Nifty may open flat to negative; all eyes on RBI policy

The Indian equity market is likely to open flat to negative today with the market indicator SGX Nifty trading only 6 points up at 7566.The US market also ended flat but was off the session lows despite a decline in oil prices and soft China manufacturing data. Asian markets too open lower in early trade.The oil rout resumed, Nymex crude futures ended nearly 6 percent lower after an OPEC source under-mined chances of an emergency meeting to stem the decline. In Europe, markets too finished lower yesterday, as another fall in china's factory activity and a slide in oil prices troubled investors.From the currency space, the dollar extended its rebound against the yen to a fifth straight day after Wall Street reversed nearly all its earlier losses allowing USD/JPY to hold onto 121.00 and close with a slim gain. The dollar was lower against all the other G-10 currencies. However, as disappointing US economic data coupled with comments from Fed Vice Chairman Stanley Fischer indicated interest rates will remain unchanged through the March FOMC meeting.From other asset class gold rose to a three-month high on Monday, extending its recent rally on worries about global economic growth and hopes for easier monetary policy after weak factory data in Asia and Europe.Back home, the most important for the market is the RBI monetary policy. Consensus expectations is that that Central Bank is likely to maintain a status quo today. A CNBC-TV18 poll shows 100 percent of market participants expect no change in key policy rates.On the earnings front in India, Tech Mahindra reported a subdued set of third quarter numbers. Dollar revenues missed the mark but other parameters were in-line with expectations. Crompton greaves and DLF will be reporting its third quarter earnings today and Teamlease Services IPO will be hitting market today.