Pre-market: Gap down opening seen

Nifty likely to seek support around 4,840-4,825

It is likely to be yet another weak session for the markets on the back of negative global cues. Traders will also keeping keenly watching the rupee, which has been on a steady decline against the dollar.

US stocks added to losses late on Thursday, as higher Spanish bond yields increased investor anxiety over that country's banks and another round of weak data undermined hopes for US economic recovery.

The Dow Jones industrial average lost nearly 1.1% to 12,465. The Standard & Poor's 500 Index slipped 1.3% to 1,308.

Asian shares fell steeply on Friday. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.6%, while Japan's Nikkei stock average opened down 1.7%.

Back home, the Nifty is likely to seek support around 4,840-4,825, while it can face resistance around 4,900-4,915, analysts suggest. At 810 am Indian Standard Time, the SGX Nifty was trading at 4,765 – down 78 points.

Among individual stocks, Bharti Airtel could react to reports that the company has slashed prices of its third-generation (3G) mobile data services by about 70% under some plans.

HDIL is reported to be close to selling its 14-acre land in Bangalore to Godrej Properties for around Rs 100 crore.

Mahindra Satyam has reported a consolidated net profit of Rs 534.21 crore for the March quarter, compared to a net loss of Rs 326.98 crore in the corresponding quarter last year.

Also keep a tab on Coal India, Tata Sleet and SBI as they will announce their March quarter results today.