Sensex, Nifty Seen Opening Flat After Recent String Of Losses

(RTTNews) - Indian shares look set to open largely unchanged on Tuesday as investors weigh the SVB fallout concerns against falling oil prices and expectations that the Federal Reserve will be less aggressive in raising rates.

Meanwhile, India's consumer price inflation moderated in February but remained above the central bank's upper tolerance level of 6 percent for the second straight month, data released by the statistics ministry showed.

The consumer price index advanced 6.44 percent on a yearly basis in February, slower than the 6.52 percent increase seen in January and slightly higher than economists' forecast of 6.35 percent.

Benchmark indexes Sensex and Nifty tumbled around 1.5 percent each on Monday to extend losses for a third day running and reach five-month lows, while the rupee fell by 17 paise to close at 82.23 against the dollar amid FII outflows.

Asian markets traded mostly lower this morning, the dollar steadied, and oil held recent losses as investors looked ahead to the release of U.S. inflation data later in the day and the ECB policy meeting later this week for additional clarity on the rate outlook. Gold traded slightly lower above the key $1,900 per ounce level.

U.S. stocks recovered from an early slide to end mixed overnight while the dollar fell for a fifth day running and two-year Treasury yields saw their biggest drop since 1987 amid bets that the debacle in the banking sector could cause the Federal Reserve to pause interest rate hikes.

The Dow slipped 0.3 percent and the S&P 500 eased 0.2 percent while the tech-heavy Nasdaq Composite rose half a percent.

European stocks logged their steepest single day decline this year on Monday as bank stocks across the continent sank on fears that the collapse of Silicon Valley Bank could spark contagion.

The pan European STOXX 600 lost 2.4 percent. The German DAX plunged 3 percent to hit a new one-month low, while France's CAC 40 index slumped 2.9 percent and the U.K.'s FTSE 100 shed 2.6 percent.