The Indian markets are likely to trade sideways today tracking global cues. Wall Street closed its best month since October on a flat note on Tuesday as weaker-than-expected economic reports surprised investors after a stream of positive data in recent months.
The Dow Jones industrial average dropped 0.16 per cent to 12,632.91. The Standard & Poor's 500 Index ended 0.05 per cent lower at 1,312.41.
Most Asian stock markets are looking at a mixed open on Wednesday, with optimism from Europe tempered by soft housing data from the United States.
Back home, the Nifty is likely to face stiff resistance around 5,250 and may seek support around 5,160 – 5,140, technical analysts suggest. At 715 am Indian Standard Time, the SGX Nifty was trading at 5,207 levels, down 23 points.
Among individual stocks, RIL will be in focus today as its 10,440-crore share buyback opens today.
Essar Oil is likely to be under pressure after it received a 6,300-crore tax notice from the Gujarat government for repayment of
sales tax deferment benefits utilised by the company.
Auto stocks will also be in limelight today as they will announce their sales figures for the month of January.
Crompton Greaves will also be in focus on reporting 67 per cent fall in its consolidated net profit for the quarter ended December 2011.
Coal India has decided to roll back the price hike under the Gross Calorific Value (GCV)-based system effected on January 1. This could bring the stock under some pressure today.
Also keep a tab on Mahindra Satyam and Ashok Leyland as they will declare their respective December quarter results today.
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