Nifty may open down; Asia trades mixed tracking weak US close

The SGX Nifty, trading down 7.50 points at 7503.00 at 7:29 AM indicates a negative opening for the 50-share Nifty on Tuesday.

Asian markets were trading mixed following a mild finish from US equities overnight. Revised government data showed the economy shrank at an annualized 1.1 percent in the final quarter of 2015. China's February trade figures are also due.

Foreign currency reserves of China fell to USD 3.2 trillion at the end of February, dropping from USD 3.23 trillion the previous month, marking the fourth straight month of declines, although the pace of outflows slowed substantially.

US stocks closed mixed, steadying after their first three-week rally of the year so far, as gains in energy stocks offset declines in technology. The Dow Jones posted its first five-straight days of gains since October.

European markets finished mostly in the red on Monday despite a strong recovery in oil prices and mining stocks.

In currencies, the US dollar fell against a basket of currencies as big gains in oil prices rekindled demand for the euro and commodity-sensitive currencies.

Among other asset classes, Nymex crude gained over 5 percent overnight as oil buying was encouraged by talk that OPEC producers want a higher anchor price.

Gold prices hovered near a 13-month high as the US dollar turned lower.