Black Friday on the cards

Indian stocks are expected to open sharply lower on weak global stocks. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slump 235 points at the opening bell.

Overseas, Asian stocks were trading lower on Friday after an overnight plunge on Wall Street amid fears of a second wave resurgence of the coronavirus pandemic.

In US, Wall Street plummeted on Thursday as investors reacted to renewed fears of a pandemic resurgence.

The Dow Jones Industrial Average fell 1,861.82 points, or 6.9%, to 25,128.17, the S&P 500 lost 188.04 points, or 5.89%, to 3,002.1 and the Nasdaq Composite dropped 527.62 points, or 5.27%, to 9,492.73.

The number of U.S. coronavirus infections passed the two million mark and over 112,000 Americans have died, according to Johns Hopkins University. Despite fewer cases being recorded in some cities and states, the seven-day average of new cases over the past two weeks is still rising in more than 20 states, leading investors to worry about a second wave of the epidemic just as business activity is resuming.

President Trump announced he will resume holding election rallies with the first in Tulsa, Okla., on June 19 but he isn't expected to require that attendees practice social distancing. Meanwhile, U.S. Treasury Secretary Steven Mnuchin said the U.S. shouldn't shut down the economy again even if there is another surge in coronavirus cases.

Back home, domestic shares ended with heavy losses on Thursday, mirroring weakness in global stock markets. Rising COVID-19 cases in India also dented sentiment. The barometer S&P BSE Sensex slumped 708.68 points or 2.07% at 33,538.37. The Nifty 50 index tumbled 214.15 points or 2.12% at 9,902.

Foreign portfolio investors (FPIs) sold shares worth Rs 805.14 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 874.35 crore in the Indian equity market on 11 June, provisional data showed.

Powered by Capital Market - Live News