Market may correct on mixed global cues

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 20.50 points at the opening bell amid mixed global cues.

On the macro front, industrial production data for April 2019 will come out today, 12 June 2019. India's industrial production (base year 2011-12=100) declined 0.1% in March 2019, while snapping growth for last 21 straight months.

India's inflation based on consumer price index (CPI) for May 2019 will be unveiled today, 12 June 2019. The all-India general CPI inflation rose marginally to 2.92% in April 2019 (new base 2012=100), compared with 2.86% in March 2019.

Overseas, Asian stock markets were trading mixed on Wednesday. China's inflation data showed the producer price index in the country rising 0.6% year-on-year in May. The consumer price index also rose 2.7% year-on-year in the same period.

US stocks declined on Tuesday, snapping a six-day winning streak. President Donald Trump reportedly said he is personally holding up a trade deal with China and that he will not complete the agreement unless Beijing returns to terms negotiated earlier in the year.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 95.79 crore on 11 June 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 151.01 crore on 11 June 2019, as per provisional data.

Key equity benchmarks ended with modest gains on Tuesday, 11 June 2019. Gains were capped by profit booking at higher levels. The Sensex and the Nifty, both, closed below their psychological 40,000 and 12,000 levels after hitting day's high above that levels in intraday trade. The barometer index, the S&P BSE Sensex, rose 165.94 points or 0.42% to 39,950.46. The Nifty 50 index rose 42.90 points or 0.36% to 11,965.60.

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