Sensex, Nifty continue to struggle; Hindalco, Tata Steel gainers

Moneycontrol Bureau10:55 am Market outlook: The market is showing signs of fatigue ahead of key policy meetings from Bank of Japan and the US Fed later this week. In an interview to CNBC-TV18, Udayan Mukherjee says the correction in the Nifty has been modest. From mid-February onwards, a lot of emerging market indices have performed well. Largecaps, in particular, have rallied about 30-40 percent during this time and foreign direct investments have come down, says Mukherjee. "And so there is no harm in taking profits and stepping to the sidelines," he says. Global trends will play a key role in deciding how investors react in May -- and it would be best to take it one day at a time, says Mukherjee.10:30 am Result poll: Country's largest car manufacturer Maruti Suzuki is likely to disappoint the street on April 26 by reporting contraction in profit and margin for January-March quarter. Profit is seen falling 3.4 percent year-on-year to Rs 1,240 crore in Q4, which may get impacted by lower margin, according to average of estimates of analysts polled by CNBC-TV18. Revenue may increase 9.2 percent to Rs 14,885 crore in quarter ended March 2016 compared to Rs 13,624.8 crore in same quarter last fiscal, despite slow down in volume growth. Maruti sold 3.6 lakh units in Q4, a growth of 4 percent compared to 3.46 lakh units sold in year-ago period. Volume was hit due to production loss of 10,000 units in February on account of Jat reservation agitation in Haryana. Company temporarily suspended production due to disruption of component supplies.Don't miss: Credit Suisse downgrades Just Dial on JD Omni concerns

The market is still under pressure with the Sensex is down 57 points or 0.2 percent at 25621.93. The Nifty is down 14.40 points or 0.2 percent at 7840.65. About 977 shares have advanced, 742 shares declined, and 96 shares are unchanged.

Hindalco, Tata Steel, M&M, BHEL, NTPC are gainers while ICICI Bank, Adani Ports, Hero, Bajaj Auto and SBI are losers in the Sensex.

Oil prices rebounded in Asia, rebounding from sharp losses driven by a report saying Saudi Arabia was close to completing an oilfield expansion that would ramp up output.

However, analysts say the gains would likely be short-lived owing to lingering worries about a global supply glut, while traders nervously await the release of US stockpiles data tomorrow.

Also tomorrow the Federal Reserve will wrap up its latest policy meeting. While it is not expected to unveil any new measures, dealers will be hoping for some forward guidance on monetary policy and any future interest rate hikes.

The world oil market has been hammered over the past two years by weak demand, overproduction, a slowing global economy -- particularly China -- and a supply glut.