Benchmarks are expected to open sideways after the extended weekend, due to the lack of global market indices. US markets ended virtually unchanged, Asian markets are poised for a slightly higher open and trends on SGX Nifty indicate a flat open for domestic markets. As of 7:30 am, Nifty futures were trading at 14,770, up 29 points or 0.15% on the Singapore Stock Exchange.
Asian stocks are expected to open slightly higher on Tuesday as investors allayed previous worries about a hedge fund default that rocked global banking stocks overnight, while rekindled concerns about inflation pushed bond yields on the rise.
In the U.S., the S&P 500 ended slightly in the red on Monday, with bank stocks falling amid warnings of potential losses from a hedge fund default on margin calls, while optimism over the economy limited the day’s declines.
The Dow Jones rose 0.3%, while the S&P 500 lost 0.09% and the Nasdaq Composite fell 0.6%.
On the IPO front, mobile game company Nazara Technologies will be listed on the stock exchanges today.
On Friday, the BSE Sensex had climbed 568.38 points or 1.17% to close at 49,008.50 and the Nifty had risen 182.40 points or 1.27% to 14,507.30. Markets were closed on Monday due to Holi and will remain closed on Friday due to Good Friday, in what will be a truncated trading week.