Market may open lower on negative global cues

Market is seen opening lower, tracking negative leads from Asian markets. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 32 points at the opening bell.

India's industrial production (base year 2011-12=100) declined 0.1% in March 2019, while snapping growth for last 21 straight months. The industrial production growth for February 2019 has been retained unchanged at 0.1% as reported provisionally. The data was announced after market hours on Friday, 10 May 2019.

Overseas, US stock futures tumbled and Asian shares slipped on Monday on growing uncertainty over whether the United States and China will be able to end their escalating trade war. Markets in Hong Kong are closed on Monday for a holiday.

Trading in US index futures indicated that the Dow Jones Industrial Average could fall 246.50 points at the opening bell today, 13 May 2019.

Trade talks between US and Chinese negotiators broke up on Friday without a trade agreement. The US hiked tariffs on $200 billion worth of Chinese goods. China has vowed to retaliate, without giving details.

In US, stocks staged a massive reversal on Friday after President Donald Trump said conversations with China over trade will continue and his relationship with President Xi Jinping remains strong. The president also noted that the trade talks with China were "candid and constructive." Trump said the new tariffs on $200 billion worth of Chinese goods "may or may not be removed" in the future.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 1,245.14 crore on 10 May 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1,057.42 crore on 10 May 2019, as per provisional data.

Key equity benchmarks logged modest losses in highly volatile session of trade on 10 May 2019. Domestic stocks registered losses for eight straight trading session. The barometer index, the S&P BSE Sensex, fell 95.92 points or 0.26% at 37,462.99. The Nifty 50 index fell 22.90 points or 0.2% at 11,278.90.

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