Flat opening on the cards

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 7 points at the opening bell.

Overseas, most Asian stocks were trading higher on Wednesday as better-than-expected Apple Inc. earnings drove some regional tech gains although broader confidence was capped by worries about the economic impact of China's virus outbreak.

In US, stocks recovered some ground on Tuesday, after worries about the impact of China's coronavirus outbreak on global economic growth sparked the biggest one-day selloff since early October on Monday.

Back home, domestic shares declined for a second straight session on Tuesday amid weak global sentiment. Global stock markets were under pressure after the death toll and incidence rate of the Chinese coronavirus escalated over the weekend. Investors also turned cautious ahead of the Union Budget on Saturday, 1 February 2020. The barometer BSE S&P Sensex fell 188.26 points or 0.46% to 40,966.86. The Nifty 50 index lost 58.75 points or 0.48% to 12,060.25.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 1357.56 crore yesterday, 28 January 2020, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 711.70 crore, yesterday, 28 January 2020, as per provisional data.

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