Market Likely To Open Flat

Indian stock markets seem to have entered a consolidation mode, keenly awaiting monetary policy review by the RBI on 2^nd June, which is widely expected to ease lending rates in the backdrop of weak factory output growth and a benign inflation scenario. The Sensex settled marginally lower by 28 points at 27,809.35 and Nifty also ended on a flat note but above its crucial psychological level of 8,400. The mid-cap and small-cap stocks also ended lower. The BSE mid-cap index slipped 0.4% and the small-cap index closed marginally lower.

U.S. stocks are closing slightly higher, led by an advance in energy stocks as the price of oil climbs. The S&P 500 added 4.97 points, or 0.2%, to settle at 2,130.82. The Dow Jones Industrial Average ended the day virtually flat at 18,285.74. The Nasdaq Composite gained 19.05 points, or 0.4%, to 5,090.79. Oil prices jumped more than 2% on Thursday, giving Brent its biggest rally in more than a week. U.S. crude settled up USD 1.74, or nearly 3%, at USD 60.72 a barrel. Brent settled at USD 66.54, up USD 1.51, or 2.3%.

European stocks finished modestly higher Thursday, recovering from losses that followed mixed picture for the euro zone's economic recovery, with German private-sector growth slowing again in May even as France extended a timid recovery. The Stoxx 600 SXXP moved up 0.4% to 407.87. Germany’s DAX 30 DAX wavered during the session, but ended up 0.1% at 11,864.59. France’s CAC 40 also darted between gains and losses, eventually settling up 0.3% at 5,146.70. The U.K.’s FTSE 100 UKX ended up 0.1% at 7,013.47.

Asian shares rose on Friday after Wall Street set another record high with prospects for a Federal Reserve rate hike in June all but quashed, while Japanese shares opened flat as BOJ is expected to maintain its expansionary monetary stimulus at the conclusion of its two-day meeting on Friday. Japan’s Topix and Australia’s S&P/ASX 200 index was little changed. South Korea’s Kospi index advanced 0.67%. New Zealand’s NZX 50 Index rose 0.2%. The Hang Seng and the Shanghai Composite Index rose 1.35% and 1.22% respectively.

SGX Nifty is marginally lower by 4 points. Indian market is likely to open in flat. CEAT, Claris Lifesciences, Excel Industries, GHCL, Gujarat State Petronet, ITC, Linc Pen & Plastics, ITC, Karnataka Bank, Natco Pharma, NBCC, Phoenix Lamps, Punj Lloyd, Skipper, Talbros Automotive Components, Timken India and Valson Industries would be reporting fourth quarter earnings today.