Pre-market: Subdued opening seen

Markets are expected to open on a soft note on back of subdued cues from Asia. The Nifty futures on the Singapore Exchange declined seven points, at 5693.

Reliance and State Bank of India reported third quarter earnings over the weekend will influence the direction of the markets in opening trades. Avinash Gupta, Vice President Research Equity, Bonanza Portfolio Limited said, "the market is expected to consolidate in a range of 5550 and 5800. Volatile may continye in the view of the expiry of derivative contracts and the credit policy review on Tuesday this week."

Asian shares were trading mixed on back of bargain buying after the sell-off last week. All eyes are on the US Federal Resesrve meeting this week.

Japan's Nikkei Stock Average was up 0.4%, at 10,312. Hong Kong's Heng Seng index was trading in a tight range, the index slipped 0.1%, at 23,862 dragged led by losses in resource and insurance shares. China's Shanghai Composite reversed gains, the index was down 0.2%, at 2,711 on back of concerns about further tightening.