Cautious opening on cards, Oil India OFS eyed

Asian markets mixed in early trades

The markets are expected to open on a cautious note on the first day of February, which also marks the beginning of a new futures and option series tracking weak global cues.

Overnight, US share markets lost ground with the Dow Jones Industrial Average ending 50 points, or 0.4 per cent, lower to 13,861, while the S&P 500 fell 4 points to 1,498.

Asian markets are also expected to trade soft on Friday, with caution likely to reign ahead of the released of closely-watched non-farm payroll data from the United States later in the day.

Back home, the Nifty is likely to face resistance around 6,045-6,055, while seek support around 6,025 – 6,015 levels, technical analysts suggest.

Among individual stocks, keep a tab on Oil India. The Government intends to offload a 10 per cent stake in the company and has fixed Rs 510 as the floor price – a discount of over 5 per cent to Thursday's closing price. The offer of sale opens today.

The government has hiked the sugarcane price that mills are required to pay to farmers by 23.5 per cent to Rs 210 per quintal for the year starting October 2013. This is likely to bring the sugar stocks back in limelight at the bourses.

DLF could react to the sale of its 150MW wind turbine project in Gujarat to Bharat Light and Power for Rs 282.30 crore.

Mahindra Satyam beat Street expectations with a 20.6 per cent rise in third-quarter profit. This could see some action in the counter.

Jet Airways, Corporation Bank, TVS Motor, Marico, MCX and IDFC are some of the companies that will announce their respective December quarter results.