Markets are expected to open flat on back of subdued global cues and deluge of corporate earnings which may not surprise on the higher side.
Nifty futures on the Singapore Exchange were up 5 points,at 5655. Analysts expect markets to trend downwards after China's latest tightening move. HDFC Securities in the morning note said, "we expect markets to open flat and move downwards in response to higher requirement of reserve ratio announced by China. 18,500 is a crucial support on Sensex, while 19,150 is an important resistance."
China's Shanghai Composite was down 1.1%, at 2,761 led by losses in financials after the government unexpectedly raised reserve requirement for banks by 50 bps on Friday.
Even Hong Kong's was trading flat at 24,286, mainland Chinese banks and property developers weighed. Japan's Nikkei Stock Average was up 0.4%, at 10,536. South Korea's Kospi Composite was trading flat at 2,109.
In India, financials will be closely watched as Axis Bank and Indusind Bank are expected to report third quarter earnings today. From Capital Goods space Larsen & Tourbo and from IT space TCS is expected to announce results today.
