Market Likely To Open Flat

Indian equities indices surged for the second straight session Monday after an interest rate cut announced by China's central bank and strong US employment data. Market led by gains in rate-sensitive banking, auto and metal stocks, on hopes of RBI rate cut ahead of inflation and IIP data release. The Sensex closed at 27507.30, up 401.91 points or 1.48% and the Nifty closed at 8325.25, up 133.75 points or 1.63% over its previous close. In the last two sessions, the Sensex has risen around 908 points and the Nifty around 268 points. The broader markets were also witnessing buying interest. The mid-cap index was up 1.7% and the small-cap index jumped 1.3%.

US stocks finished lower Monday, snapping a two-day surge in equities as investors eyed tough negotiations between Greece and international creditors. The S&P 500 closed 10.77 points, or 0.5%, lower at 2,105.33. The Dow Jones Industrial Average shed 85.94 points, or 0.5%, to 18,105.17. The Nasdaq Composite ended the session off 9.98 points, or 0.2% at 4,993.57. Crude oil prices fell, pulling down energy stocks. WTI crude fell 14 cents to close at USD 59.25 a barrel in New York. Brent crude fell 48 cents to close at USD 64.91 in London.

Markets in Europe were mixed as traders looked for progress on the latest bailout for Greece. European finance ministers met on Monday to discuss the issue, but emerged without a deal. France's CAC 40 fell 1.2%, while Germany's DAX shed 0.3%. Britain's FTSE 100 edged up 0.2%. Greek stocks fell 2.5%.

Asian stocks edged lower and the euro sagged on Tuesday as insufficient progress on talks between debt-strapped Greece and its creditors kept investors on edge and as investors awaited the release of the federal budget in Sydney. Japan's Nikkei lost 0.64% and South Korea's Kospi dipped 0.2%. New Zealand’s NZX 50 Index increased 0.1%. Australia’s S&P/ASX 200 Index rose 0.33%. China's Shanghai Composite up by 1.2% and the Hang Seng index fell 0.51% in Hong Kong.

SGX Nifty is trading lower by 8 points. Indian market is likely to open flat. Apollo Tyres, Ashok Leyland, Camlin Fine Sciences, CARE, Central Bank Of India, Dr.Reddy's Laboratories, Electrosteel Castings, Finolex Cables, Ingersoll-Rand (India), La Opala, Mayur Uniquoters, Motherson Sumi, Nilkamal,TBZ, Torrent Power, TV Today Network, Uco Bank, Vijaya Bank and Vascon Engineers would be reporting fourth quarter earnings today. On macroeconomic front, data on inflation based on consumer price index (CPI) for April and industrial production (IIP) data for March will be released on Today.