Sensex, Nifty likely to open positive; ONGC, Bharti Infratel, Bank of Baroda in focus

Indian benchmark indices are set to open higher on Monday as prospects of an interest rate cut by the Reserve Bank of India increased after India’s fourth-quarter gross domestic product (GDP) growth rate slowed to a five-year low of 5.8 percent.

The eight core sector industries too witnessed a slowdown in April, with growth rate slipping to 2.6 percent. However, the fiscal deficit for 2018-19 remained within the revised Budget target of 3.4 percent of the GDP.

Domestic equity benchmarks gave up early gains, with the BSE Sensex dropping over 200 points and the NSE Nifty slipping below the 11,900 mark in afternoon session tracking losses in power, metal and financial stocks.

In global markets, oil prices and Asian shares declined over US-China trade tensions and Donald Trump’s threat to impose tariffs on Mexico.

At 7.03 AM, SGX Nifty, an early indicator of the Nifty 50's trend in India, traded 37.5 points, or 0.31 percent, higher at 11,962.50, indicating a positive start for the BSE Sensex and NSE’s Nifty 50.

Stocks to watch: ONGC, Bharti Infratel, Bank of Baroda in focus.