The Indian stock market is likely to open flat to higher on Tuesday, tracking the positive cues from its regional peers and a decline in crude oil prices. However, trading is likely to be impacted by the government's announcement of inflation data for the month of May later in the day.
Looking ahead, the Reserve Bank of India's mid-quarter review due on 16th, corporate advance tax payments numbers for the June quarter that will be announced on 15th and the progress of monsoon rains are likely to influence market direction this week.
The Indian market recovered on Monday after sliding into negative territory in early trade. The BSE Sensex lost 2.51 points or 0.01 percent to settle at 18,266.03, its lowest level since May 30, 2011. The S&P CNX Nifty was down 3 points or 0.05 percent to 5,482.80, its lowest level since May 30, 2011.
On Wall Street, stocks ended flat after a choppy session on Monday, as spate of merger announcements failed to clear away the economic concerns that have weighed on stocks in recent weeks.
The Dow failed to regain the 12,000 level, though it spent some time above that mark early in the session. The blue-chip index gained a little more than a point on Monday to close at 11,953. The S&P 500 gained less than a point to close at 1,271.8 and the Nasdaq finished slightly lower on the day, slipping by about 4 points to 2,639.7.
Crude oil prices declined sharply on Monday following a downgrade of Greece's credit ratings stoking worries about global economic growth and raising concerns about demand for oil. Light, sweet crude for July delivery ended down US$1.99 at US$97.30 a barrel on the New York Mercantile Exchange.
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