Market Likely To Open Flat

Indian equities indices rebounded after losses in the previous three week on government’s clarification on MAT and a rise in auto stocks on promising monthly sales data. The Sensex closed 1.77%, or 479.28 points, higher at 27,490.59, while the Nifty surged 1.84%, or 150.45 points, to 8,331.95. Buying activity was also extended to small and midcap sectors. The BSE smallcap index surged 2.06% and Midcap index rose by 1.28%.

U.S. stocks rose for the second session in a row Monday as investors assessed some positive earnings reports. The S&P 500 closed 6.20 points, or 0.3%, higher at 2,114.49. The Dow Jones Industrial Average gained 46.34 points, or 0.3%, to 18,070.40, while the Nasdaq Composite added 11.54 points, or 0.2%, higher at 5,016.93.

Overseas, European stocks advanced after data showed the eurozone’s manufacturing sector expanded in April, though at a slightly slower pace than in March. The pan-European Stoxx 600 index closed up around 0.6%, with Germany’s DAX gained 1.4% and France’s CAC 40 rose 0.7%. The FTSE 100 is closed Monday for a bank holiday.

Asian equities opened higher on Tuesday, drawing support from Wall Street overnight, as traders await the Reserve Bank of Australia's (RBA) rate decision. Markets in Japan, South Korea and Thailand are closed for public holidays. China's Shanghai Composite index edged down 0.7% in early trade and the Hang Seng index notched up 0.3%. Australia’s S&P/ASX 200 Index up by 0.45%.

SGX Nifty is trading lower by 15 points. Indian market is likely to open flat. ABB, ABC Bearings, Century Enka, Century Textiles, Dabur, Dai-Ichi Karkaria, Elder Pharma, Firstsource Solutions, Hikal, Kotak Mahindra Bank, K.P.R.Mill, Muthoot Finance, NIIT Technologies, Pfizer, South Indian Bank And Tube Investments would be reporting fourth quarter earnings today.