Market may open lower; GDP data eyed

Local stocks are expected to open lower following weak global cues. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 62 points at the opening bell. Investor focus will likely be on U.S. President Donald Trump's upcoming press conference, expected later in global day.

Meanwhile, India's Q4 gross domestic product (GDP) data will be announced by the National Statistical Office (NSO) today, 29 May 2020.

Foreign direct investment (FDI) in India grew by 13% to a record of $49.97 billion in the 2019-20 financial year, data showed. The country had received FDI of $44.36 billion during April-March 2018-19.

Overseas, Asian stocks are trading lower on Friday as investors watch for market reaction to China's controversial national security law for Hong Kong that was approved on Thursday.

The U.S., Australia, Canada and the U.K. governments issued a joint statement Thursday reiterating their deep concern regarding Beijing's decision to impose a national security law on Hong Kong, after China's parliament, the National People's Congress passed legislation Thursday that could greatly curtail democratic freedoms.

On the economic data front, Japan's retail sales fell 13.7% year-on-year in April, according to data released today showed.

In US, Wall Street ended lower on Thursday following a late-session reversal, with Facebook weighing on the market after President Donald Trump said he would sign an executive order related to social media companies and would hold a news conference on China on Friday.

On the economic front, GDP contracted at an annual 5% pace in the first quarter instead of 4.8%, revised government data showed.

Back home, the market ended with robust gains on Thursday, backed by rally in banks and auto shares. The buying was supported by hopes of further opening up of the economy and more stimulus measures by the government. The barometer S&P BSE Sensex jumped 595.37 points or 1.88% at 32,200.59. The Nifty 50 index gained 175.15 points or 1.88% at 9,490.10.

Foreign portfolio investors (FPIs) bought shares worth Rs 2,354.14 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 144.83 crore in the Indian equity market on 28 May, provisional data showed.

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