Market Likely To Open In Red

Indian equities market closed marginally lower on Tuesday, weighed down by profit-booking in blue-chips. The Sensex slipped 37 points to close at 28,172 and the Nifty fell 11 points to settle at 8,511. Meanwhile, the broader markets outperformed the benchmark indices. The BSE mid-cap and small-cap indices advanced 0.5% and 0.6% each respectively.

U.S. stocks closed higher on Tuesday, overcoming earlier losses as a rout in commodities abated on following news reports that Greek Prime Minister Alexis Tsipras has proposed an interim financing until the end of July and the start of corporate earnings season. The S&P 500 recovered from a 1% decline to end with 12-points, or 0.6% gain, to 2,081.34. The Dow Jones Industrial Average fell more than 200 points at session lows, but recovered to finish up 93.40 points, or 0.5%, higher at 17,776 and the Nasdaq Composite also pared more brutal declines to close 5 points, or 0.1%, higher at 4,997.46.

Crude oil prices rebounded in late trade, following Monday’s carnage, with the August contract for WTI crude oil up 0.7% to USD 52.94 a barrel. Brent crude for the same month rose 0.9% to USD 57.37 a barrel.

European stocks extended a four-month low, and the euro hit a five-week low against the dollar on Tuesday before a euro zone summit to discuss the Greek debt crisis, while a fall in Chinese shares reminded investors of other clouds on the horizon. The Stoxx Europe 600 Index lost 1.6% to 372.74 at the close of trading, reversing gains of as much as 0.4%. Italian shares shaved off the most among western-European markets, with the FTSE MIB Index dropping 3% after entering a correction on Monday. Germany's DAX index lost 1.96% while Portugal’s PSI 20 Index slid 2.2%. The U.K.'s FTSE 100 closing down 1.5%, while France's CAC 40 fell 2.3%.

Asian stocks slipped into a correction, as Chinese shares extended a rout and European leaders gave Greece until Sunday to submit a new set of reforms. Shanghai and Hong Kong shares plunged; The Shanghai Composite Index fell as much as 5.8%, while a gauge of mainland companies in Hong Kong tumbled 4.1% after entering a bear market Tuesday. Japan’s Topix index lost 1.85% as the yen gained. South Korea’s Kospi index slipped 1%. New Zealand’s NZX 50 Index fell 0.42% and Australia’s S&P/ASX 200 Index slid 1.5%. Singapore’s Straits Times Index declined 0.84%.

SGX CNX Nifty Index futures for July delivery retreated 0.83% to 8,443. Indian markets likely to open in red following other Asian market.