Pre-market: Markets likely to give up gains

The markets are likely to give up some of their gains made earlier this week on the back of weak global cues.

Global stocks fell and oil eased on Tuesday on increased concerns about Spain's financial struggles. The Dow Jones industrial average and the S&P 500 index shed 0.4 per cent each.

Asian shares eased on Wednesday after the minutes from the US Federal Reserve's March meeting suggested the bank was less likely to take further stimulus measures. MSCI's broadest index of Asia Pacific shares outside Japan fell 0.4 per cent, while Japan's Nikkei average opened nearly flat.

Back home, the Nifty is likely to face resistance around 5,370-5,380, while it can seek support around 5,345-5,335, analysts say. At 710 am Indian Standard Time, the SGX Nifty was trading at 5,366 – down 0.3 per cent.

Among individual stocks, Aurobindo Pharma will be in focus today on reports that the company has been named by the CBI in its chargesheet against Y S Jagan Mohan Reddy.

A co-founder of Everonn Education has sold shares worth Rs 29.36 crore in the company. This is likely to bring the stock back in the limelight today.

Engineering and construction firm Unity Infraprojects informed that it has bagged two orders worth Rs 840 crore.

Domestic steel makers have raised the prices for both long and flat products by up to Rs 1,500 a tonne, to partially offset the rising production cost.

The government has issued a presidential directive forcing state-owned miner Coal India to supply at least 80 per cent of the quantity committed to power companies.

Cairn India informed that it has struck oil at Krishna-Godavari basin acreage in Andhra Pradesh, the second on-land discovery by the company.