Pre-market: Markets likely to focus on quarterly results

US stocks soar overnight

With the monetary policy and the key economic data and the domestic front behind us, the markets are likely to focus on quarterly results of Corporate India besides tracking global cues.

US stocks scored their biggest gains in a month on Tuesday after Coca-Cola led a round of strong earnings and as concerns about Europe's debt crisis eased. The Dow Jones industrial average rose 1.5 per cent to close at 13,116. The S&P 500 Index gained 1.6 per cent to 1,391.

Following a rally in European equities and US stocks the previous day, MSCI's broadest index of Asia Pacific shares outside Japan edged up 0.5 per cent on Wednesday. Japan's Nikkei average was 1.5 per cent higher.

On Wednesday, the Nifty is likely to seek support around 5,255-5,253, while face resistance around 5,325-5,345, technical analysts say. At 710 am Indian Standard Time, the SGX Nifty was trading at 5,345 levels – up 20 points.

Among individual stocks, Pipavav Defence and Offshore Engineering could be in focus on reports that LIC has increased its stake in the company.

IFCI has posted a 6 per cent drop in its Q4FY12 net profit at Rs 219.2 crore.

Oil marketing firms have threatened the government that they would raise petrol rates by about Rs 10 a litre unless government cuts taxes or else reverse its decision of deregulating the fuel.

Suzlon Energy has informed that the stake of the promoter group entity has come down to 1.65 per cent due to pledging of shares. This could see the stock come under some pressure.

Also keep a tab on HDFC Bank that announces its March 2012 quarter results today.