Expect a flat opening of the markets

Indian equities markets showed minimal changes on Wednesday ahead of a long weekend, marking a fourth consecutive weekly gain. The Sensex ended higher by 7.07 points or 0.03% at 25,337.56 and the Nifty ended up by 1.6 points or 0.02% at 7,716.50. The broader markets slightly outperformed the benchmark indices. The BSE Mid-cap and Small-cap indices closed 0.24% higher. For the week, the Sensex gained 1.5% and the Nifty advanced 1.5% on expectations that the Central Bank would cut interest rates at its policy review on April 5.

U.S. stocks were flat on the last trading day of the week,Thursday, amid renewed talk of a coming interest rate hike from the Federal Reserve, a resurgent dollar and falling oil prices, putting an end to their five-week winning streak. The Dow gained 13 points to end at 17,515 and the Nasdaq rose 4 points to finish the day at 4,773. Meanwhile, the S&P 500 fell 1 point to close at 2,035. For a week, the S&P 500 ended down 0.7%, while both the Dow and the Nasdaq declined 0.5%.

Crude oil prices settled lower on Thursday, as a massive build up in U.S. crude inventories helped prices tally their first weekly loss in six weeks. Brent crude was down 2 cents at USD 40.45 a barrel. U.S. crude settled down 33 cents or 0.8% at USD 39.46 a barrel. For the week, it lost around 3% and 5% respectively.

European stocks slumped for a fourth straight day, due to fresh concerns over U.S. interest rate hikes and as another day of losses in commodity markets dragged on the sentiment. The Stoxx Europe 600 fell 1.5% to close at 335.10, deepening its weekly loss to 1.9%. Germany’s DAX 30 fell 1.7% to 9,851.35 and France’s CAC 40 was pushed 2.1% lower to 4,329.68. The U.K.’s FTSE 100 index dropped 1.5% to 6,106.48.

Asian markets traded higher on Monday after a long weekend. The weakness in the yen sent Japanese shares higher, while oil advanced for the first time in three sessions. Japan’s Nikkei 225 index gained 0.70%, as the yen slipped 0.4% against the dollar. Chinese markets were also higher, with the Shanghai composite adding 0.78% while South Korea’s Kospi index was up 0.1%. Markets in Australia, New Zealand and Hong Kong remain closed today.

On domestic front, A SGX Nifty 50 index future for March series traded up 12 points at 7,697. Indian markets are likely to open flatly. Going forward, it may remain volatile ahead of F&O expiry in the current week.