Market may extend yesterday's gains

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 29 points at the opening bell.

On the economic front, Industrial Production for December 2019 and inflation rate for January 2020 will be declared today, 12 February 2020.

Overseas, most Asian stocks were trading higher on Wednesday amid hopes the worst of the coronavirus in China may have passed, although prevailing uncertainty about the outbreak has kept investors wary.

In US, the S&P 500 and Nasdaq notched record closes on Tuesday, but the Dow finished virtually unchanged. Investors attributed optimism surrounding equities to signs of a slowdown of new cases of COVID-19 in China, while the top Federal Reserve chief reportedly saying the central bank is monitoring the economic impact of the viral outbreak.

Back home, after two consecutive days of losses, the domestic stock market advanced on Tuesday, led by positive global cues. Global shares edged higher as some Chinese factories slowly resumed operations amid the national fight against the novel coronavirus outbreak. The barometer BSE S&P Sensex rose 236.52 points or 0.58% to 41,216.14. The Nifty 50 index added 76.40 points or 0.63% to 12,107.90.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 209.39 crore yesterday, 11 February 2020, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 344.63 crore, yesterday, 11 February 2020, as per provisional data.

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