Pre-Market: Flat to positive opening likely

Markets to look out for RBI's monetary policy amid expectations of a interest rate cut

Markets are expected to open on a flat note with a slight positive bias ahead of the Reserve Bank of India’s monetary policy today amid expectations of a interest rate cut.

The RBI in its economic review on Thursday warned of only a “very limited” scope for further easing of monetary policy in the current financial year, striking a hawkish tone.

Meanwhile, global risk appetite was firm after the European Central Bank cut interest rates for the first time in 10 months on Thursday and held out the possibility of further policy action to support the recession-hit Euro zone economy..

At 7:15AM IST, SGX Nifty traded up 7 points at 6015.00.

Asian shares traded higher after the ECB rate-cut move.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.3 percent, with South Korean stocks gaining 0.2 percent in early trade. Japanese financial markets are shut for holidays and will reopen on Tuesday.

Overnight, US stocks rallied after weekly jobless claims figures pointed to improving labor market conditions

The number of Americans filing new claims for jobless benefits fell sharply last week to its lowest level since the early days of the 2007-09 recession, suggesting the job market is still healing despite weakness in the broader economy.

The Dow Jones industrial average was up 130.63 points, or 0.89 percent, at 14,831.58. The Standard & Poor's 500 Index was up 14.87 points, or 0.94 percent, at 1,597.57. The Nasdaq Composite Index was up 41.49 points, or 1.26 percent, at 3,340.62..

Domestically, in the earnings calendar, we have ACC, Ambuja Cements, Hindustan Construction, JSW Energy, Pfizer and Titan Industries which are slated to announce their fourth quarter performances today.

Following stocks are expected to move on the exchanges today:

Rating agency CRISIL on Thursday downgraded gems and jewellery group, Su-Raj Diamond Industries and two of its entities to the “D” grade, following default in repayments to lenders.

Kotak Mahindra Bank on Thursday said its standalone net profit for the quarter-ended March 31 increased 47 per cent from a year earlier to Rs 436 crore, aided by improved performance of treasury, retail and corporate banking businesses.