Market Likely To Open Flat To Positive

Indian equities market snapped a four-day winning streak on Tuesday as investors turned cautious after the Reserve Bank of India (RBI) kept repo rate unchanged at 7.25%. Overall it was a volatile session for the market as the Sensex plunged more than 300 points intraday and closed down 0.41%, or 115.13 points at 28,071.93 points, while Nifty ended 0.31%, or 26.15 points lower, at 8,516.90 points. However, the broader markets outperformed benchmarks with the BSE Midcap and Smallcap indices rising 1.1% and 0.7%, respectively.

The RBI, however, said the policy stance remains accommodative. It reduced the CPI forecast for January-March FY16 by 20 basis points but retained the full year CPI projection at 6%. RBI also retained growth target at 7.6% for 2015-16. It has cut rate thrice so far in 2015 by 25 basis points each.

U.S. stocks closed lower on Tuesday as investors eyed further declines in Apple's stock and slight recovery in oil prices, amid continued focus on the timing of a rate hike. The Dow Jones Industrial Average finished down 47.51 points, or 0.3%, closing at 17,550.69, after being down nearly 93 points intraday. The S&P 500 slipped 4.72 points, or 0.2%, to 2,093.32. The Nasdaq Composite Index lost 9.84 points, or 0.2%, to finish at 5,105.55.

The Federal Reserve has said it is watching economic indicators—wages and employment numbers in particular—as it assesses when to hike interest rates. Commodities remained in focus, with Brent crude inched back just shy of USD 50 a barrel, while WTI settled up 57 cents at USD 45.74 a barrel.

Europe's main stock markets fell on Tuesday as investors kept an eye on the newly reopened Greek stock market, earnings and oil prices, after the commodity saw a slight recovery. The pan-European Stoxx 600 closed around 0.2% lower, after a wobbly trading session. In the eurozone, the CAC 40 in Paris slid 0.16% to end the day at 5,112.14 points, while Frankfurt's DAX 30 rose 0.11% to close at 11,456.07 points. London's benchmark FTSE 100 index slipped 0.03% to finish at 6,686.57 points.

Asian shares turned mostly higher early Wednesday, as stabilization in energy prices helped to offset the uninspiring lead from Wall Street. Japan's Nikkei up 0.67% and South Korea's KOSPI up 0.027%. China's Shanghai Composite index inched down at 0.32%.

A SGX CNX Nifty Index future for August delivery was up 14 points at 8,550. Indian markets likely to open flat to positive. Accelya Kale, Asahi India Glass, Bata India, BBTC, Camlin Fine Sciences, Canara Bank, Deepak Fertilisers, Emami, FDC, GSKCONS, IGL, Marico, Prism Cement, PTC India, Snowman Logistics, Siemens, Tata Chemicals, Tree House Education and Uflex would be reporting first quarter earnings today.