Market may open marginally in the red zone

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 20 points at the opening bell.

Overseas, Asian stocks were trading mixed on Monday as investors weighed the near-term hit on global growth from a fast-spreading coronavirus outbreak in China, although expectations of further policy stimulus helped stem losses.

In US, the Nasdaq and S&P 500 finished at records on Friday as investors parsed mixed data on the strength of the US consumer and monitored the spread of COVID-19 in China.

The US consumer January retail sales showed sluggish activity, underscored by a 3.1% drop in sales at clothing stores.

The US bond and stock markets will be closed on Monday in observance of Presidents Day.

Back home, key benchmark indices ended lower on Friday, dragged by weakness in banks stocks. The barometer S&P BSE Sensex, declined 202.05 points or 0.49% at 41,257.74. The Nifty 50 index lost 61.20 points or 0.50% at 12,113.45. Trading was volatile after the Supreme Court (SC) on Friday initiated contempt proceedings against telecom companies for non-payment of Adjusted Gross Revenue (AGR) dues and directed that all directors of the companies be present at the next hearing. The matter will be heard next on March 17.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 704.92 crore on Friday, 14 February 2020, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 219.54 crore, on Friday, 14 February 2020, as per provisional data.

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