Market may extend losses at the open

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 23 points at the opening bell.

Overseas, most Asian stocks were trading lower on Tuesday as China took more drastic steps to combat the coronavirus, while bonds found favour on expectations central banks would need to keep stimulus flowing to offset the likely economic drag.

In US, stock benchmarks on Monday closed sharply lower, with all three indexes posting their worst daily losses in months, amid growing worries about the economic implications of a rising death tolls and growing infections from a fast-moving virus in China.

Back home, key domestic benchmarks snapped two-day rising streak amid negative global cues. Global stock markets were under pressure as investors appeared to be wary about the fast-spreading coronavirus, which started in the China's Wuhan city. Investors also turned cautious ahead of the Union Budget on Saturday, 1 February 2020. The barometer BSE S&P Sensex slumped 458.07 points or 1.10% to 41,155.12. The Nifty 50 index lost 129.25 points or 1.06% to 12,119.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 438.85 crore yesterday, 27 January 2020, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 10.51 crore, yesterday, 27 January 2020, as per provisional data.

Powered by Capital Market - Live News