Local stocks are poised for a strong in early trade. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could surge 278 points at the opening bell.
Prime Minister Narendra Modi on Thursday reviewed the impact of COVID-19 on the Indian economy and a possible second stimulus to boost sectors hit hard by the pandemic, as per reports. Modi held discussions with Finance Minister Nirmala Sitharaman as the pandemic hit sectors from small industries to the aviation sector hard with millions of jobs at stake.
As per reports, Reserve Bank of India (RBI) Governor Shaktikanta Das will address the media at 10 am on April 17.
Overseas, Asian stocks and US index futures rose on reports Remdesivir, a Gilead Sciences drug is showing effectiveness in treating the coronavirus.
China's first quarter GDP shrank 6.8% in 2020 as compared to a year ago, according to data from the National Bureau of Statistics of China. That was the first quarterly decline since 1992, when official quarterly GDP reports started and a sharp drop from the 6% growth recorded in the fourth quarter of 2019.
In US, stocks edged higher on Thursday on surging shares of Netflix and Amazon.com as investors anticipated big earnings from the coronavirus-induced slowdowns keeping people at home.
President Donald Trump laid out new guidelines on Thursday for U.S. states to emerge from a coronavirus shutdown in a staggered, three-stage approach meant to revive the U.S. economy even as the country continues to fight the pandemic.
Back home, key domestic indices ended with decent gains on Thursday, snapping losses in the past two sessions. Gains were boosted by the media reports suggesting that the government is working on a fiscal package and is closely studying the impact of Covid-19 on various industries. According to reports, the government is conducting a detailed sectoral analysis on the impact of Covid-19 and an announcement should be made soon. The barometer S&P BSE Sensex rose 222.80 points or 0.73% at 30,602.61. The Nifty 50 index added 67.50 points or 0.76% at 8,992.80.
The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 2,920.36 crore on 16 April 2020, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1,321.44 crore on 16 April 2020, as per provisional data.
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