Market Likely To Open In Green

Indian stock market was remaining shut on yesterday, 14th April on account of "Dr.Baba Saheb Ambedkar Jayanti". Indian equities indices closed their highest level in six weeks on Monday. The Sensex closed 0.57% higher at 29,044.44 points, while the Nifty rose for the seventh straight session and gained 0.61% to 8,834 points on account of better-than-expected IIP data. Both indexes closed at their highest level since March 3. The BSE Mid-Cap index rose 34.40 points or 0.31% to settle at 11,127.42, underperforming the Sensex. The BSE Small-Cap index gained 95.70 points or 0.81% to settle at 11,942.03, outperforming the Sensex.

Consumer Price Index (CPI) based inflation eased to 5.17% in March, the lowest in three months, largely on account of a decline in food and vegetable prices, has come in as unexpected to most economists. For February, CPI inflation stood at 5.37%, January 5.19% and March 2014 8.25%. The March inflation doesn’t fully reflect the impact of the unseasonal rains on food prices. This may reflect in the coming months. If the monsoon is normal and crude oil prices do not post a significant rebound, the CPI is likely to stay below 6 per cent paving way for future rate cuts therefore monsoon holds key.

US Stocks closed mixed Tuesday as rising energy stocks rallied on higher oil prices, but tech stocks lagged and the overall gains were tiny as investors weighed mixed results from companies reporting earnings. The Dow Jones industrial average rose 59 points, or 0.3%, to 18,036. The S&P 500 rose three points, or 0.2%, to 2,095. The Nasdaq composite fell 10 points, or 0.2%, to 4,977.

The rise in oil Tuesday came on indications that U.S. oil production in places like North Dakota is beginning to slip as a result of a sharp pullback in drilling activity in recent months. WTI crude rose USD 1.38 to close at USD 53.29 a barrel in New York. Brent crude oil rose 50 cents to close at USD 58.43 in London.

European stocks dropped Tuesday, overtaken by worries about Greece’s persistent debt troubles, but shares of Alcatel-Lucent SA were able to shine as the French telecommunications-equipment company discusses a possible buyout by Nokia Corp. After a tentative start, the Stoxx Europe 600 SXXP closed down by 0.5% at 411.70. The CAC 40 index in Paris dropped 0.7% to 5,218 points, while Frankfurt's DAX 30 shed 0.9% to 12,227 points. London's FTSE 100 closed marginally by 10 points to 7,075 points, as investors digested news that British annual inflation held at a record-low zero in March.

Asian stock markets were mixed amid choppy trade on Wednesday as the keenly-awaited reading on China's economy showed first-quarter growth at its slowest pace since the global financial crisis. Crude oil rose for a fifth day. In the oil market on Wednesday, WTI crude climbed 0.5% to USD 53.55 a barrel, extending its five-day gain after March’s 4.3% drop. Brent oil added 0.9% to USD 58.93 a barrel, headed for its highest close since April 7.

China's Shanghai Composite index wavered between gains and losses after the data release and was last seen ticking up 0.5%. Japan's Nikkei 225 index was little changed as the yen weakened to trade at 119.65 against the U.S. dollar. Australia’s S&P/ASX 200 Index slipped 0.68% as the Aussie weakened 0.4% versus the dollar.

SGX Nifty is up by 19 points. Indian market is likely to open in green due to the World Bank on Tuesday predicted a GDP growth rate of 8% for India by 2017 and said that a strong expansion in the country, coupled with favorable oil prices, would accelerate the economic growth in South Asia. For the future course of action, traders will be eye on WPI to be released on April 15 at 12 p.m. Market expected to remain in negative around 2% in March 2015.