The markets are likely to open on a flat note as investors fear economic slowdown. As of 8:05 AM, the SGX Nifty quoted at 15,261 levels, indicating a downside of 32-odd points on the Nifty50. Going forward, recession fears coupled with aggravated foreign outflows from Indian equities will likely keep markets on tenter hooks.
Though the US equity futures reflected sombre mood, shares of Asia-Pacific inched up on Monday morning. Japan’s Nikkei 225 was up 0.5 per cent and South Korea’s Kospi advanced 0.1 per cent. The US markets shall remain closed on Monday, June 20, on account of Juneteenth holiday.
Back home, foreign portfolio investors (FPIs) pulled out 31,430 crore equities so far in June. With this, the net foreign outflows from equities has reached Rs 1.98 lakh crore in 2022 till now.
Among individual stocks, public sector banks’ will be focus as Finance Minister Nirmala Sitharaman is scheduled to meet the heads of public sector banks to review their performance and progress. That apart, Coal India will hog limelight after production inched up 28 per cent in June so far, from a year-ago period.