The market is likely to open in the red due to global cues.

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The SGX Nifty trades at levels around 10,722 as against the Nifty May Future's Tuesday close of 10,742.9, indicating a negative opening for the Indian market.

The US market, however, erased its losses after US President Donald Trump pulled the US out of the Obama-era Iran nuclear deal. The Wall Street ended mostly flat with Dow Jones and Nasdaq just above the flatline after the announcement.

Among Asian markets, Japan's Nikkei is trading with 0.17% loss at 22,471 points, Korea's Kospi is trading in the red after almost hitting its day's low with a 0.60 point loss at 2,449.21 points while Hong Kong's Hang Seng index is trading at a 56-point advantage at 30,459 points.

The Indian market closed flat on Tuesday after a volatile trading session. The Sensex closed at 35,216 points and the Nifty at 10,718 points.

In the broader markets, the Midcap Index underperformed, while the Nifty Bank edged up 238 points to 26,090, due to a hint from finance ministry officials’ that RBI is likely to conduct more open market operations (OMO) in current fiscal.

This led to major up move in banking stocks, especially Public Sector Banks. ICICI Bank was the top index gainer with a gain of more than 6% after it announced its earnings on Monday.

Eicher Motors was among the top gainers in the previous session, ahead of announcing its quarterly earnings today. Jindal Power and Steel will also declare its earnings today.

First Published:May 9, 2018 7:25 AM IST