Market is seen opening lower tracking negative leads from Asian markets and overnight fall on the Wall Street. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 16.50 points at the opening bell.
Overseas, Asian shares slipped on Wednesday as investors worried over the outlook for global growth with trade tensions between US and China showing no signs of fading.
In US, shares fell on Tuesday as investors watched for developments on the US-China trade front. President Donald Trump, speaking at a joint news conference Monday in Tokyo with Japanese Prime Minister Shinzo Abe, reportedly said the US was not ready to make a trade deal with China.
A decline in interest rates also sparked worries about a possible slowdown in the economy. The yield on the benchmark 10-year note fell to around 2.26%, the lowest level since September 2017. That put it below the 2.35% yield on the three-month Treasury bill. Yields move inversely to prices.
On US economic front, Home prices rose in March by 0.1% compared with February and 2.7% compared with last year, according to the S&P CoreLogic Case-Shiller 20-city index. Consumer confidence improved in May, according to the Conference Board's index, which rose to 134.1 from 129.2 in April.
Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 501.11 crore on 28 May 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 269.22 crore on 28 May 2019, as per provisional data.
Domestic stocks ended with modest gains on Tuesday, 28 May 2019, after a volatile session of trade led by Infosys, Reliance Industries and TCS. Key indices logged gains for third day in a row. The Sensex and the Nifty, both, settled at record high. The barometer index, the S&P BSE Sensex, rose 66.44 points or 0.17% to settle at 39,749.73. The Nifty 50 index rose 4 points or 0.03% to settle at 11,928.75.
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