Opening Bell: Market could begin March series on negative note

After surging to fresh intraday highs on February 23, the market may begin March series on a negative note, tracking global cues. Trends on SGX Nifty indicate a weak opening. Asian markets opened lower, with Japan's Nikkei falling almost one and a half percent in early trade due to a relatively stronger yen. Korean markets were lower by four tenth of a percent, while Taiwenese and Singapore bourses were also in the red.In the US, equities closed almost flat with a positive bias on February 24, taking a breather from their most recent run at record levels, while investors awaited President Donald Trump's speech to Congress. European markets ended Friday's session lower as weakness in the US, a fall in commodities and a slew of underwhelming earnings reports weighed on investor sentiment. The biggest earnings disappointment came from RBS who announced a net loss of USD 8.7 billion for 2016 its ninth straight year without a profit. The FTSE 100 and DAX closed lower.Back home, benchmarks rallied to fresh 52-week highs, but failed to hold on to that rally amid volatility. However, despite slipping from the day's highs, the indices managed to continue uptrend for the sixth consecutive session.Experts felt that the breakout in Nifty may take the market higher from current levels. They expect it at a new high in the coming days as a lot of positive newsflow is lined up, but maintained cautious approach after a 7 percent rally seen in the last five consecutive weeks. According to them, further consolidation in telecom & banking space, reversal of negative effect of demonetisation on economic activity could help the market surpass its earlier record high.Aviation stocks could be in focus as PSU oil market companies (OMCs) usually revise prices of aviation turbine fuel (ATF).The US dollar fell to a more than two-week low against the Japanese yen as investors doubted the likelihood of swift tax reform and a quick spending boost from Trump's administration. Crude prices were trading flat in Asian trade as OPEC cuts offset rising supplies from the US. Among other asset classes, gold climbed to three and a half month high amid political worries.