Global cues positive but flat Nifty opening seen

The Indian equity market is unlikely to see any respite soon as the SGX Nifty hints at another day of weak opening. The market indicator was trading at 8462, down 2.50 points.

The bears were all over Dalal Street on Monday as stocks got battered with the Sensex losing nearly 2 percent. The Nifty broke below 8,500 and the rupee fell to its one-month lows against the dollar.

Globally, the cues are positive with US stocks having closed sharply higher on the back of unexpected stimulus from China and as investors eyed corporate earnings. Europe too closed with smart gains. Asian markets are positive in morning trade.

In other asset classes, the dollar rose broadly, with the euro sliding against the US currency, on growing concern that Greece may default on debts.

In commodities, crude prices remain largely unchanged. Brent crude slipped marginally to USD 63 per barrel.

And precious metal gold fell below USD 1200 an ounce as the dollar steadied. Back home, the government has hinted at an import duty cut for gold after imports surged in March.

In important earnings today, IT majors, HCL Tech and Wipro report numbers today. According to a CNBC-TV18 poll, HCL Tech may see dollar revenue growth which is better than peers at 0.7 percent.Its margins, however, are seen down 120 bps at 22.6 percent. Meanwhile, Wipro's dollar revenue growth is seen down 0.2 percent while margins are seen lower due to cross currency.

And in other corporate action Daiichi Sankyo is set to exit Sun Pharma by selling nearly 9 percent stake in the open market, thereby raising over USD 3 billion. The block deal will be launched today and promoter Dilip Shanghvi is said to be picking up half of Daiichi's shares.