Market may open lower

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 49 points at the opening bell.

Overseas, Asian stocks were trading little changed on Monday. China kept its benchmark lending rate unchanged on Monday, with the 1-year loan prime rate left at 3.85%. The 5-year loan prime rate was also kept steady at 4.65%.

In US, stock indexes gave up strong early gains to close mostly lower Friday, after the World Health Organization signaled that the coronavirus pandemic remains a deadly threat, and Apple said it will re-close some stores due to rising case counts in parts of America, casting doubt on the speed of economic recovery.

Apple said it's reclosing a total of 11 stores in Florida, Arizona, South Carolina and North Carolina. All of the stores had been re-opened since Apple initially closed them in March amid the outbreak.

The World Health Organization at a Friday briefing also said that the coronavirus pandemic has entered a new and dangerous phase. Arizona and Florida reported record spikes in confirmed Covid-19 cases on Friday as states continue their phased reopenings and ramping up testing.

In economic reports, the U.S. current-account deficit, a measure of the nation's debt to other countries, slipped 0.1% in the first quarter. The current-account deficit fell to $104.2 billion from a revised $104.3 billion in the 2019 fourth quarter.

Back home, the market ended with strong gains on Friday, supported by positive global shares. Index heavyweight Reliance Industries (RIL) rallied over 6% on turning net-debt free after raising Rs 1.69 lakh crore in less than two months. The barometer S&P BSE Sensex rose 523.68 points or 1.53% at 34,731.73. The Nifty 50 index added 152.75 points or 1.51% at 10,244.40.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,237 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 880.66 crore in the Indian equity market on 19 June, provisional data showed.

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