The markets are likely to drift lower in trade today tracking global cues. US stocks fell for a second day on Thursday as the labour market data showed signs of weakness. The Dow Jones industrial average fell 0.5 per cent to end at 12,964. The S&P 500 Index dropped 0.6 per cent to 1,377 levels.
Asian shares slipped on Friday as disappointing US economic data stirred doubts about the strength of recovery. MSCI's broadest index of Asia Pacific shares outside Japan and Japan's Nikkei share average both edged down 0.2 per cent.
Back home, the Nifty can face resistance around 5,350-5,365 and get some support around 5,315-5,300 levels, technical analysts suggest. At 715 am Indian Standard Time, the SGX Nifty was trading at 5,332 levels – down 0.7 per cent.
Among individual stocks, Hindustan Zinc and Ambuja Cements will react to their respective March 2012 quarter results.
Aviation stocks will be in focus as the government has allowed the airline companies to borrow up to 5,000 crore rupees from overseas to meet their working capital requirement for one year.
The government has given its approval to Cairn India to raise output from its largest oilfield in Rajasthan block by 25,000 barrels per day to 150,000 barrels per day.
MRPL has completely shut down its 15 million tonne refinery following shortage of water. It was operating the plant at one-third of the capacity since April 13.
Amid market speculation of rival groups looking to buy into Escorts, the promoters have bought 4.2 million shares in the company from Reliance Asset Management.
Also keep a tab on RIL and Cairn India as they will report their respective March quarter results today.
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