Indian shares look set to open flat to slightly lower on Tuesday, tracking weak global markets and amid concerns over valuations after recent strong gains.
The focus will remain on upcoming budget as this will be the last full year budget of the government before next year's Lok Sabha election.
On the earnings front, BlueDart, EI Hotel, IOC, Oriental Bank, SBI Life and TVS Motor will unveil their quarterly results later today.
Benchmark indexes Sensex and the Nifty rose more than half a percent on Monday while the rupee strengthened to 63.63 per dollar on increased selling of the U.S. currency by banks and exporters.
Asian stocks are broadly lower this morning following a softer lead from Wall Street overnight. The dollar enjoyed a reprieve from recent selling after U.S. bond yields hit near four-year highs on expectations of a rise in real interest rates globally. Oil prices extended losses, pressured by the dollar's rebound, while gold held little changed.
Overnight, U.S. stocks pulled back from their record highs as investors weighed the latest earnings releases and deal news and looked ahead to a busy week of economic data.
The Dow and the S&P 500 slid around 0.7 percent each while the tech-heavy Nasdaq Composite dropped half a percent.
European markets ended Monday's session on a mixed note as banks and energy stocks succumbed to selling pressure, offsetting a rally in the technology sector. The pan-European Stoxx Europe 600 index eased 0.2 percent.
by RTT Staff Writer
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