The Indian markets are likely to start trading on a cautious note on the first trading day in the calendar year 2012 in the absence of global cues, as most markets are across the globe, including the US and Asia, are closed for trading.
India's benchmark share indices ended nearly 2 per cent down in the week to December 30, the last trading week of 2011, weighed down by bank shares on rising worries over asset quality in a slowing economy and selling pressure in R-I-L on concerns over lower gas output from KG-D6 field.
For the week ended December 30, the 30-share Sensex ended at 15,455 down 284 points or 1.8 per cent. The S&P CNX Nifty closed at 4,624 dropping 90 points or 1.9 per cent.
Analysts suggest that, technically, the 4,800 mark has become a strong resistance to deal with for the Nifty and the market is expected to trade in the lower regions in the days to come. At 720 am Indian Standard Time, the SGX Nifty was trading at 4638 levels, up 12 points.
Among individual stocks, watch out for two-and four-wheeler companies as they unveil their December 2011 sales figures.
Indian Oil and Jindal Steel & Power could also be in focus today on reports that New Zealand-based renewable energy company LanzaTech is in talks with these companies for setting up a plant to produce commercial bio jet fuel from ethanol.
State-owned oil companies have cut jet fuel price by over 1 per cent in step with softening in the commodity's international rates. This could see aviation stocks flying high in trade today.
Tulip Telecom's CMD has pledged 2.3 million equity shares to three different finance companies. This could see the stock back in focus today.
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