A flat opening on the cards, may remain choppy across the session

Indian equities markets plunged over 1.5% on Tuesday owing to profit-booking after yesterday's over 550 point rally. The sentiment was also hit after data showed that exports shrank in January for a 14th straight month. The Sensex was down 362.15 points or 1.5% at 23191.97; and the Nifty slipped 114.70 points or 1.6% at 7048.25. The broader markets also witnessed selling pressure. The BSE mid-cap index fell 2.4% and the small-cap index slumped 2.25%. Meanwhile, data late on Monday showed domestic exports fell 13.6% last month from a year ago on continued weak demand from Europe.

U.S. stock market is closing broadly higher as the market notches its second sizable gain in a row. The Dow Jones industrial average rose 222 points, or 1.4%, to 16,196. The S&P 500 index gained 30 points, or 1.7% to 1,895. The Nasdaq composite climbed 98 points, or 2.3% to 4,435.

The U.S. benchmark crude, WTI fell 1.4% to USD 29.04, while Brent crude, the international standard, slipped 3.6% to USD 32.18. Saudi Arabia, Russia, Qatar and Venezuela have agreed to cap crude production at January levels if other major producers, such as Iraq and Iran follow suit, and consequentially  crude oil prices will shoot up.

European stocks have mostly closed lower, losing earlier gains as oil prices quickly lost their sheen and investors were greeted by fresh economic gloom. Germany's main index, the DAX, fell 0.8% to 9,135.11 while France's CAC 40 shed 0.1% to 4,110.66. Britain's FTSE 100 bucked the trend, rising 0.7% to 5,862.17.

Markets in Asia traded in the mix in a choppy morning session on Wednesday. Japan’s Nikkei 225 index is lower 0.21% after gaining as much as 0.7% earlier. Australia’s S&P/ASX 200 Index slipped 0.20% and New Zealand’s S&P/NZX 50 Index advanced 0.27%. South Korea’s Kospi index fell 0.38%. The Shanghai Composite Index traded up 0.35% at 2846.50.

While on domestic front, A SGX Nifty 50 index future for February series traded up 38 points at 7,086. Indian markets are likely to open flat to positive.