Pre-market: Global cues likely to weigh on markets

The Indian markets are expected to open weak today tracking global cues. Major US stock indexes were little changed in a low-volume session on Wednesday. The Dow Jones industrial average gained 21.04 points, or 0.17 per cent, to 12,418.42. The S&P 500 Index edged up 0.24 point, or 0.02 per cent, to 1,277.30.

However, Asian shares and the euro eased on Thursday as concerns about the ability of Euro-zone countries to refinance their huge public debt dampened investor risk appetite ahead of a French bond auction later in the day. MSCI's broadest index of Asia Pacific shares outside Japan fell 0.3 per cent, while Japan's Nikkei stock average opened down 0.5 per cent, after reaching a three-week high the day before.

Back home, analysts suggest that as long as the Nifty sustains above 4,650 levels, the bias is likely to remain cautiously optimistic. At 710 am Indian Standard Time, the SGX Nifty was trading at 4,740 levels; down 12 points.

Among individual stocks, Brigade Enterprises could be in focus today on reports that the company is looking to raise around 150 crore through private equity route by offloading a part of its stake in one of the commercial projects.

In a major cost-cutting exercise, private sector air-carrier Kingfisher Airlines is believed to be considering about 2,000 job cuts and longer working hours for its staff, among various options. This could bring the stock back in focus today.

Also watch out for ONGC that has found four new potential hydrocarbon reserves in the country's west and northeast.

UltraTech Cement could also be in limelight on reporting around 11 per cent increase in cement production for the month of December 2011.