Market Likely To Open In Negative

Indian equities indices fell for a fifth consecutive session on Friday to post its worst weekly fall of 2015, weighed down by weak monsoon forecasts and concerns over further interest rate easing by RBI. The Nifty fell 0.2% to 8,114.70 on Friday, bringing its weekly loss 318.95 points or 3.78% and the Sensex fell ,059.95 points or 0.17% to 26,768.49, down 3.81% for the week, the biggest weekly fall. The BSE Mid-Cap index shed 362.16 points or 3.37% to settle at 10,353.93 and the BSE Small-Cap index fell 429.07 points or 3.8% to settle at 10,851.50 in last week.

The government will auction 10 coal mines in its third round of auctions between August 11 and 17, Coal Secretary Anil Swarup announced on Thursday. Out of 10 coal mines up for auctions - four are in Maharashtra, two each in Jharkhand and Chhattisgarh, and one each in Odisha and Madhya Pradesh. The notice for auction will be issued on June 8.

The U.S. stock market finished mostly lower Friday as a strong May jobs report cemented expectations for an interest-rate hike will begin raising borrowing costs this fall. Stocks capped a volatile few days that left major benchmarks slightly lower for the week. Stocks spent the Friday session swinging between gains and losses before settling with a modest decline. The S&P 500 slipped by 3.01 points, or 0.1%, to finish at 2,092.83, while the Dow Jones Industrial Average fell by 56.12 points, or 0.3%, to 17,849.46. The Nasdaq Composite showed a slight spark, rising 9.33 points, or 0.2%, to end at 5,068.46. For the week, the S&P 500 and Dow lost 0.7% and 0.9%, respectively, while the Nasdaq dipped less than 0.1%. The S&P stands at its lowest level since May 7 after falling for two weeks in a row.

WTI crude oil futures rebounded from earlier losses to rise sharply on Friday, after data showed that the number of rigs drilling for oil in the U.S. fell again last week. On the New York Mercantile Exchange, WTI crude oil for delivery in July jumped USD 1.13, or 1.95%, to end the week at USD 59.13 a barrel. For the week, WTI oil futures declined USD 1.16, or 1.94%. Elsewhere, on the ICE Futures Exchange in London, Brent for July delivery hit a session low of USD 60.94, a level not seen since April 15, before turning higher to close at USD 63.31, up USD 1.28, or 2.06%. Despite Friday's gains, Brent futures lost USD 2.28, or 3.43%, on the week.

Stocks in Europe were sent lower for a fourth straight day on Friday, on track for their worst week of the year as a losing streak for bonds rumbled on, with wary investors anticipating more Greek debt drama. The Stoxx Europe 600 index slumped 0.9% to end at 389.00, closing out the week 2.7% lower. The FTSE 100 fell 0.8%, while the DAX and CAC-40 both slid 1.3% on Friday.

Asian shares slipped on Monday better than forecast U.S. employment data bolstered the case for the Federal Reserve to raise interest rates as early as September. Japan’s Topix index added 0.3 percent. New Zealand’s NZX 50 Index climbed 0.34%. South Korea’s Kospi index fell 0.2%. Markets in Australia are closed for a holiday. China's Shanghai Composite index sank 0.37%, a day after going through a scary roller-coaster ride.

China's yuan-denominated imports tumbled 17.9% in May from a year earlier, while exports fell by a smaller-than-expected 2.5%. China produced a monthly trade surplus of 366.8 billion yuan (USD 59.49 billion), which is close to the record USD 60.5 billion surplus recorded in February. Japan's GDP growth was revised sharply higher in the first quarter, data on Monday showed, adding to hopes that its economic recovery is gaining traction. GDP rose an annualized 3.9% in the first quarter, higher than the preliminary reading of a 2.4% increase. On a QoQ basis, the economy grew 1%, higher than the initial reading of 0.6%.

Since SGX Nifty fell 12 points. Indian markets likely to in negative on account of weak global cues.