short-covering with upside target around 5,500-odd levels, analysts say.

Among individual stocks, IndusInd Bank will react to the 31 per cent year-on-year rise in its June 2012 quarter net profit.

Infosys could also see some investor interest on reports that the company may announce a buyback programme while announcing the June quarter results on July 12.

Future Capital could also be in the limelight on reports that it has sold its subsidiary Myra Mall Management Company for Rs 97.7 crore.

Led by market leader Maruti Suzuki, car sales in the country grew over 8 per cent in June 2012 amid tough market conditions. This could see auto stocks come back in the limelight today.

Also keep a tab on HDFC as it it announce its June quarter results today.