India’s equity benchmarks are likely to open little changed on Monday, beginning the week on a cautious note as persistent foreign selling and uncertainty over a trade deal with the U.S. continue to weigh on sentiment.
The Gift Nifty futures were trading at 26,062 points as of 7:37 a.m. IST, indicating that the benchmark Nifty 50 will open near Friday’s close of 26,046.95.
The 50-stock index has logged two consecutive weekly losses amid the accelerated foreign outflows and rupee depreciation, although last week’s losses were trimmed by the U.S. Federal Reserve’s rate cut.
Foreign investors sold shares worth 11.1 billion rupees ($122.57 million) on Friday, as per provisional data.
This was their sixth consecutive session of selling, with outflows so far in December at $2 billion.
Meanwhile, India’s retail inflation rose to 0.71% in November from a record low in the prior month but stayed below the central bank’s target range for the third straight month, data released after market hours on Friday showed, keeping open the possibility of another interest rate cut by the Reserve Bank of India.
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