Market is seen opening lower tracking negative leads from other Asian markets and overnight slide on the Wall Street. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 34 points at the opening bell.
Overseas, Asian shares declined on the back of an overnight slide in the US market, as investors grappled with fresh concerns over the state of the global economy.
US stocks finished lower for a fourth straight session Thursday on mounting evidence of a slowing global economy. The European Central Bank (ECB) cut its growth forecast for 2019 and announced a fresh round of stimulus to aid banks in the region. ECB President Mario Draghi said the central bank cut its growth estimate to 1.1%, down from a 1.7% expansion forecast released in December. The ECB's announcements come amid lingering concerns over a possible economic slowdown across the globe.
On the US data front, first-time unemployment claims fell to 223,000 in the week ended March 2, from 226,000 the previous seven days. The productivity of the US workforce rose at an annual pace of 1.9% in the fourth quarter of 2018, the Labor Department reported.
Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 1137.85 crore on Thursday, 7 March 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 925.46 crore on Thursday, 7 March 2019, as per provisional data.
The BSE Sensex ended with modest gains while the Nifty ended with tiny gains Thursday, 7 March 2019. The barometer index, the S&P BSE Sensex, rose 89.32 points or 0.24% to settle at 36,725.42. The Nifty 50 index rose 5.20 points or 0.05% to settle at 11,058.20.
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