Markets likely to open lower tracking weak global cues

Markets are likely to open flat with a negative bias mirroring weakness in the global markets. At 8:30am Indian Standard Time (IST), the early indicator SGX Nifty is trading 0.3% lower.

On Tuesday, the Indian markets ended flat after profit booking emerged at higher levels with Sensex ending13 points up while Nifty finishing unchanged.

Overnight, Wall Street ended lower as reports showed Japan's economy and Chinese exports are shrinking.

In the commodity space, metals dropped on Tuesday with Iron-ore futures on the Singapore Exchange fell 5.2%, after a record 19% jump on Monday while copper fell 0.8% in London, trimming this month's advance to 5.7%.

Following a slip in the commodities, European equities came under pressure as well.

Also, Crude oil prices edged lower on Tuesday after Kuwait said it would only agree to an output freeze if all major producers take part and Goldman Sachs analysts questioned the prospects for a sustained rally.

Meanwhile, Foreign Institutional Investors (FIIs) bought shares worth Rs 775 crore on Tuesday as per provisional stock exchange data.

STOCKS IN FOCUS

SBI, BoB: Public sector banks State Bank of India (SBI) and Bank of Baroda (BoB) are not at all excited by the government's push for consolidation in the public sector banking space.

Maruti Suzuki:  Maruti Suzuki announced its entry into the compact sports utility vehicle (SUV) market with the launch of the Vitara Brezza at an introductory price of Rs 7.35 lakh (ex-showroom, Mumbai).

Metal stocks: The metal stocks will be in focus after metals lost sheen on London Metal Exchange (LME) on Tuesday.

Nalco: Nalco's plan to buy back up to Rs 3,250 crore ($483 million) of government shares will be delayed to the next financial year because of procedural delays, a government official said Tuesday.

Idea Cellular: According to media reports, the company is believed to have offered Rs 4,000 crore to buy out Providence's 16% stake in its subsidiary Aditya Birla Telecom, offering more than 40% premium to the US private equity firm's investment.

Reliance Industries: Mukesh Ambani-owned Reliance Jio will offer free Wi-Fi services during the T20 World Cup across six stadiums in the country.

Tata Motors: Tata Motors on Tuesday said the company has yet again reached out to the striking workers and advised them to resume duty on or before March 11, failing which, the company would take appropriate legal actions. The workers, however, said there was no plan to join back as of now.

Syndicate Bank: The Central Bureau of Investigation (CBI) carried out searches at 10 locations, spread in three cities after registering a case of alleged loan fraud estimated to be around Rs 1,000 crore in the firm