Markets likely to open weak due to global cues

Indian equities market dropped Thursday, marking a second consecutive daily loss, on profit booking and global growth worries. The Sensex ended down 257.20 points or 0.95% at 26,763.46, around 70 points off the day's low. The Nifty50 closed at 8203.60, recording a loss of 69.45 points or 0.84%. On sectoral front, IT, FMCG, Capital Goods and Auto were under pressure down by 2.4%, 1.5%, 0.8% and 0.5% respectively; while Oil & Gas, Metals, Power and Consumer Durables gained by 1.3%, 1.1%, 0.4% and 0.4% respectively.

US stocks market fell slightly Thursday, snapping a three-day winning streak as oil futures pulled back from 10-month highs. The S&P 500 declined 3.64 points, or 0.2%, to close at 2,115.48. The Dow Jones Industrial Average slipped 19.86 points, or 0.1%, to close at 17,985.19. The Nasdaq Composite Index declined 16.03 points, or 0.3%, to finish at 4,958.62.

European stocks fell Thursday, marking a second straight decline due to a pullback in oil prices and commodity stocks, amid concerns over the global economy's health. The Stoxx Europe 600 fell 1% to 341.25. Germany’s DAX 30 gave up 1.3% to 10,088.87, and France’s CAC 40 lost 1% to 4,405.61. The U.K.’s FTSE 100 dropped 1.1% to 6,231.89.

Crude oil prices fell on Thursday, snapping a three-day rally after hitting their highest levels in 2016, buoyed by global production disruptions and falling U.S. crude inventories. Brent crude traded 62 cents, or 1.2% lower at USD 51.88 a barrel, after setting a 2016 high of USD 52.86 a barrel earlier in the session. U.S. crude settled 67 cents lower or 1.3% at USD 50.56 a barrel after also hitting a new 2016 high at USD 51.67.

Asian markets opened lower on Friday, due to investors concerns about a UK referendum that could push Britain out of the European Union. Japan's Nikkei 225 index pulled back 0.49%. Australia’s S&P/ASX 200 Index slid1.04%, while the Kospi index in Seoul is down 0.37%. New Zealand’s S&P/NZX 50 Index traded flat. Financial markets in China and Taiwan are closed for Friday.

On the domestic front, A SGX Nifty 50 index future for June series is trading up by 4 points at 8,229. Indian markets are likely to open weak due to global cues. Investors also remained cautious about April industrial production (IIP) data due on Friday.