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Pre-market: Infosys results to decide mood

SI Reporter/Mumbai 12 Oct 12 | 08:16 AM

Markets are likely to trade on a soft note ahead of the results from two bigwigs - Infosys and HDFC Bank.

U.S. stocks edged lower on Thursday amid growing fears over slowing global growth. Dow Jones shed 19 points to 13326.

In Asia, stocks moved higher in morning trades, although gains were kept in check by some outsized losses for several firms, as Softbank Corp., Fast Retailing Co and Billabong tumbled. Nikkei, Hang Seng and Taiwan added 19-50 points each. At 700 hrs IST, the SGX Nifty was down six points at 5743.

According to technical analysts, as long as Nifty maintains above the short-term moving average, the index can re-test the 5,800-odd levels.

The daily and the weekly momentum oscillators are in a state of conflict, hence expect volatility to remain high. On Friday, the NSE index is likely to seek support around 5,675-5,655, while face resistance around 5,740-5,760.

STOCKS TO WATCH

From individual stocks, Coal India may be in focus as it aims at raising production capacity to 180 million tonne over the next five years. Coal India has set a production target of 464 million tonne for the current financial year.

Dish TV has allotted Rs 30 crore for marketing campaign this year for a slew of new initiatives, coinciding with government decision to implement digitisation by October end in the four metros, a top company official said here today.

JSW Steel said it may take government to court following a Coal Ministry decision to deallocate Gourangdih ABC coal mine, allotted jointly to the Sajjan Jindal-led firm and Himachal EMTA Power Ltd. Shares of JSW Steel may come in focus today.

Everest Kanto Cylinder Limited, a leading player in high pressure seamless cylinders, has redeemed the entire obligation of $49.98 million towards its zero coupon foreign currency convertible bonds which matured on October 10.

Suzlon Energy, the world’s fifth-largest maker of wind energy turbines, is caught in a debt default crisis after foreign bondholders rejected the company’s plea for a four-month extension of the redemption date.

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