Market is likely to open negative today on the back of mixed global cues. In the last session heavy selling was witnessed in interest rates sensitive stocks like Realty, Banking and the Auto stocks. However, bucking the negative trend were the IT stocks on account of depreciating rupee. Finally, the Sensex dropped 358 points to close at 15,734 and Nifty ended 98 points lower to close at 4,430. On Thursday, the wholesale price index rose to a 16-year high to 12.44 per cent for the week to Aug 2 from 12.01 per cent in the previous week and against lower estimates of 12.16 per cent. Rate sensitive sectors like banks and realty will come under pressure today after inflation rose to a 16-year high.

According to data released by the NSE, in the last session, FIIs were net sellers of index futures to the tune of Rs 859.46 crore and bought index options worth Rs 379.44 crore. They were net sellers of stock futures to the tune of Rs 223.28 crore and bought stock options worth Rs 27.43 crore.