Pre-Market: Markets likely to move higher

The markets are likely to move up in trade today tracking global cues. On the domestic front, the third quarter GDP numbers due today will also impact sentiment.

Strong U-S consumer confidence helped extend Wall Street's rally on Tuesday, with the Dow closing above 13,000 for the first time since May 2008. The Standard & Poor's 500 Index gained 0.34 per cent to 1,372.

Asian stocks firmed and the euro held its ground on Wednesday ahead of a fresh cash injection by the European Central Bank. The M-S-C-I Asia Pacific ex-Japan added 0.4 per cent while Japan's Nikkei rose 0.7 per cent to a fresh seven-month high.

Back home, if the Nifty trades above 5,430 levels, it would give positive breakout on charts and the next target would be at 5,510,
analysts say. At 715 a-m Indian Standard Time, the S-G-X Nifty was trading at 5,473 levels, up 28 points.

Among individual stocks, O-N-G-C could be in focus today after the government decided to offload 5 per cent stake through auction route on March 1 at a likely floor price of Rs 290 a share.

Auto components maker Bosch reported 30.7 per cent rise in net profit to 1,123 crore rupees for 2011.

Shasun Pharmaceuticals’ board has approved to sell 11.9 per cent stake to US-based healthcare investment firm OrbiMed for 50 crore
rupees.

Refiner Essar Oil said a tribunal had ruled against the company in a case relating to its 302 crore rupees insurance claim for damages
sustained by its refinery during a cyclone in 1998.