Expect market to open in green tracking SGX Nifty

Indian equities markets ended lower on Monday in volatile trading session after the Union government presented its budget for the financial year 2016-17. The Sensex fell as much as 660 points intraday, but soon recovered and ended 152 points lower to end at 23,002. The Nifty too slumped 43 points to close at 6,987. Broader markets witnessed mixed moves with the BSE Midcap index ending 0.1% higher while Smallcap index closing 0.1% down. 

In this budget Finance Minister Arun Jaitley gave higher allocations to the rural sector sought to boost incomes of the poor and the underpriviledged. Government has targeted to transform rural economy by better road connectivity, improving irrigation and empowering Panchayats by pumping around Rs 3 lakh crore.

U.S. stocks finished lower Monday, as the Dow industrials hung on to post a small gain for the month, while the S&P 500 and the Nasdaq Composite posted three straight monthly declines for the first time since 2011. The Dow fell 123.47 points, or 0.7%, to 16516.50 and the S&P 500 fell 15.82 points, or 0.8%, to 1932.23. The Nasdaq Composite lost 32.52 points, or 0.7%, to 4557.95.

European equities closed mostly higher Monday on the jump in oil prices and mining stocks, and China’s Central Bank launched another stimulus effort. The Stoxx Europe 600 rose 0.7% to end at 333.92 but notched its third consecutive month of losses. Germany’s DAX 30 gave up 0.2% to end at 9,495.40, but France’s CAC 40 moved 0.9% higher to 4,353.55. The U.K.’s FTSE 100 moved up less than 0.1% to finish at 6,097.09.

Crude oil prices rose on Monday amid continued reports favorable to a production freeze, including comments from Nigerian Oil Minister Emmanuel Ibe Kachikwu on CNBC. Brent futures were trading at USD 35.97 per barrel, up 87 cents, or 2.48%. U.S. crude futures settled at USD 33.75 a barrel, up 2.96%, or 97 cents.

Markets in Asia traded in the mix on Tuesday morning, with sentiment bolstered by China's easing move and gains in oil prices. China’s output from large factories contracted for the seventh straight month in February. PMI came in at 49.0, below market forecasts for 49.4 and January's reading of 49.4. Japan's Nikkei 225 was down 0.77% in early trading, crimped by gains in the Yen. South Korea’s financial markets are closed for a holiday. Australia’s S&P/ASX 200 Index added 0.11% and New Zealand’s S&P/NZX 50 Index climbed 0.3%. While the Shanghai Composite Index fluctuated and is currently trading at 0.51% up-move.

While on domestic front, A SGX Nifty 50 index future for March series traded up 40 points at 7,048. Indian markets are likely to open in the green tracking SGX Nifty.