Here are the top 5 Stock Market action to look out for today

The Nifty may consolidate at 2-week highs on Thursday as traders digest strong gains over the past week and rework valuations in the mid cap zone, which is trading near record highs.

The SGX Nifty points to a 24 point drop at opening for the Nifty today.

Global cues are mixed. Major Indices in the US rose between 0.3-0.7 percent on Wednesday. The trend was bullish in European markets with top indices gaining between 1-1.7 percent. The commodity space continues to send out positive cues for Indian equities. Gold Futures slipped for the 4th day, to fresh 5-1/2 year lows; Oil Futures edged up. The metal complex remains in a firm bear grip. And stocks in Japan, China and Hong Kong are trading with a downward bias on Thursday.

The Nifty Index closed at 8,567 points, up 51 points, on Wednesday, resuming its upward climb and closing near the highest level since July 24. Major action was concentrated in the mid cap segment yesterday. The Nifty enjoys a strong support at 8,500-8,450 levels while the resistance is seen at the 8,637 point level.

The sentiment remains mixed in the cash market. Foreign Institutional Investors totalled net buys of `448 crores on Wednesday, their 3rd day of purchases. In contrast net sales of `189 crores from domestic investors. The derivatives space saw positive mood across the board. Traders made net purchases worth 598 crore rupees for Index Futures; Purchases of 228 crore rupees for Stock Futures; Purchases of `439 crore rupees for Index options and net buys of 37 crore rupees for Stock Options.

Today's major earnings are from Motherson Sumi, Arvind, Cummins, Praj, SRF, Tata Global. Strong delivery based buying in Motherson Sumi, Bosch and Nestle on Tuesday. Schneider Electric Infrastructure showed a very strong surge in delivery volumes.

STOCKS TO WATCH:

SIEMENS: First quarter margins surge to 10.7 percent, highest since 13 quarters. Q1 PAT at 170 crore rupees.

BATA: First quarter PAT slips marginally, minus exceptional item

RAMCO CEMENTS: Q1 PAT surges to 95 crore rupees versus 35 crores.

GSK Consumer: Q1 PAT rises 8 percent.

PRICOL: Q1 PAT sinks 74 percent.

Image credit: Indiatimes