MARKETS LIVE: Q4 earnings, oil prices to guide markets today

Indian equity market is expected to open flat on Wednesday amid increasing volatility. Crude oil prices and value of domestic currency could affect BSE Sensex and NSE Nifty on Wednesday.

The S&P BSE Sensex and Nifty traded flat for most part of the day on Tuesday, seeing selling pressure only during the last trading hour. While the former closed 80 points lower at 38,565, the latter slipped 18 points to close at 11,576 level.

India VIX, the volatility barometer, touched an intra-day high of 3 per cent.

Oil & Rupee

Oil prices inched lower on Wednesday after markets were assured of “adequate global supply” despite the US announcing no “reissue of waivers” against Iran sanctions.

Brent crude futures were at $74.24 per barrel at 6:28 am, down 27 cents, or 0.4 per cent from their last close.

Rupee closed at Rs 69.63 against a dollar marginally higher than Monday’s close of Rs 69.67.

Global cues

Asian markets rallied on Wednesday morning after upbeat earnings helped the Nasdaq and S&P 500 indices record closing highs on Wall Street.

MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.1 per cent in early trade in Asia. Japan is also due to release its Industry activity index today.

US benchmark index Dow Jones Industrial Average rose 0.52 per cent to 26,647.97.  S&P 500 and Nasdaq Composite added 0.91 per cent and 1.35 per cent each to close at 2,934.31 and 8,123.25 respectively.