Market may open firm

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 57 points at the opening bell.

Overseas, Asian stocks were trading lower on Tuesday following a heavy sell-off on Wall Street on Monday on heightened fears that the China coronavirus is rapidly developing in to a global pandemic that could cripple global supply chains and wreak far greater economic damage than first thought.

In US, the Dow finished more than 1,000 points lower on Monday, marking its third-worst daily point drop in history, as the spread of the COVID-19 illness beyond China raised worries that the hit to overseas economic growth could be more persistent than investors expected, hampering the prospects for a global recovery in 2020.

Back home, domestic shares slumped on Monday as the spread of the coronavirus outside China spoiled investor sentiment with infections and deaths rising in South Korea, Italy and the Middle East. The S&P BSE Sensex, lost 806.89 points or 1.96% at 40,363.23. The Nifty 50 index fell 242.25 points or 2.01% at 11,838.60.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 1160.90 crore yesterday, 24 February 2020, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 516.21 crore, yesterday, 24 February 2020, as per provisional data.

Powered by Capital Market - Live News