The domestic stock markets are likely to open flat, post the 1 per cent rally witnessed in the previous session, going by global market cues. Trends on SGX Nifty indicate a muted start for the index in India. At 7:30 am, the Nifty futures were trading virtually unchanged at 14,485 on the Singapore Stock Exchange. The markets are, however, likely to remain volatile due to the ongoing earnings season and upward trajectory in Covid-19 cases across the country.
Overnight, the S&P 500 and Nasdaq closed at record highs fueled by Tesla Inc and other heavyweight growth stocks ahead of a deluge of earnings reports this week. The S&P 500 gained 0.18 per cent and Nasdaq Composite climbed 0.87 per cent. But the Dow Jones fell 0.18 per cent.
On the stock-specific front, Tech Mahindra is likely to be in the limelight after recording a 17.4 per cent slide in consolidated profit at Rs 1,081.4 crore for the quarter ended March 2021. The profit in the previous quarter stood at Rs 1,309.8 crore.
On the earnings front, Axis Bank, Bajaj Finance, HDFC AMC, Maruti Suzuki and TVS Motor Company will declare their Q4 numbers during the day.
On Monday, the S&P BSE Sensex rallied by more than 500 points to close at 48,386 and the Nifty was up 143 points to 14,485.