The domestic markets are expected to open on a flat note with a negative bias amid weak global cues.

SGX Nifty at 17,692 indicates a positive opening for Nifty, with Nifty April futures closing at 17,655.80 on Thursday. However, with global markets directionless, experts expect the Indian markets also to remain clueless.

US stocks are declining as earnings and economic evidence suggest wage growth is still too high and will keep inflation sticky. Earnings alone are dragging stocks down as Tesla deals with its margin problem, American Express prepares for loan losses, and after TSMC’s disappointing outlook. ​

“Wall Street is staring at a list of Fed speakers who will undoubtedly have to stick to the script that inflation is too high and that they can continue with their rate hiking cycle since banking turmoil has yet to intensify,” said Edward Moya Senior Market Analyst, The Americas, OANDA.

Foreign portfolio investors, who were until recently buyers in this fiscal, have turned net sellers in the cash market in the last few days.

With index heavyweight Reliance Industries set to declare its quarterly numbers, most likely post-market hours, the benchmark indices are expected to move in a range, they added.

The ongoing Q4 earnings season is the focus area for the market. It has a negative bias due to the lower-than-anticipated results announced so far, especially in the IT sector, saidVinod Nair, Head of Research at Geojit Financial Services.The global market has been unsupportive due to expectations of another rate hike and mixed earnings released in the US. Given the cautious global sentiment, withdrawal by FIIs during the week has hampered the market trend, he added.

Also read: What next after Federal Reserve’s 25 bps rate hike

According to Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd, the market had run up sharply over the past week or so, but with FIIs turning sellers in the last few sessions and global central banks signalling more hawkish bets going ahead, traders are maintaining a cautious stance.

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