Market Likely To Open Weak

Indian equities indices reversed its three-session fall, Sensex yesterday rising 219 points to settle at 27,396.38 and the Nifty was up 71.80 points or 0.9% at 8285.60. However the Nifty closes below its crucial level of 8,300. The BSE Mid-Cap index rose 1.49% and the BSE Small-Cap index rose 1.37%. Both these indices outperformed the Sensex.

Meanwhile, the World Bank estimates India’s GDP growth at 7.5% in FY16 and 7.9% in FY17 aided by a supportive external environment, in particular the sharp decline in oil and commodity prices. It says that India needs to further rationalise subsidies. World Bank thinks tax-to-GDP ratio may rise after India implements GST but land acquisition remains hurdle in the country's efforts to boost infrastructure.

Stocks cut early losses and closed mostly higher Tuesday as investors eyed tech earnings and awaited the Federal Reserve's statement on Wednesday. The S&P 500 closed up 5.84 points, or 0.3%, at 2,114.76. The Dow Jones Industrial Average dropped by as much as 120 points in early trading in New York, finished with a gain of 72.17 points, or 0.4%, to 18,110.14. Meanwhile, the tech-laden Nasdaq Composite ended the session 4.82 points, or 0.1%, lower at 5,055.42.

Europe's main stock markets slumped on Tuesday as disappointing corporate earnings after losses on Wall Street and market uncertainty resurfaced over Greece's eurozone future. The Stoxx Europe 600 SXXP fell 1.5% to 406.28. In Paris, the CAC 40 fell 1.8% to 5173.38 and Germany’s DAX 30 fell 1.9% to 11,811.66. The U.K.’s FTSE 100 UKX finished 1% lower at 7,030.53. In Athens, the Athex Composite ended 1.4% higher at 806.01.

Asian equity markets fell early Wednesday as investors digested the raft of earnings due in the region and awaited the Federal Reserve's statement. Meanwhile, Japanese markets are closed for the Showa Day holiday. South Korea’s Kospi index fall 0.85%. Australia’s S&P/ASX 200 Index slid 1.29% and New Zealand’s NZX 50 Index added 0.11%. China's Shanghai Composite sank 1.24% from the get-go, with a flurry of financial earnings grabbing the market spotlight.

SGX Nifty is trading lower by 7 points. Indian market likely to open weak and going forward may remain volatile due to ahead of F&O expiry. Accelya Kale Solutions, ALSTOM India, Ambuja Cements, Aptech, Axis Bank, Biocon, Dewan Housing Finance Corp, Federal Bank, Gateway Distriparks, HDFC, Hexaware, Kajaria Ceramics, Kesoram Industries, Lakshmi Vilas Bank Raymond, Tinplate, TVS Motor, Welspun India and Shree Cement would be reporting fourth quarter earnings today.