Pre-Market: Sideways trade likely

Global markets firm

The markets are yet again likely to trade sideways with a positive bias, as traders eye the rupee’s movement against the greenback and track monsoon’s progress across India.

On Tuesday, the benchmark shares indices had closed on a flat note after a choppy session, as gains in financials and telecom shares were erased by losses in FMCG and IT stocks.

Overnight, the Dow Jones industrial average and the Standard & Poor's 500 Index gained 0.6 per cent each.

The rub-off effect was visible across Asian markets, with Taiwan Index and Straits Times gaining 0.2 per cent and 0.3 per cent, respectively.

Back home, technical analysts say that the Nifty has support around 5,270 – 5,255, while it will face resistance around 5,305 – 5,320. At 705 am Indian Standard Time, the SGX Nifty was trading at 5,330 – up 0.6 per cent.

Among individual stocks, Ashok Leyland could react to the 28 per cent rise in sales during June 2012 at 10,244 units.

LIC has hiked its stake in Cairn India to over 5 per cent through open market route that are about 5 per cent costlier than the price at which the firm's former promoter, Cairn Energy has been selling its shares. This see the stock get back in limelight today.

Also keep a tab on Sri Adhikari Brothers Television Network on reports that it plans to launch nine channels by 2012-end in the regional general entertainment and niche spaces.

GTL Infrastructure could also remain in focus after the company said that it has set up a committee to restructure its outstanding dollar convertible bonds due in November 2012.