Gap-down opening likely on weak global stocks

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 190 points at the opening bell.

Global markets:

Overseas, Asian stocks dropped on Monday as investors mulled the implications of a surprise hawkish shift last week by the U.S. Federal Reserve.

Meanwhile, China kept its benchmark lending rate unchanged. China on Monday announced that the one-year Loan Prime Rate (LPR) was kept unchanged at 3.85% while the five-year LPR was also held steady at 4.65%.

US stocks fell sharply on Friday as traders worried the Federal Reserve could start raising rates sooner than expected.

St. Louis Federal Reserve President Jim Bullard offered a fresh dose of hawkishness, saying Friday that he thinks the Fed should lift its benchmark interest rate as early as late 2022.

Domestic markets:

Back home, after recording steep losses in the intraday, the domestic equity benchmarks bounced back in late trade and ended almost flat on Friday. The barometer index, the S&P BSE Sensex, rose 21.12 points or 0.04% to 52,344.45. The Nifty 50 index lost 8.05 points or 0.05% to 15,683.35.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,680.57 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 446.20 crore in the Indian equity market on 18 June, provisional data showed.

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