Weak opening on the cards

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 211 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Monday on concerns about the impact of elevated inflation and Covid-19 outbreaks on economic prospects.

OPEC and its allies reached a deal on Sunday to phase out 5.8 million barrels per day of oil production cuts by September 2022. Coordinated increases in oil supply from the group - collectively known as OPEC+ will start in August, OPEC said in a statement. The development came as Brent surged more than 40% so far in 2021, with demand for crude rising as the global economy recovers from the pandemic.

U.S. stocks fell on Friday weighed down by declines in Amazon, Apple and other heavyweight technology stocks, while investors worried about a rise in coronavirus cases tied to the highly contagious Delta variant.

A preliminary reading of the University of Michigan's index of consumer sentiment fell to 80.8 in July from a final reading of 85.5 in June, notching the measure's lowest level since February.

Separately, the Commerce Department released a report showing retail sales climbed by 0.6% in June after plunging by a revised 1.7% in May. Excluding a steep drop in sales by motor vehicle and parts dealers, retail sales jumped by an even stronger 1.3% in June following a revised 0.9% decrease in May.

Domestic markets:

Back home, the key equity benchmarks ended almost flat on Friday, as investors booked profits at record high levels. The barometer index, the S&P BSE Sensex, slipped 18.79 points or 0.04% to 53,140.06. The Nifty 50 index lost 0.80 points or 0.01% to 15,923.40.

Foreign portfolio investors (FPIs) sold shares worth Rs 466.30 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 666.07 crore in the Indian equity market on 16 July, provisional data showed.

Powered by Capital Market - Live News