Negative start likely for the markets on weak global cues

The start of the F&O expiry session is likely to be slightly in the red on the back of weak global leads. Traders will also remain cautious on the report that GST collections for the month of February 2018 showed a downward trend. At Rs 85,174 crore, the GST collections for February were progressively lower than January and December. Lot of volatility may be seen with the progress of the trade as traders will balance their positions to the new series. The SGX Nifty is pointing that Nifty may open around 10,123.

The equity markets in Asia suffered a setback on Wednesday following a sharp sell-off on Wall Street overnight. Japan’s benchmark index Nikkei 225 has collapsed 1.82% led by energy, transportation and tech shares. Hong Kong’s Hang Seng has slipped 0.96% and China’s Shanghai Composite has shed 0.42%.

Back home, the stock markets ended on a positive note for the second straight session on Tuesday, with the BSE Sensex rising by over 100 points and Nifty gaining over 50 points. The broader indices outperformed the benchmark indices, with Nifty Mid-cap and Small-cap gaining 1.32% and 1.74%, respectively. All the sectoral indices on the NSE ended in the positive territory, with PSU Bank leading the way with gains of about 2.98%.

The US markets tumbled on Tuesday as a sell-off in the technology sector fuelled a collapse that sheared off much of Monday’s sizeable gains. Facebook, the social media giant, led the downslide following news that CEO Mark Zuckerberg is planning to testify before the Congress in the wake of the Cambridge Analytica Scandal. The Nasdaq slumped 212 points to close at 7,009, the Dow Jones Industrial Average plummeted 345 points to finish at 23,858 and the S&P 500 lost 46 points to end at 2,613.

European equities rebounded from one-year lows on Tuesday as concerns over a global trade war eased. Germany’s DAX index rose 1.56%, France’s CAC 40 index climbed 0.98% and UK's FTSE 100 climbed 1.54%.