Market may open lower

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 53 points at the opening bell.

Overseas, Asian stocks were trading lower as Wall Street tumbled on Tuesday after U.S. crude futures turned negative for the first time in history, crushed by a collapse in oil demand as the coronavirus pandemic derails the global economy.

The May contract for West Texas Intermediate, which expires Tuesday, dropped more than 100% to settle at below zero at negative $37.63 per barrel, a bizarre move tied to weak demand outlook and storage capacity issues. In the morning of Asian trading hours on Tuesday, the price of the May WTI contract bounced into positive territory.

In US, stocks finished near session lows Monday as investors watched oil futures crash, overshadowing optimism about plans for a staggered easing of global lockdowns in the wake of the COVID-19 pandemic.

Back home, the Sensex ended with tepid gains while the Nifty ended almost flat on Monday (20 April) after a volatile trading session. The barometer index, the S&P BSE Sensex, rose 59.28 points or 0.19% at 31,648. The Nifty 50 index shed 4.90 points or 0.05% at 9,261.85.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 265.89 crore on 20 April 2020, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 788.87 crore on 20 April 2020, as per provisional data.

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