Markets open on a cautious note

Benchmark indices have opened flat as investors remain cautious ahead of key events including Economic Survey, Railway Budget and Union Budget along with the expiry of February series due later during the week.

At 9.15 AM, the 30-share Sensex is up 5 points at 28,980, whereas the 50-share Nifty has lost 4 points at 8,751.

Only days before the 2015-16 Budget, global ratings agency Standard and Poor’s (S&P) said the government must deliver on its reform promises, as low income levels and weak fiscal indicators were constraining the sovereign’s credit worthiness compared to its peers.

GLOBAL MARKETS

Caution shrouded Asian markets on Tuesday as investors fretted over what Federal Reserve Chair Janet Yellen might say on the likely lift-off date for policy tightening later in the session.

Moves were marginal at best and MSCI's broadest index of Asia-Pacific shares outside Japan inched down 0.1%. The Nikkei dithered either side of flat after scoring a run of 15-year highs.

Oil prices tried to steady after their latest retreat, with US crude up 10 cents at $49.55.

On Wall Street, the Nasdaq had notched up nine straight sessions of gains in its longest since September 2010, aided by a further rise in Apple stock to an all time peak.

The Nasdaq ended Monday up 0.1%, while the Dow fell 0.13% and the S&P 500 lost 0.03%.