Market may open on flat to negative note

Market benchmark BSE Sensex trimmed its initial losses, but still closed lower after a fantastic two-day bull run. The Sensex closed 175.51 points lower at 25,597 and the Nifty declined 39 points to close at 7,849. On the broader markets front, the BSE Mid-cap rose 0.17% and Small cap index fell by a marginal 0.03%. On the sectoral front, Nifty PSU Bank indices fell the most, led by heavyweight SBI ahead of its Q4 results, sliding 2.16 per cent. Followed by Realty (1.08%), Pharma (0.71%), IT (0.67%), Energy (0.62%), Infra (0.57%), FMCG (0.55%), Auto (0.51%).

U.S. stocks closed lower Wednesday erasing nearly all gains from the last session, due to disappointing earnings from Disney and a slump among retailers that led to an unrest among investors. The Dow Jones plunged 217.23 points, or 1.2%, to settle at 17,711.12. The S&P 500 sank 19.93 points, or 0.96%, to close at 2,064.46; meanwhile, the Nasdaq Composite dropped 49.19 points, or 1%, settling at 4,760.69.

Oil traded higher to extend gains following the EIA's weekly inventory report that revealed a decline of 3.4m barrels. WTI oil futures rose USD 1.57, or 3.52%, to settle at a six-month high of USD 46.23 a barrel. Brent crude, the benchmark for international oil prices, rose 30 cents to USD 45.82 a barrel in London.

European stock market was mostly softer on Wednesday, but losses were limited by an oil price rally following surprisingly low US inventories. Frankfurt DAX 30 fell 0.7% and the Paris CAC 40 ended 0.5% lower.

Asian markets opened lower on Thursday, due to disappointing company earnings from Japan and the U.S. fueled market negativity. Crude oil traded near a six-month high, with copper and nickel reverting back to losses. In Japan, the Nikkei 225 index declined 0.44%. In Australia, utilities and banks led the S&P/ASX 200 Index down u0.29%, and New Zealand’s S&P/NZX 50 Index was down 0.18%. The Kospi index in Seoul retreated by 0.1%.

On the domestic front, A SGX Nifty 50 index future for May series is trading down by 9 points at 7,865. Indian markets are likely to open flat to negative due to weak global cues. Investors will be keeping an eye on Dr.Reddy's, Glenmark, Nestle and Zydus Wellness results, due for release today. Market participation must keep an eye on macroeconomic data; IIP numbers for March; and Consumer Price Index (CPI) for April slated to be released today.