Key indices may open lower after posting strong gains on Tuesday. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 160 points at the opening bell.
Overseas, Asian stocks were mixed Wednesday as countries in the region continued to put measures in place to battle the coronavirus pandemic.
Japanese Prime Minister Shinzo Abe declared Tuesday a state of emergency to combat coronavirus infections in major population centers. Singapore also passed a set of laws that bans social gatherings of any size in both private and public areas, as per reports. Meanwhile, China lifted travel restrictions in Wuhan, the virus epicenter in mainland China, effective from Wednesday, marking the end of a lockdown that began on January 23.
In US, stocks finished lower Tuesday, far from session highs, thwarting a second session of gains despite signs that the COVID-19 pandemic may be leveling off in parts of the world. Markets also kept an eye on further planned U.S. measures to help dampen the recessionary impact of shutdowns and business closures intended to limit the epidemic.
In US economic news, the NFIB survey, a monthly snapshot of small businesses, found that the optimism index fell in March to 96.4, an 8.1-point decline and the largest monthly decline in the survey's history.
Back home, domestic shares soared on Tuesday, amid positive global cues, buoyed by tentative signs the coronavirus crisis could be slowing. The barometer index, the S&P BSE Sensex, spurted 2,476.26 points or 8.97% at 30,067.21. The Nifty 50 index added 708.40 points or 8.76% at 8,792.20.
The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 741.77 crore on 7 April 2020, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 422.51 crore on 7 April 2020, as per provisional data.
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