Pre-Market: Markets likely to consolidate

Global cues weak

The markets are likely to consolidate and trade in a narrow range today on the back of mixed global cues.

The S&P 500 closed at its highest level since early April on Thursday after comments from German Chancellor Angela Merkel that appeared to support the European Central Bank's efforts to fight the region's debt crisis.

In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.2%, while Japan's Nikkei stock average opened up 0.3%.

Back home, the Nifty is likely to seek support around 5,350 – 5,340, while it can face resistance around 5,375 – 5,385, technical analysts suggest. At 720 am Indian Standard Time, the SGX Nifty was trading at flat at 5,376.

Among individual stocks, Maruti Suzuki could be in the limelight today on reports that the company plans to lift the month-long lockout and resume production at the violence-hit Manesar unit from Tuesday.

UltraTech and Lupin will be in focus today on reports that they will replace SAIL and Sterlite Industries in the National Stock Exchange's benchmark index Nifty.

Cairn India has acquired a 60% stake from PetroSA in an oil and gas exploration block on the west coast of South Africa.

Gitanjali Group has acquired a 15.3% stake in Japanese firm Verite for Rs 25 crore. This could see Gitanjali Gems come back into the limelight today.