A weak opening is on the cards on last trading day of the week on negative global cues. Sentiment may be impacted after the Reserve Bank of India (RBI) placed Yes Bank under moratorium. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 340 points at the opening bell.
Yes Bank was placed under a "moratorium" late yesterday (5 March 2020), with the Reserve Bank of India (RBI) capping depositor withdrawals at Rs 50,000 per account for a month and superseding the board with immediate effect. RBI assured the depositors of the bank that their interest will be fully protected and there is no need to panic.
Overseas, Asian stocks were trading lower on Friday following another Wall Street rout as disruptions to global business from the coronavirus beyond China worsened, stoking fears of a prolonged world economic slowdown.
In US, stocks closed sharply lower on Thursday as anxieties about the worldwide spread of COVID-19 lingered and concerns about the ability of governments to control the impact of the disease on their economies sent the benchmark US Treasury note yield to a fresh all-time low.
Back home, the stock market ended with small gains on Thursday after rising sharply in afternoon trade as concerns over coronovirus outbreak continued to haunt investors. Trading was volatile due to expiry of weekly index options on the NSE. The barometer index, the S&P BSE Sensex rose 61.13 points or 0.16% at 38,470.61. The Nifty 50 index rose 18 points or 0.16% at 11,269.
The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 2476.75 crore yesterday, 5 March 2020, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 2510.89 crore, yesterday, 5 March 2020, as per provisional data.
Powered by Capital Market - Live News
Disclaimer: No Business Standard Journalist was involved in creation of this content
