Indices may start weak ahead of RBI policy; oil weakness weighs

Moneycontrol BureauThe market ended yesterday saw minor profit-booking, with Nifty giving up 8,800 and the Sensex losing 100 points ahead of the Reserve Bank of India's monetary policy meet.This morning, SGX Nifty indicated a lower start for the Indian market, trading 0.2 percent lower to 8,781.This is amid mixed global cues, with Asian markets trading without firm direction, and with US shares closing marginally higher while European closed mixed yesterday. Oil prices remained under pressure, weighing on energy shares.The S&P 500 ended just above breakeven, with energy stocks falling more than 1 percent to lead the decliners. The Nasdaq Composite reached a new all-time intraday and closing highs.The European market closed mixed as earnings and economic data continued to be the main focus for investors. Basic resources were the best performers while oil and gas stocks closed more than 1.48 percent lower.In the currency space, the dollar index's gains were bolstered by a technical buying after recent losses, as well as political uncertainty in Europe with a slew of elections this year.Crude prices continued to decline before US government's data forecast, which is expected to show US crude stockpiles expanded for a fifth week.Gold prices fell following dollar's strength.