Markets Are Likely To Open Positive

Indian equities indices slipped for the third consecutive week in a volatile trade due to across-the-board selling, prompted by geo-political worries, and expiry of derivatives contract on March 26. The Sensex fell 802.44 points or 2.84% to settle at 27,458.64 and the Nifty dropped 229.50 points or 2.68% to settle at 8,341.40. Small-cap counters also bore the brunt of heavy selling by retail investors and its index underperformed the Sensex, plunging by 3.86%. The BSE-Midcap also dropped by 2.50%.

U.S. stocks broke a four-day losing streak by closing slightly higher on Friday, but still posted the biggest weekly loss since the end of January. The S&P 500 closed 4.87 points, or 0.2%, higher at 2,061.02, but lost 2.2% over the week. The Dow Jones Industrial Average ended the session up 34.43 points, or 0.2% at 17,712.66, but recorded a 2.3% decline over the past week. The Nasdaq Composite added 27.86 points, or 0.6%, to 4,891.22, but losing 5.2% over the week.

Stocks fell most of the week due to geopolitical concerns, weaker-than-expected economic data and concerns that the rapid rise of the dollar may crimp US corporate earnings. Companies start releasing their first-quarter results next month.

Brent oil climbed 1.4% over the past five days to USD56.09 a barrel, despite a 5.3% drop on Friday. Meanwhile WTI, the US oil benchmark, advanced 6% over the week to USD48.44 a barrel, despite a near 6% fall.

European stocks finished higher Friday, but its lengthy string of weekly wins come to an end. The STOXX 600 still faced a loss of 2% for the week, which would be its first weekly decline after seven weeks of gains. The last run of eight weekly wins ended in June 2014. Germany's DAX finished 1.5% lower for the weak at 11,868.33 in what's its first losing week since the start of January. France's CAC dropped 1.1% to 5,034.06, marking its first weekly decline since the end of January.

Asian markets, with the exception of Australia, turned positive by mid-morning trade on Monday, as a modestly positive lead from Wall Street offset the impact of sliding oil prices. Japan’s NIKKEI 225 and South Korea’s Kospi index up by 0.5% and 0.24% respectively. Australia’s S&P/ASX 200 Index dropped 1.36%. China's benchmark Shanghai Composite index opened to a fresh seven-year high by 1.2% as comments from authorities over the weekend fueled expectations of further stimulus.

SGX Nifty is up by 24 points. Indian markets are likely to open positive. This week is a holiday-shortened one as the market will remain closed on Thursday, 2 April 2015, on account of Mahavir Jayanti and on Friday, 3 April 2015, on account of Good Friday.