Market Likely To Open Flat

Indian equities indices fall on its third straight day and closed at their lowest in more than three-and-a-half months on yesterday led by declines in blue chips on continued capital outflows by foreign investor over retrospective taxation worries and lower-than-expected January-March earnings so far. The Nifty declined as much as 1.1% to break its 200-day moving average of 8,254.17 for the first time in nearly 15 months, while the Sensex fell as much as 0.95%. The BSE Mid-Cap index lost 2.1% and the BSE Small-Cap index dropped 2.85%, as the weakness in broader market dragged the index lower.

U.S. stocks closed slightly lower Monday, failing to hold Friday's records ahead of busy week for earnings. Investors consolidated last week’s solid gains and turned slightly cautious ahead of the Federal Reserve policy meeting for two days, which begins on Tuesday. The S&P 500 closed 8.76 points, or 0.4%, lower to 2,108.93. The Nasdaq Composite ended the session 31.84 points, or 0.6%, lower at 5,060.25, with biotechnology stocks leading the losses. The Dow Jones Industrial Average closed down 42.17 points, or 0.2%, to 18,037.97.

In Europe, equities turned higher after Greece reshuffled the team negotiating with the euro zone, raising hopes that it will be able to avert a default. The Greek stock index rallied on the news, closing up 4.4%. The DAX and CAC-40 index shook off earlier losses and surged 1.9% and 1.3% respectively. The Stoxx Europe 600 SXXP rose 1% to 412.42. The U.K.’s FTSE 100 closed at a record high, rising 0.5% to 7,103.98.

Asian shares outside Japan declined early Tuesday, tracking Wall Street's lackluster finish overnight, and as investors eyed a slew of corporate earnings due in the region. Chinese stocks saw choppy trade at the open; the Shanghai Composite slipped 0.4% after rallying 3% to a seven-year peak on Monday, while the Hang Seng Index also reversed a higher open to drop by 0.5% in early trade. South Korea’s Kospi index marginally lowers by 0.14%. The Nikkei 225 climbed 0.5%, with Fanuc Corp. surging 6.2% after doubling its dividend payout ratio.

SGX Nifty is trading lower by 13 points. Indian market likely to open flat and going forward may remain volatile due to F&O expiry week. Bharti Aritel, CenturyPly, Essel Propack, GATI, Godrej Consumer, IDEA, KPIT Tech, Navin Fluorine, Marico Kaya Enterprises, NELCO, Shriram City Union, Snowman Logistics, Tata Elxsi, Welspun Corp and Zensar Technologies would be reporting fourth quarter earnings today.