Markets may open flat with positive bias tracking mixed global cues

Indian markets may open flat with positive bias on Tuesday as cues from Wall Street overnight were mixed, while Asian markets have shown strength in early trading. At the time of writing, the SGX Nifty was trading up by 5 points at 11,370.

Asian markets were seen advancing on Tuesday despite mixed sentiments on Wall Street overnight amid festering global growth concerns. The Japanese stock market Nikkei has jumped 1.84 per cent, Hong Kong’s Hang Seng index has risen 0.46 per cent and China’s Shanghai Composite index has gained 0.04 per cent. 

Back home, the equity benchmark indices remained in the grip of bears on Monday with both the indices losing nearly one per cent.  Indices witnessed a gap-down opening as global cues were somber and, thereafter, the indices traded under pressure for a major part of the session. However, in the last leg of trading, a minor buying interest was seen which helped indices to trim some of the losses. The broader indices ended in the red as well, with Nifty Midcap and Smallcap ending lower by 0.76 per cent and 1.60 per cent, respectively. All sectoral indices ended in the red on the NSE, with Nifty Media tanking more than 2.5 per cent and Nifty Realty plummeting 1.93 per cent.

The US stocks closed mixed on Monday as there was no major trigger for the markets. The Dow Jones Industrial Average added 15 points, while the tech-heavy Nasdaq Composite Index dipped 5 points and S&P 500 Index shed 2 points. Going ahead, traders will focus on housing starts and building permits for the month of February and also consumer confidence.

European equities finished Monday’s session with modest losses. In economic news, German business climate index came in at 99.6 in March, surpassing last month’s figure and the consensus estimates. The DAX of Germany and the CAC 40 shed 0.15 per cent and 0.18 per cent, respectively and the UK’s FTSE 100 dropped 0.42 per cent.