Domestic cues will play an important role in deciding the market trend today as the Reserve Bank of India reviews the Monetary Policy later in the day. The markets are expecting a cut of 25 basis points in the policy rate.
US stocks ended mixed while European equities closed higher on Monday after better-than-expected U.S. retail sales data helped improve sentiment.
Asian shares were capped while the euro eased on Tuesday, as soaring Spanish borrowing costs underscored the fading impact of the European Central Bank's bond purchases and stoked investor nervousness over euro zone debt.
MSCI's broadest index of Asia Pacific shares outside Japan and the Nikkei average gained 0.1 per cent each.
Back home, the Nifty is likely to seek support around 5,205-5,190, while face resistance around 5,245-5,265, analysts say. At 710 am Indian Standard Time, the SGX Nifty was trading at 5,228 – down 32 points.
Among individual stocks, watch out for rate sensitives such as autos, realty and banks as the RBI reviews the monetary policy.
Merrill Lynch Capital Markets has bought 2.13 million shares of IVRCL through an open market transaction.
The residual stake sale in Hindustan Zinc and Balco is unlikely to happen soon, with the government deciding to tread cautiously keeping in mind the high stakes and the litigation process involved.
MindTree has reported over two-fold increase in net profit at Rs 68.9 crore for the quarter ended March 31, driven by strong growth in software services.
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