Global cues see markets open low

Weakness in global indices and expiry pressures in the derivates segment may weigh on the sentiment. Action today is likely to be stock-specific. However, the mood of the market is expected to remain negative on weak global indices and decline in FII inflows in domestic equities may drag the local indices decline further. Among the key indices, the Nifty is likely target 3250 in near term and on breaching this level it is likely to target 3300, while the index has a key support at 3200. The Sensex has a likely support at 10500 and may face resistance at 10850.

Bajaj Finserv, Bank Of India, Cadila Healthcare, Century Textile, Cipla, Educomp, Essel Propack, Gillette India, Jindal Saw, Kirloskar Oil, Max India, Morepen Lab, Neyveli Lignite, Patni Computers, Pidilite, Reliance Infra, Rpower, Sesa Goa, TCS, United Breweries, Wipro and Yes Bank are expected to announce their earnings numbers.

Stocks slumped Tuesday as mixed corporate earnings reports gave investors a reason to retreat after the previous session's big rally and Dow Jones tumbled 232 points at 9034 and the Nasdaq sank about 73 points at 1697.

Fall in US markets weighted heavely on the Indian floats trading on the US bourses. HDFC Bank was the major loser and tanked 6.05% while Infosys, Tata Motors, MTNL, Patni Computer, Rediff, VSNL, Wipro and Satyam slumped over 1-5% each. Dr Reddy ended with marginal gain of over 0.50%.

Crude oil prices slipped marginally, with the Nymex light crude oil for November delivery slipped $3.36 to close at $70.89 a barrel. In the commodity segment, the Comex gold for December series moved down by $22 to settle at $768 an ounce.