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SGX Nifty:
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 11 points at the opening bell.
Global markets:
Overseas, Asian stocks are trading lower on Monday as investors looked ahead to China's rate decision and U.S. Federal Reserve Chair Jerome Powell's testimonies for clues on the path ahead. On the diplomatic front, U.S. Secretary of State Antony Blinken is in Beijing on a diplomatic mission to repair strained ties between the U.S. and China.
U.S. markets will be closed Monday for the Juneteenth holiday. U.S. stocks ended lower on Friday as comments from two Federal Reserve officials curtailed optimism that the central bank is nearing the end of its aggressive interest rate hikes.
Richmond Fed President Tom Barkin said Friday that inflation is still too high and he needs to be convinced it's slowing more quickly before he would back an end to rate increases. Fed Gov. Christopher Waller said on the same day that the fallout from several bank failures in the spring is likely to continue to play a role in the central bank's decision on how much to raise rates.
In U.S. economic data, the University of Michigan reported on Friday that the consumer sentiment index rose in June to a four-month high of 63.9, up from 59.2 in May. Meanwhile, consumer inflation expectations receded for the second consecutive month, falling to 3.3% in June from 4.2% in May.
Domestic markets:
Back home, domestic stock market advanced on Friday, due to firm global cues. The barometer index, the S&P BSE Sensex, advanced 466.95 points or 0.74% to 63,384.58. The Nifty 50 index added 137.90 points or 0.74% to 18,826, its record closing high.
Foreign portfolio investors (FPIs) bought shares worth Rs 794.78 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 681.33 crore in the Indian equity market on 16 June, provisional data showed.
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