Pre-market: Sensex to react to corporate results

Bharat Petroleum, SBI, Sun Pharma to announce numbers

The stock markets are likely to open flat this morning given global cues. With poor index of industrial production numbers announced yesterday, the focus of market players will once be re-calibrating this year’s growth. While the market didn’t react as strongly to the IIP numbers on Thursday, the undertone remained weak.

The US market had a flat closing with the Nasdaq gaining a quarter per cent, while the Dow Jones declined marginally. Asian markets are also seeing mixed trades. At 7:25am, both the Nikkei and Hang Seng were trading half a percent lower, while Singapore was up 0.15 percent. The SGX Nifty was trading 6 points lower at 5352.

From a technical perspective, the markets showed signs of some weakness and the Nifty could seek support around 5,300-5,290, and face resistance around 5,345-5,360.

Among the companies to watch out for today, ONGC is expected to announce a significant discovery near Bombay High. Infosys will also be a stock to watch on news of a fresh US visa battle. Essar Oil has received lenders’ approval for exit of corporate debt restructuring loan facility, which was set up in 2004. Strides Arcolab may be of interest to traders as the firm is considering a sale of injectable drugs unit.

Today is a big day for corporate results. State Bank of India, Bharat Petroleum, Sun Pharma and Siemens will be announcing their results. Bharat Forge, SREI Infrastructure Finance, and Sundram Fasteners are some of the other companies to announce their earnings.