Indian equity market likely to open in red on weak Asian cues

The SGX Nifty, trading at 7833.50 down 43.50 points at the time of writing, indicates a cut in the early trade below its 7850 mark on the back of declining Asian markets.The Indian equity market on Wednesday ended lower due to profit-booking and weak global cues. The 30-share BSE Sensex slipped 69 points to close to 25704.61 and the 50-share NSE Nifty declined 20.60 points to 7870.15.In the US markets, Wall Street closed off session highs, with the Dow and S&P little changed after the Federal Reserve's April meeting minutes. The meet's minutes said a June rate hike was likely if the US economic data continues to improve. In Europe, indexes closed mostly higher as investors reacted to volatile oil markets.On the currency front, the US dollar hit its highest level in more than three weeks after Federal Reserve meeting minutes were on the table.In the world of commodities, crude oil retreated from 2016 highs and snapped a two-day rally, hurt by a surge in the dollar. From the precious metals space, gold prices took a hit pressured by Fed minutes that were deemed to favour the hawkish camp on US monetary policy. Back home on Dalal Street, auto, technology and select private banks stocks fell while PSU Banks, select fast moving consumer goods (FMCG) and pharma stocks gained. Also, it's the judgement day for five states today; it could be a cliffhanger in Tamil Nadu; Mamata Banerjee is all set for a second term in West Bengal and Congress might have to stare at a defeat in Kerala and Assam.