Market may add more losses on opening

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 103 points at the opening bell.

Overseas, most Asian stocks were trading lower on Wednesday as doubts regarding the US stimulus package dragged down equities and US stock futures.

In US, stocks closed sharply higher on Tuesday after a volatile session that restored about half of the losses seen Monday when stocks saw the biggest one day fall since the 2008 financial crisis.

Tuesday's rebound was partly fuelled by a White House push to persuade Congress to agree to a fiscal stimulus package that may include a payroll tax cut to mitigate the economic impact of the COVID-19 epidemic.

Back home, domestic shares plummeted on Monday (9 March 2020) as panic gripped financial markets amid the double threat of a coronavirus-driven global recession and an oil-price war. The barometer index, the S&P BSE Sensex, tanked 1,941.67 points or 5.17% at 35,634.95. The Nifty 50 index slumped 538 points or 4.90% at 10,451.45.

Market was closed on Tuesday on account of Holi.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 6595.56 crore on Monday, 9 March 2020, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 4974.80 crore, on Monday, 9 March 2020, as per provisional data.

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