The market may edge higher in early trade on hopes of another stimulus package and positive global cues. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 79 points at the opening bell. Ambuja Cements, HDFC Life Insurance Company and IndusInd Bank will declare their results today, 27 April 2020.
Overseas, Asian shares inched higher ahead of a busy week for earnings and central bank meetings. The Bank of Japan is expected to expand monetary stimulus on Monday for the second straight month to ease corporate funding strains and finance huge government spending aimed at combating the deepening economic fallout from the coronavirus pandemic.
In US, stock indexes closed higher on Friday as investors digested economic data, mixed corporate results, and the latest economic aid package from Congress to combat the COVID-19 pandemic.
Investors were encouraged Friday by President Trump signing into law the much-awaited $484 billion coronavirus aid package that includes a second round of funding for small businesses under the Paycheck Protection Plan, or PPP.
The measure contains another $320 billion to help small businesses. It also has about $75 billion for hospitals, $25 billion for coronavirus testing and $60 billion for the Small Business Administration's Economic Injury Disaster Loan program.
In economic data, a final reading on consumer sentiment from the University of Michigan for April came in at 71.8 from 89.1 in March.
Back home, domestic shares corrected on Friday, tracking negative cues from global stock markets. Financial stocks witnessed major selling while pharma stocks bucked trend. The barometer S&P BSE Sensex, tumbled 535.86 points or 1.68% at 31,327.22. The Nifty 50 index slipped 159.50 points or 1.71% at 9,154.40.
Also Read
The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 207.29 crore on 24 April 2020, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 993.98 crore on 24 April 2020, as per provisional data.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content