Sensex, Nifty may open lower on weak global stocks; key things to know before opening bell

SGX Nifty: Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 44 points at the opening bell.

Global markets: Overseas, Asian stocks traded lower on Friday as Covid worries resurfaced in the region.

China’s consumer price index for June rose 1.1% as compared with a year ago, data from the country’s National Bureau of Statistics showed on Friday. The producer price index for June rose 8.8% as compared with a year ago. The June PPI reading was a slight decrease in pace from the 9% increase in May.

Olympics organisers will ban spectators from the upcoming summer games in Tokyo, after a state of emergency for the city was declared by Japan on Thursday as the country sees rising Covid-19 cases. The state of emergency will last till August 22.

South Korea announced Friday that the greater Seoul area will be placed under the toughest social distancing rules of Level 4, as per reports. The city of Sydney earlier this week announced that Covid-19 restrictions would be extended by another week.

Wall Street lost ground on Thursday, with the S&P 500 and the Nasdaq pulling back from record closing highs in a broad sell-off driven by uncertainties surrounding the pace of the U.S. economic recovery.

Domestic markets: Back home, the domestic equity benchmarks ended with steep losses on Thursday. Global stock markets declined as the Delta variant of the coronavirus threatens a new wave of the pandemic. The barometer index, the S&P BSE Sensex, skid 485.82 points or 0.92% at 52,568.94. The Nifty 50 index slipped 151.75 points or 0.96% at 15,727.90.

Foreign portfolio investors (FPIs) sold shares worth Rs 554.92 crore, while domestic institutional investors (DIIs), were also net sellers to the tune of Rs 949.18 crore in the Indian equity market on 8 July, provisional data showed.

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