Markets may open on a subdued note ahead of Infosys’ results today that kick starts the results season for India Inc and the index of industrial production numbers due around noon. The Nifty future on the Singapore Exchange was down 9 points, at 4,971.
Overnight, Wall Street indices ended on subdued note after five sessions of gains as investors assessed the sustainability of gains ahead of the earnings season. US aluminium giant Alcoa reported disappointing results also weighed on the metal shares. The Dow Jones industrial average ended down 0.2%, at 11,416. The Standard & Poor's 500 Index closed up 0.1%, at 1,196. The Nasdaq Composite Index was up 16.98 points, or 0.66%, at 2,583.03.
Asian markets declined on Wednesday morning after Slovakia parliament failed to pass a resolution for expansion of the Euro-zone bail out fun. Japan's Nikkei average was down 0.6%, the Hang Seng index declined 0.6% and China's Shanghai Composite bucked trend and was up 1%.
Back in India, technical charts indicate that bulls are trying to undermine the grip of the bears. "The important resistance levels are 5,050 followed by 5,250. As long as the Nifty remains below these levels and above 4750, it will continue to remain in this corridor of uncertainty," said PINC Research in their weekly note.
Among individual stocks, Infosys will be closely watched in the morning trades as the IT bellwether declares its results for July to September quarter. Brokerages expect frontline IT companies Infosys and TCS to show sales growth and management commentary on the demand outlook will be closely watched as concerns of slowing growth in the US and debt crisis in Europe weigh.
Index of industrial production (IIP) data will be out around noon. Reuter’s poll expects IIP data around 5%, higher than 3.3% reported in July which was weakest in two years.
