Market Likely To Open Flat

For the most part of the day, Indian equities market traded on a firm note but selling pressure in the last thirty minutes of trade as fears of washout of monsoon session of Parliament weighed on the market sentiment. The Sensex ended the day down 134.67 points, at 28,101.72 and Nifty hit an intraday low of 8497.80, before closing at 8525.60, down 39 points. Broader markets too stayed on a weak wicket, with the BSE smallcap and midcap indices falling up to 0.41%.

The US stock markets closed near intraday highs with a strong rally Monday buoyed by remarks from one Federal Reserve official suggesting a September interest-rate hike may not be a done deal, as well as from a bounce-back in Chinese equities. The Dow Jones Industrial Average closed up 241.79 points, or 1.4%, at 17, 615.17, after being up nearly 256 points earlier. The S&P 500 index rose 26.61, or 1.3%, to 2104.18 and the Nasdaq composite index gained 58.25, or 1.2%, to 5101.80.

Weakness in the dollar and a refinery outage helped oil trade higher on Monday. Brent climbed above USD 50 a barrel, after touching a more than six month low of USD 48.26 earlier in the session. U.S. crude settled up USD 1.09, or 2.48%, at USD 44.96 a barrel, after earlier falling to USD 43.35, a near five-month low.

European stocks bounced back from early losses on Monday, boosted by a rally on Wall Street also awaiting the latest Greek bailout agreement. The Stoxx Europe 600 closed 0.7% higher. In the eurozone, Frankfurt's DAX 30 climbed 1% to 11,605 points and the CAC 40 in Paris won 0.79% to 5,195 compared with Friday's close. Greek stocks rose as the Athens Stock Exchange gained 2%. Britain’s FTSE 100 up 0.3%.

Japan's Nikkei 225 index turned negative by 0.25% in late-morning trade, pulling back from an intra-day high of 20,931 points attained at the open. Equity markets in China were choppy early Tuesday, on the back of unexpected news that the People's Bank of China (PBOC) is implementing a one-time depreciation of nearly 2% to the Chinese yuan. South Korea’s Kospi index jumped 0.56%. Australia’s S&P/ASX 200 Index slide 0.68%. New Zealand’s NZX 50 Index fell 0.27%.

A SGX CNX Nifty Index future for August delivery was up 15 points at 8,540. Indian markets likely to open flat. SBI, Sun Pharma, Tata Steel, HPCL, Bosch, Apollo Tyres, Apollo Hospital, NMDC, Adani Enterprises, Hathway Cable, Reliance Power, Godrej Industries, Prestige Estates, JK Lakshmi Cement, JBF Industries, Aegis Logistics, Hindustan Copper, Hindustan Organic Chemicals, IFCI, IL&FS Investment, Manpasand Beverages, Aksh Optifibre, Astral Poly Technik, Godawari Power, Graphite India, Gujarat Narmada Valley Fertilizers, Harrisons Malayalam, Jai Corp, Jubilant Life Sciences, Kabra Extrusion Technik, Linc Pen, Megasoft, Nitesh Estates, Prakash Industries, Punjab Chemicals, Sandesh, Shriram EPC, Siyaram Silk Mills, OMDC, VST Tillers Tractors, Vascon Engineers, Vindhya Telelinks, West Coast Paper Mills would be reporting first quarter earnings today.