Indian benchmark indices — Sensex and Nifty 50 — are likely to open lower as SGX Nifty indicated a gap-down start for May 31 session.

This, even as the momentum continued for the domestic market as of yesterday. Sensex and Nifty 50 were at fresh five month highs and the sense is that the indices are just about a percent away from record highs. It seems it's only a matter of time till the market gets there, while the Nifty Bank and midcap index are already at record closing highs.

Overall, the earnings season is over.

Therefore, the focus is back on global markets. The US markets continue to be in focus on account of the debt ceiling vote while Asia is largely mixed, with China’s manufacturing numbers down for the second straight month.

It must also be noted that the US jobs report on Friday exceeded 12 out of times in terms of estimates. So it will be an important indicator in terms of what the Fed could do going forward.

Meanwhile, the Reserve Bank of India RBI) meeting starts on June 6 and concludes on June 8. So that will be another key factor to watch out for in the next couple of days.

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