Market may open near flat line

GIFT Nifty:

Trading of Nifty 50 index futures on the GIFT Nifty indicates that the Nifty could rise 12 points at the opening bell.

On the macro front, retail inflation eased to a five-month low in March on the marginally moderating food inflation, while industrial output growth rebounded to a four-month high in February, led by robust infra sectors and consumer durables output. India's retail inflation eased to 4.85% on an annual basis in March as against 5.09% in the previous month, data showed on Friday. Meanwhile, the industrial production surged to a four-month high of 5.7% in February compared with 4.3% in the previous month.

Global markets:

Overseas, Asian stocks are trading lower on Monday on risk off sentiment as geopolitical tension heightened after Iran's attack on Israel over the weekend. Traders weighed the impact of Irans massive drone and missile attacks on Israel. Iran launched more than 300 drones and missiles against military targets in Israel on Saturday. Though significant in scale, the Iranian attack caused little actual damage in Israel, as per reports.

India will release its wholesale inflation figures for March later in the day, while China will announce its first quarter GDP numbers on Tuesday. Japan will release its March trade data and inflation numbers on Wednesday and Friday, respectively.

US stocks tumbled Friday following a mixed start to earnings reporting season. Worries about potentially escalating tensions in the Middle East rattled financial markets, pushing investors to look for safer places for their money.

Domestic markets:

Back home, domestic equity market took a tumble on Friday, mirroring the downbeat mood in other Asian stock markets. The barometer index, the S&P BSE Sensex, dropped 793.25 points or 1.06% to 74,244.90. The Nifty 50 index fell 234.40 points or 1.03% to 22,519.40.

Foreign portfolio investors (FPIs) sold shares worth Rs 8,027 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 6,341.53 crore in the Indian equity market on 12 April, provisional data showed.

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