Dalal Street is poised to witness a subdued opening on Tuesday tracking a muted trend in fellow Asian peers, and continued profit taking by traders ahead of Friday’s Q4 GDP numbers and the expiry of the May Futures & Options (F&O) contracts on Thursday. Succumbing to a heavy sell-off, the 30-share Sensex on Monday witnessed its biggest decline in two weeks, dropping by 313.62 points or by 1.12 per cent to finish at 27,643.88 as sentiment was shaken by fears of an earlier than expected US interest rate hike. Shares of Tata Motors, Bharat Heavy Electronics Ltd (BHEL), IDBI Bank and Dish TV will be in focus as they unveil their March quarter earnings on Tuesday. Volatility may continue as traders roll over their positions ahead of the May derivate expiry and caution amid the progress of the South-West Monsoon. Muted trade in the SGX CNX Nifty Index futures for May delivery which was trading lower by 0.05 per cent at 8,357.5 at 10:44 am Singapore time pointed to a listless start to Tuesday’s trading session at Indian stock markets. Jitters over US monetary tightening may continue to weigh on investor mood as another official from the Fed on Monday stressed that improving employment growth and quickening inflation are building the case for a rate hike. Investors will eye a flurry of US data on Tuesday including durable goods orders, home prices, new home sales, composite PMI and consumer confidence, that may offer further cues over the health of the world’s biggest economy. Meanwhile, Asian shares were trading mixed with Shanghai Composite and Nikkei 225 tad lower amidst profit booking and fears over Greece as the country scrambles to secure a last-minute deal with its creditors to avoid a default, while Hang Seng rose after reopening following Monday’s holiday. Wall Street was closed on Monday due to the Memorial Day holiday.
