Market may open lower

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 14 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading mixed on Wednesday, with official data showing higher-than-expected growth in Australia's economy for the first quarter.

Australia's gross domestic product rose 1.8% from last quarter on a seasonally adjusted basis in the first three months of the year, according to official data released Wednesday.

South Korea's consumer inflation accelerated to a more than nine-year high in May. Consumer prices rose 2.6% in May from a year earlier, government data showed on Wednesday, logging the fastest growth since April 2012. It grew 2.3% in April.

U.S. stocks finished Tuesday mostly flat as optimism about the economic reopening met lingering angst about inflation and price pressure.

Investors began the first week of June on a high note as Covid cases continue to decline and vaccinations rise in the U.S. In a major milestone, more than half the U.S. population has received at least one dose of a Covid vaccination, according to data posted by the Centers for Disease Control and Prevention.

Growth in U.S. manufacturing picked up in May. The Institute for Supply Management, a trade group of purchasing managers, said Tuesday that its index of manufacturing activity rose in May to a reading of 61.2 in May from 60.7 in April.

Domestic markets:

Back home, the domestic equity benchmarks ended almost flat after a volatile session on Tuesday. The barometer index, the S&P BSE Sensex, fell 2.56 points at 51,934.88. The Nifty 50 index lost 7.95 points or 0.05% at 15,574.85.

Foreign portfolio investors (FPIs) sold shares worth Rs 449.86 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 230.49 crore in the Indian equity market on 1 June, provisional data showed.

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