Nifty likely to open in red on mixed global cues

With SGX Nifty trading at 7682.00 down 9.50 points at 7:54 am, the Indian equity market is expected to open in the red. Late buying in technology, auto, FMCG and banks lifted the Sensex above the 25000-mark and Nifty above the 7650 level in Monday's trade, ahead of Q4 and FY16 earnings that will start on April 15 with Infosys results. Asia markets were trading mixed mid-morning after stocks in the US closed slightly lower as investors looked ahead to earnings season. S&P 500 fell back into negative territory for the year so far.  In European trade, markets ended mostly higher as a rally in Italian banks boosted investor sentiment.Similarly, in commodities, crude prices rose more than 1 percent overnight as a rally in wider commodities markets encouraged buying ahead of a meeting of oil producers in Doha next Sunday, aimed at freezing current output levels.Meanwhile, gold touched its highest level in almost three weeks overnight, while silver and platinum were up more than 2 percent.In the currency space, the dollar is steady against the yen but not too far from a 17-month low.In the macro data to watch today, Consumer Price Index (CPI) for March is seen at 5.05 percent versus 5.18 percent in February. Food inflation is likely to soften and Index of Industrial Production (IIP) likely to be in positive terrain after 3 consecutive months of decline and is seen at 1.5 percent. Back home, rain gods will smile this time says private weather forecaster. There is a higher possibility of an above normal monsoon this year— with just a 5 percent chance of a drought.