The benchmark indices are likely to open sideways after the extended weekend, due to absence of any cues from the global market front. US markets ended virtually unchanged, Asian markets are poised for a marginally higher opening and trends on SGX Nifty indicate a flat opening for the markets back home. At 7:30 am, the Nifty futures were trading at 14,770, higher by 29 points or 0.15 per cent on the Singapore Stock Exchange.
Asian shares were set to open marginally higher on Tuesday as investors shook off earlier worries about a hedge fund default that roiled global banking stocks overnight, while rekindled concerns about inflation pushed bond yields higher.
In the United States, the S&P 500 ended just slightly in the red on Monday, with bank shares falling amid warnings of potential losses from a hedge fund’s default on margin calls, while optimism over the economy limited the day’s declines.
The Dow Jones rose 0.3 per cent, while the S&P 500 lost 0.09 per cent and Nasdaq Composite dropped 0.6 per cent.
On the IPO front, mobile gaming company Nazara Technologies will list on the bourses today.
On Friday, the BSE Sensex had climbed 568.38 points or 1.17 per cent to close at 49,008.50 and the Nifty had risen 182.40 points or 1.27 per cent to 14,507.30. The markets were shut on Monday on account of Holi and will remain closed on Friday due to Good Friday, in what will be a truncated week of trading.