Pre-market: Positive trades likely

Reliance, Bajaj Finance in focus

The comments of Ben Bernanke, chairman of the US Federal Reserve, have boosted the sentiment across global markets, and the rub-off effect is likely to be felt on the Indian bourses too.

World stocks and oil prices rose in choppy trade on Tuesday after a gloomy economic outlook by Ben Bernanke kept alive views that the US central bank may take further steps to stimulate growth.

The Dow Jones industrial average gained 0.6 per cent and the S&P 500 Index ended up 0.7 per cent.

In Asia, MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.3 per cent, while Japan’s Nikkei stock average opened up 0.5 per cent.

Back home, technical analysts suggest that the Nifty is likely to seek to support around 5,170 – 5,155 levels.

At 7:05 am Indian Standard Time, the SGX Nifty was trading up 0.2 per cent at 5,205.

Among individual stocks, Bajaj Finance will react to its June quarter results announced on Tuesday.

RIL could also be in focus after the company said that production from its KG-D6 field may come to a halt if the government did not approve its long-pending investment proposals and revised capital expenditure plans.

Watch out for telecom stocks as Empowered Group of Ministers is expected to meet again today, on crucial issues related to the reserve price for spectrum.

The Supreme Court on Tuesday directed Essar Oil Ltd to pay Rs 1,000 crore to the Gujarat government towards tax dues by July 30.
This could see the stock come under some pressure today.

In results today, keep a tab on Bajaj Auto and CRISIL that will announce their respective June quarter numbers.