Pre-market: Global cues likely to drag Sensex lower

The Indian markets are likely to drift lower in trade today tracking global cues. Wall Street fell on Thursday after the European Central Bank dashed hopes that policy-makers were preparing a grand financial plan to contain the debt crisis, and Germany rejected some proposals to add power to the euro zone's bailout fund.

The Dow Jones industrial average tumbled 198.67 points, or 1.63 per cent, to end at 11,997.70. The Standard & Poor's 500 Index fell 26.66 points, or 2.11 per cent, to 1,234.35.

In Asia, The Nikkei dropped 1.5 per cent to 8,535.62 on Friday, having fallen as far as 8,511.75, its lowest level since November 30. The broader Topix index shed one per cent to 738.00.

Back home, we could see a two-way movement, with strong support expected for the Nifty around the 4,900-level, and resistance likely around 5,000-5,020 levels. At 710 am Indian Standard Time, the SGX Nifty was trading at 4877, down 1.4 per cent.

Among individual stocks, Kingfisher Airlines could be under pressure today on reports that the service tax department has frozen its bank accounts for non-payment of dues.

Reliance Capital could also be in limelight today on reports that it is in talks with at least three international firms to sell a 26 per cent stake in its general insurance arm.

Also keep a tab on Cairn India that announces the completion of acquisition by Vedanta Resources.