The BSE Sensex and NSE Nifty are likely to open in red on Monday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and mixed global cues.
At 7.47 am (IST), SGX Nifty was down 52.50 points, or 0.65 per cent, at 8,104.
Asian stocks Hang Seng ( up 0.74 per cent) and Nikkei ( up 2.15 per cent) were trading higher on Monday as rising expectations of Britain voting to remain in the European Union lifted risk sentiment and the pound jumped against its peers.
However, Shanghai was trading 0.50 per cent down at 2,870.18.
Wall Street ended lower on Friday as Apple dragged down major indices and investors girded for Britain’s vote next week on its European Union membership.
Market benchmark Sensex on Friday rebounded by 100 points to finish at 26,625.91 on gains in FMCG, auto and realty stocks, driven by a lower current account deficit and trade gap coupled with revival in global cues.
Indian economy, which has enjoyed a “macro-sweet” spot in recent years, is expected to see increasing external and internal uncertainties, says a Deutsche Bank report. According to the global financial services major, while the medium term outlook of the economy remains constructive, latest data releases are “somewhat disappointing”.
Japan’s exports fell at the fastest pace in four months in May on supply chain disruptions from the Kumamoto earthquake and slow growth in emerging markets – foreshadowing gloomy trade prospects for the current quarter. The trade balance came to a deficit of 40.7 billion yen ($389.10 million), versus the median estimate for a 40.0 billion yen surplus.
(With agency inputs)