Sensex and Nifty Set for Weak Opening as Oil and Global Cues Weigh

Indian benchmark indices are expected to open lower on Monday after GIFT Nifty declined around 186 points to 23,263. The Nifty 50 had ended the previous week at 23,140.50, while the Sensex closed at 73,895.74. Both indices recorded their seventh consecutive weekly decline as foreign investor selling, elevated crude prices and higher US Treasury yields continued to affect sentiment.

Foreign institutional investors sold shares worth Rs.3,693.93 crore on Friday, while domestic institutional investors purchased around Rs.2,838 crore. The market is now tracking crude prices, the rupee, global bond yields and developments in the Middle East for further direction.