The Indian markets are likely to remain choppy ahead of December futures and options expiry due today. Weak cues from global markets are also likely to weigh on the sentiment.
US stocks fell one per cent on Wednesday as renewed concerns about the euro zones prompted investors to sell equities after last week's hefty year-end rally. The selloff followed the euro's slide to an 11-month low against the US dollar.
Japan's benchmark Nikkei average opened down 0.66 per cent at 8,367.71 on Thursday, while the broader Topix shed 0.31 per cent to 719.24.
Back home, analysts suggest that the overall trend for the Nifty is down, and the index is likely to find support at 4,659 and 4,630 levels. At 710 a-m Indian Standard Time, the SGX Nifty was trading at 4692; down 12 points.
Among individual stocks, DLF could be in focus today on reports that the company, along with its partner, has sold an S-E-Z in Pune for 810 crore.
Mahindra and Mahindra plans to hike prices of its sports utility vehicle by up to 55,000 rupees with effect from January 1. This could bring the stock back in focus today.
Also keep a tab on Scooters India. Reports suggest the Department of Heavy Industries has taken a U-turn on divesting stake in the company and now plans to seek P-M-O's approval to revive it.
Reliance Power could also be in limelight today on reports that it has commissioned another 300-megawatt unit of its power project in Uttar Pradesh.
SEBI cracked its whip on Taksheel Solutions, R-D-B Rasayans, Onelife Cap, Brooks Labs, Tijaria Polypipes, Bharatiya Global and PG Electroplast that had undertaken IPO’s recently. This is likely to keep these stocks under pressure.
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