Expect market to open in green tracking positive global cues

After a strong rally on Monday, Indian equities indices see-sawed for most part of the day on Wednesday and ended the day with minimal changes. The Nifty ended flat at 7,914.75, after earlier rising as much as 0.5%; and the Sensex gained 0.11% to close at 25,844.18. On the broader markets front, the Small-cap index rose 0.64% and Mid-cap rose 0.10%. The Indian currency closed higher by 33 paise at Rs 66.22 per dollar.

U.S. stocks closed with modest gains yesterday after a midday rally lost steam. Banking stocks have been in the doldrums as investors worry that loans to struggling oil companies could go bad. The S&P 500 closed up 1.60 points, or 0.1%, at 2,102.40. The Dow Jones Industrial Average advanced 42.67 points, or 0.2%, to settle at 18,096.27. Meanwhile, the Nasdaq Composite Index climbed 7.8 points, or 0.2%, to end at 4,948.13.

The price of crude oil shook off an early slide and closed up 4%. It rose US 1.55, or 3.8% to close at USD 42.63 a barrel. Brent crude climbed USD 1.77, or 4% at USD 45.80 a barrel.

European stock markets closed higher as the oil price continued its upward momentum. The main focus on Thursday in European markets will be the policy meeting of the European Central Bank. Germany's DAX rose 0.6% to 10,421.29 while the CAC-40 in France ended 0.6% higher at 4,591.92. Britain's FTSE 100 index rose 0.1% at 6,410.26.

Asian markets advanced in early trade on Thursday, following overnight gains in U.S. equities; and crude oil futures climbed to an almost five-month high. Japan's Nikkei 225 added 1.92% as the yen held steady after three days of declines. South Korea’s Kospi index added 0.47%. Australia’s S&P/ASX 200 Index climbed 0.79%. New Zealand’s S&P/NZX 50 Index advanced 0.16%. Chinese stock market opened lower, with the Shanghai composite down 0.21%.

On domestic front, A SGX Nifty 50 index future for April series traded up by 35 points to 7,970. Indian markets are likely to open in green owing to positive global cues.