The Indian equity markets opened in the red this morning after the rupee breached the 63 mark against the US dollar for the first time since 30 September.<br /><br />
Indian markets opened flat as investors remain cautious ahead of RBI's policy move. The RBI is expected to raise policy interest rates for the second time in as many months today to fight stubbornly high inflation, while rolling back further emergency measures put in place recently to support the slumping rupee.<br /><br />
Markets are likely to see a gap up opening after the Federal Reserve stunned markets and decided not to taper its asset-buying programme.
The Indian equity markets are likely to open steady with a negative bias today as Asian stocks have risen in the morning trade, while SGX Nifty futures on the Singapore Stock Exchange was marginally down.<br /><br />
Admitting that the government could have done more, Chidambaram said measures can only be taken once the wheels have turned.
There is very little that can be achieved by the Budget alone and it has to be supplemented by effort from the government in tandem with the RBI's monetary policy.
Nifty has recovered from its fall and is now trading at 4,886.
Among the 13 sectoral indices on the BSE, 11 are in the green. The top gainer continue to be Consumer Durables, followed by Teck, FMCG and IT. The losers include Autosand Oil & Gas
The markets open on a flat note with the Sensex gaining 11.77 points or 0.07 percent to reach 17199.11 and the Nifty slipping 7.55 points or 0.14 percent to reach 5201.45.
After the outlook downgrade by S&P, RBI too has been seen comforting the markets, saying the country's financial system is strong and sometimes ratings are discounted by markets.
Today is the April F&O series expiry and volatility is likely to creep in the latter part of the day.
TCS and Ultratech Cement are some of the results that the market will be watching closely today.
While the markets have opened on a flat note, one could look forward to the results of ACC and Induslnd Bank today.<br /><br />
HDFC Bank and HCL Tech are going to set the tone of the markets as we move ahead into the earnings season.
The Nifty loses all of its per-opening gains and settles with a flat opening, while the Sensex opens up around 20 points.
All eyes are on the monthly inflation data and RBI's monetary policy announcements tomorrow, where there is a widely expected rate cuts hope this time.
Nifty opened just 10 points down on poor Infosys results but bounced back and managed to hold in the green despite a horrible performance by the IT index