Market may open lower

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 32 points at the opening bell.

Overseas, Asian stocks are trading lower on Monday on fears of a second wave of coronavirus infections in China.

Meanwhile, Chinese economic data for May released Monday missed expectations. Industrial production in the country for that month rose 4.4% year-on-year. Retail sales declined 2.8% year-on-year in May.

In US, stocks closed higher Friday in choppy trading as Wall Street attempted to recover from Thursday's steep losses. Adobe Inc. shares came close to topping a previous all-time closing high as work-from-home arrangements boosted subscription revenue.

Investors are assessing the state of the stock-market's 10-week rally, a day after equity indexes registered a bruising decline prompted by fears of a resurgence in the coronavirus pandemic in the U.S. and a bleak economic outlook from the head of the Federal Reserve.

Richmond Federal Reserve Bank President Tom Barkin on Friday said that the pandemic could have effects that last beyond the next couple of months and cautioned that some of the millions of jobs that have been lost during the viral outbreak may never return, echoing similar remarks made by Fed Chairman Jerome Powell on Wednesday.

Back home, the Sensex and the Nifty recouped all losses and ended with strong gains on Friday, mirroring a recovery in global stock markets. The barometer S&P BSE Sensex rose 242.52 points or 0.72% at 33,780.89. It surged 1432.79 points, or 4.43% from the day's low of 32,348.10 hit in early trade.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,311.49 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,945.15 crore in the Indian equity market on 5 May, provisional data showed.

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