Pre-market: Cautiousness to prevail

The markets are likely to open on a cautious note today. The BSE benchmark index ended last week with a loss of 100-odd points at 17,362. In the process, it has shed 5% in the five consecutive weeks.

Both the monthly and the quarterly charts indicate that the Sensex is likely to break the 17,000-mark in the near term, technical analysts suggest. On the downside, it can slip to 16,840, or deeper to 16,500-odd levels, they add.

The Asian stock markets are looking a mixed lead on Monday with a slight upside bias, with disappointing economic data from the United States offset by solid corporate earnings news. At 8:10 am (IST), the SGX Nifty was trading at 5,261 levels – down 31 points.

Among individual stocks, Maruti will react to reports that the company plans to set up Rs 1,700-crore diesel plant in Gurgaon and has hiked prices of its vehicles by up to Rs 17,000 following the hike in excise duty in the Budget.

Oberoi group company EIH Associated Hotels said it is looking to raise funds through a rights issue.

Aditya Birla Nuvo will also be in focus as its board will meet today to consider fund-raising proposals.

The government has approved a plan to wind up the Specified Undertaking of UTI that holds shares worth nearly Rs 40,000 crore, including blue chips such as ITC, L&T and Axis Bank, and transfer the assets to a new entity.