Markets likely to open flat tracking SGX Nifty

Indian equities indices were consolidating, and closed flat on Friday, but posted their biggest weekly fall of over 2% in six sectors due to profit-taking in recent outperformers. The Sensex fell 11.58 points to 24673.84 while the Nifty ended above 7550 level, rising 8.75 points to 7555.20 on Friday. For the week, the Sensex lost 2.4% and Nifty shed 2% while broader markets ended flat. Indian rupee depreciated around 0.21% at 66.46 on April 07 from Rs 66.33 on March 31.

According to Society of Indian Automobile Manufacturers (SIAM), domestic passenger car sales fell 0.3% to 1,75,730 units in March from 1,76,260 units in the same month last year. However, two-wheeler sales in March rose by 10.92% to 14,67,714 units as against 13,23,184 units in the same month last year. Sales of commercial vehicles were up 22.03% to 79,865 units in March on a low base of last year. IPO of Equitas Holdings got robust investor response with the issue getting oversubscribed by 17.21 times, on the last day of the offer on April 7.

US Stock Markets closed modestly higher Friday, due to being buoyed by rising oil prices, but still posted their worst week since early February. On Friday, the Dow Jones Industrial Average added 35 points or 0.2%, to 17576.96, the S&P 500 rose 5.69, or 0.3%, to 2047.60 and and the Nasdaq Composite added 2.32 points or 0.05% to 4,850.69. For the week, the Dow and S&P 500 both lost 1.2% while the Nasdaq fell 1.3%.

European stock markets rebounded in Europe on Friday in the backdrop of higher oil prices; and as upbeat trade data lifted Germany's DAX 30 index. The Stoxx Europe 600 index rose 1.2% to end at 331.86, and still logged a 0.4% weekly loss, marking the fourth-straight losing week. London's benchmark FTSE 100 index ended the day up 1.1%, Frankfurt's DAX 30 closed 1.0% higher and the Paris CAC 40 climbed 1.4%.

Asian markets were lower on early Monday ahead of Chinese data on inflation and factory prices, as Japanese shares retreated amid a slump in machine orders. Japan's Nikkei stock index skidded 1.35% in early trading. South Korea’s Kospi index slipped 0.30%. Australia’s S&P/ASX 200 and New Zealand’s S&P/NZX 50 Index both slid 0.30% and 0.18%, respectively. While China’s Shanghai composite added 1.7%.

On domestic front, A SGX Nifty 50 index future for April series traded down 6.5 points to 7,575. Indian markets are likely to open in the flat tracking SGX Nifty. In a truncated week, investors will be watching out for key corporate earnings such as that of Infosys; as well as macroeconomic data, which will determine market sentiments. Indian markets will remain closed on Thursday on account of Ambedkar Jayanti and on Friday on account of Ram Navami.