Market Likely To Open Flat To Positive

Indian equities market snapped three day winning streak and closed in red on Tuesday amid volatile trades on the back of selling in frontline blue chip counters. The Sensex ended lower by 58.09 points at 27,306.83 and the Nifty closed 13.40 points lower at 8,261.65. The broader markets, however, outperformed the benchmark indices- BSE Midcap and Smallcap indices gained between 0.2-0.5%.

U.S. stocks edged lower in early trading on Tuesday as investors pored through some weak company earnings reports. The market is coming off a three-day winning streak. The Dow Jones industrial average fell 13.43 points, or 0.08%, to 17,195. The S&P 500 index dipped 2.89 point to 2,030.77. The Nasdaq lost 24.50 points, or 0.5%, to 4,880.97.

WTI crude oil prices Tuesday flat ahead of OPEC meeting, Inventory data and yesterday's expiration for November futures contracts. WTI crude oil prices closed at USD 45.55 a barrel for their second consecutive down day as against yesterday's price of USD 45.89. Brent crude oil prices rose 0.2% to USD 48.71 a barrel.

European stock markets closed slightly lower on Tuesday, as earnings reports and renewed concerns over China's economic slowdown continued to dominate investor sentiment. The pan-European STOXX 600 finished 0.3% lower provisionally. Germany's DAX fell 0.16%, while the CAC-40 in France was 0.64% lower. The FTSE 100 index of leading British shares was down 0.11%. The Stoxx Europe 600 SXXP fell 0.4% to close at 362.67.

ECB data released Tuesday showed eurozone banks have been using money generated from the ECB’s massive bond-buying program to make loans. Banks have also been easing lending standards. The ECB's policy meeting on Thursday while the ECB may not ease this month, markets remains guarded over the possibility of the central bank hinting of more stimulus steps later this year.

Asian stocks are in another mixed trading session early Wednesday, as concerns about corporate earnings hobbled Wall Street while investors counted down to the European Central Bank's policy meeting later in the week. Japan's Nikkei 225 index added 0.80%, while South Korea's KOSPI index rose 0.30%. Australia’s S&P/ASX 200 Index lost 0.59% and New Zealand’s S&P/NZX 50 Index rose 0.18%. Hong Kong markets are shut today for a holiday.

A SGX CNX Nifty Index future for October delivery was down 6.5 points at 8,250. Indian market is likely to open flat to negative. Akzo Nobel India, Bajaj Auto, Bajaj Holding, Blue Dart, Cairn India, Delta Corp, HDFC Bank, Indiabulls Real Estate, Indiabulls Housing Finance, IDEA, Intellect Design, IRB infra, JSW Steel, KPIT Tech, M&M Finance, Mahindra CIE, NIIT, Nodia Toll, Tata Coffee, Wipro and Zydus Wellness would be reporting third quarter earnings today.