Market may open lower

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 16 points at the opening bell.

Overseas, Asia markets retraced some of their early losses Monday, but investors remained wary about global risks that include a trade fight between the US and China, growth outlook, as well as oil prices.

Oil prices will also be closely watched on Monday after the Organization of the Petroleum Exporting Countries (OPEC) and its allies warned about surging oil output that is set to leave the crude market oversupplied in 2019.

US stocks finished Friday on a low note, halting a four-session rally, after a selloff in oil prices, a hotter-than-expected reading on producer prices, and uneasiness about the housing market resurrected fears of an uncertain path for the economy here and abroad.

Chairman Jerome Powell's Fed held benchmark rates at a range between 2% and 2.25% on Thursday, and said that the central bank "expects further gradual increases in the target range for the federal-funds rate."

On the US data front, the producer-price index for October rose 0.6%. Excluding volatile food and energy prices, producer prices increased by 0.5%. The University of Michigan's consumer-sentiment index fell slightly to 98.3 in November from 98.6 in October.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 614.14 crore on 9 November 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 337.28 crore on 9 November 2018, as per provisional data.

Key benchmark indices suffered modest losses on Friday, 9 November 2018, weighed down by selling pressure in index pivotals Reliance Industries and Infosys. The barometer index, the S&P BSE Sensex, lost 79.13 points or 0.22% to settle at 35,158.55. The Nifty 50 index fell 13.20 points or 0.12% to settle at 10,585.20. Sentiment was weighed down by negative global stocks.

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