Market likely to open flat on opening bell

Indian equities indices fell to a three-week low on Monday following a spate of disappointing corporate results along with a fall in manufacturing growth that fell to its lowest in four months. The Nikkei/Markit Manufacturing Purchasing Managers' Index fell to a four-month low of 50.5 in April from March's 52.4, nearing the 50 mark that separates growth from contraction and is the lowest reading of the year. The Sensex was down 169.65 points or 0.66% at 25,436.97 and the Nifty was down 43.9 points or 0.56% at 7,805.90. On broader markets front, the Mid-cap and Small-cap indices closed higher by 1.10% and 0.39%, respectively. Both these indices outperformed the Sensex.

U.S. stocks closed higher Monday after data showed slow-but-steady economic growth unfolding in the U.S. and the market was also catalysed by a decline in the dollar index. The Dow Jones industrial average closed higher by 117.52 points, or 0.7%, to 17,891, after falling 230 points last week. The S&P 500 index gained 0.8% to 2081. The Nasdaq composite index gained 0.9% to 4818 and broke a 7-day losing streak.

European stocks ended in the mix on Monday due to weak performance in the Italian banking sector; and a decline in oil prices capped gains in the region. The Stoxx Europe 600 settled with a loss of less than 0.1% at 341.24. France’s CAC-40 index rose 0.3% to 4,442.75. The German DAX 30 index rose 0.8% to end at 10,123.27.

Crude oil prices fell sharply on Monday after data showed rising oil stockpiles in the U.S. and due to increased production from the Organization of the Petroleum Exporting Countries (OPEC). The U.S. crude ended down 2.5% at USD 44.78 a barrel and Brent crude price was down 3.3% at USD 45.83 a barrel.

Asian stocks were mostly higher Tuesday, despite weaker-than-forecast Chinese manufacturing data. Japan's markets were closed Tuesday for the Constitution Day holiday. Australia’s S&P/ASX 200 Index rose 0.8% while New Zealand’s S&P/NZX 50 Index slid 3.11%. South Korea’s Kospi index rose 0.26%. China’s Shanghai composite index advanced 1.18%.

On the domestic front, A SGX Nifty 50 index future for May series traded down by 19 points at 7,819. Indian markets are likely to open flat. Investors will be keeping an eye on Godrej Consumer's and TVS Motors' results due for release today.