Pre-Market: Tepid opening likely

Global cues flat

Markets are likely to drift lower today following Asian cues and profit taking at higher levels. On Friday, markets gained over 2% end at their highest closing levels since July 2011 after the government stuck to its commitment to continue with the FDI reform process.

On the global front, US stocks and the euro ended a week of slight moves with limited action on Friday, as a late-day sell-off on Wall Street indicated continued concerns about the economy's growth prospects and Europe's debt crisis.

The Dow Jones industrial average was down 17.46 points, or 0.13%, at 13,579.47. The Standard & Poor's 500 Index was down 0.11 points, or 0.01%, at 1,460.15. The Nasdaq Composite Index was up 4 points, or 0.13%, at 3,179.96.

Asian markets are trading lower with Hang Seng, Nikkei, Strait Times, Kospi, Taiwan and Shanghai declining between 0.4-1%. At 715 am Indian Standard Time, the SGX Nifty was trading at 5,678 – down 35 points.

Stocks to watch

IDBI Bank has said that it plans to raise another $500 million through bonds to fund its overseas business growth.

Maruti Suzuki India is looking to regain lost ground in the small car segment with the launch of a completely new version of its erstwhile bestselling model Alto.

SAIL has hiked its planned expenditure during the 12th Five-Year Plan by 33 per cent to Rs 65,000 crore on modernisation and expansion.

BPCL which is setting up its first propylene unit in Kochi, said it was ready to offer 51 per cent stake in the Rs 6,000-crore project to its Korean joint venture partner LG Chemicals

State Bank of India, said on Saturday it has cut its benchmark prime lending rate, the interest rate that commercial banks normally charge, by 25 basis points to 14.50% per annum with effect from September 27.