Market may open slightly lower

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 18 points at the opening bell.

Auto stocks will be in focus as auto companies will start announcing monthly sales numbers for June starting from 1 July 2022.

Global markets:

Overseas, Asian stocks are trading lower on Friday as investors digested positive factory activity data from a private survey in China. Markets in Hong Kong were closed on Friday for a holiday as the city commemorates the 25th anniversary of its handover from the U.K. to China on Friday.

The Caixin/Markit manufacturing Purchasing Managers' Index for June was released Friday. It came in at 51.7, above the 50-level that separates growth from contraction. That compared to last month's reading of 48.1.

Sentiment at Japan's large manufacturers worsened in the April-to-June period, according to the Bank of Japan's quarterly tankan business sentiment survey. The headline index for large manufacturers' sentiment came in at 9, a decline from the previous quarter's reading of 14.

Japan's factory activity growth slowed in June as supply disruptions in part due to China's strict COVID-19 curbs hurt manufacturers. The final au Jibun Bank Japan Manufacturing purchasing managers' index (PMI) slipped to a seasonally adjusted 52.7 in June from a final 53.3 in the previous month.

U.S. stocks tumbled on Thursday on concerns that central banks determined to tame inflation will hamper global economic growth. Fears over slowing growth and surging prices have rippled through markets, with recession worries taking center stage as monetary policymakers across the world look to aggressively raise borrowing costs.

US consumer spending rose less than expected in May as motor vehicles remained scarce while higher prices forced cutbacks on purchases of other goods. Consumer spending gained 0.2% in May, the smallest rise in five months. Data for April was revised down to show outlays increasing 0.6% instead of 0.9% as previously reported.

Domestic markets:

Back home, the benchmark indices ended on flat note after a volatile session of trade on Thursday. Trading was volatile due to expiry of weekly as well as monthly index options on the NSE. The barometer index, the S&P BSE Sensex, was down 8.03 points or 0.02% to 53,018.94. The Nifty 50 index lost 18.85 points or 0.12% to 15,780.25.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,138.05 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,138.05 crore in the Indian equity market on 30 June, provisional data showed.

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