Indian equities may open in red following Asian markets

The Indian equity market is expected to open in red Tuesday tracking Asian indices. SGX Nifty was trading at 8708.00 down 8.50 points at the point of writing.In what seemed like mixed trading, Japan's Nikkei 225 traded flat at 16,867.76, and across the Korean Strait, the Korea Composite Stock Price Index (Kospi) was up 0.47 percent. In the US market, stocks gained yesterday, with the three major indices posting simultaneous record closes for the second time in less than a week, as investors digested rising oil prices.However, European markets finished flat to higher, with indices being inert to the Wall Street gains and sharp gains in oil prices.On the currency front, the dollar fell against a basket of currencies, undermined by recent soft US economic data that tempered expectations of a Federal Reserve interest rate hike this year.Crude prices hit one-month high yesterday, gaining about 10.8 percent in a three-day rally as speculation intensified over potential producer action to support prices amid a crude glut.In precious metal space, gold prices steady around USD 1340 an ounce as the dollar edged lower as expectations dwindled that the US Fed will raise interest rate this year.Back home on Dalal Street, bulls regained control on Friday with Sensex reclaiming the 28,000 mark.