India : Market may open flat to negative surrounded by negative global cues

Indian benchmark indices got off to a positive start on Tuesday and thereafter indices extended the gains to register fresh intraday highs in the late morning session and Nifty traded above 9200 level. But the indices erased gains in the second half of trading session amid lingering geopolitical tensions over North Korea. Finally, the NSE’s 50-share broadly followed index – Nifty plunged by over quarter per cent to settle just above the crucial 9,100 support level, while Bombay Stock Exchange’s Sensitive Index – Sensex took ninety-four points cut and closed above the psychological 29,300 mark.Indian Meteorological Department (IMD) predicted Indian may receive a normal rainfall up to 96 per cent of long term average (LTA) even as the possibility of a weak El Nino between August and October may impact the monsoon. The European markets ended Tuesday’s session in negative territory. The DAX of Germany dropped 0.90 per cent and the CAC 40 of France fell 1.59 per cent. The FTSE 100 of the U.K. declined 2.46 per cent.The Wall Street took a hit on Tuesday in the wake of disillusioning results from Johnson and Johnson and Goldman Sachs. Moreover, geopolitical tensions of simmering discontent in Syria and North Korea also exacerbated matters for the US markets. The Dow Jones Industrial Average dropped 113 points after Johnson and Johnson missed the street expectation and Goldman Sachs disappointed street with lower than expected trading income. The Nasdaq Composite Index lost 7 points and S&P 500 fell 7 points. Asian markets are trading in negative terrain on Wednesday. Japan’s Nikkei 225 shed 1 point.  China’s Shanghai Composite is trading lower by 30 points. Hong Kong’s Hang Seng slid 187 points.  At 8:11 am, SGX Nifty Index were trading flat with negative bias at 9115.50, indicating a flat to negative start for Indian equities.  Private lenders Yes Bank and IndusInd Bank are slated to report their earnings today.