See flat to positive opening

Indian equities indices tanked over 2% on Tuesday as investors booked profits in Banking stocks after the RBI slashed the repo rate by 25 basis points which was in line with market expectations. It was biggest intraday fall in 8 weeks as they came under pressure from the global markets following a decline in crude oil prices. The Sensex fell 2% or 516 points to close below 25,000 at 24,883.6; and Nifty fell 2% or 155 points to close at 7,603. However, the fall in broader markets was lesser as compared to benchmarks; the Mid-cap index and Small cap index fell 1.47% and 1.4% respectively. On currency front, Indian rupee snapped its nearly 2-week winning spree against US dollar, it dropped by 25 paise to end at Rs 66.46.

U.S. stocks closed lower on Tuesday for a second straight day due to fears over the coming earnings season; and a renewed selling in the oil patch. The head of the International Monetary Fund, Christine Lagarde, also warned in a speech that the global recovery remains "too slow." The Dow Jones industrial average fell 133 points or 0.8% to 17,603. The S&P 500 index declined 20 points, or 1% to 2,045. The Nasdaq composite lost 47 points, or 1% to 4,843.

European stock markets were also deeply in the red on Tuesday, as an unexpected plunge in German manufacturing orders and worries about global growth hurt sentiment. The Stoxx Europe 600 index slumped 1.9% to end at 328.15; and the DAX 30 index was down 2.6% at 9,563.36. The U.K.’s FTSE 100 index lost 1.2% to 6,091.23, while France’s CAC 40 index dropped 2.2% to 4,250.28.

Asian stocks darted between gains and losses on Wednesday morning, in uncertain trading after the global sell-off in European and U.S. equities overnight. Japan's Nikkei 225 swung between gains and losses and is currently trading in the advance of 0.29%. South Korea’s Kospi index added 0.25%, while Australia’s S&P/ASX 200 Index rose 0.53%. New Zealand’s S&P/NZX 50 Index traded flatly. The Shanghai Composite Index was lower at 0.21%.

On domestic front, A SGX Nifty 50 index future for April series traded up 27 points at 7,635. Indian markets are likely to open flat to positive.