Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 103 points at the opening bell.
Overseas, most Asian stocks were trading lower on Monday as investors were rattled by weekend data from China that showed its fastest ever contraction in factory activity, raising fears of a global recession from the coronavirus..
Chinese factory activity slumped to its sharpest contraction on record after the virus crippled manufacturing in February. The closely watched Caixin/Markit manufacturing purchasing managers' index (PMI) tumbled to 40.3 last month, the lowest level since the survey began in 2004, and down sharply from the 51.1 reading in January.
In US, stocks closed mostly lower on Friday, but off session lows, while recording their worst weekly slide since October 2008 amid intensifying fears over the potential degree of damage the spread of COVID-19 will inflict on the global economy and supply chains.
Back home, domestic equity market crashed on Friday, on fears that a viral outbreak that began in China will weaken the world economy. The barometer index, the S&P BSE Sensex, slumped 1448.37 points or 3.64% at 38,297.29. The Nifty 50 index shed 431.55 points, or 3.71% to 11,201.75.
The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 1428.74 crore on Friday, 28 February 2020, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 7621.16 crore, on Friday, 28 February 2020, as per provisional data.
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