Market may open marginally negative

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 36 points at the opening bell.

Overseas, Asian markets were trading mixed on Wednesday following the negative cues overnight from Wall Street amid lingering concerns about the economic impact of the coronavirus pandemic.

In US, stocks ended lower on Tuesday as concerns remain over the spread of COVID-19 in the US and Europe in particular, with economic activity under lockdown amid a rising tally of infections and a mounting death toll.

Back home, domestic shares rallied on Tuesday, mirroring gains in other global stock markets after data showed that manufacturing activity in China rebounded from record lows in March. Stocks also drew support from signs that the lockdown across much of Europe could be starting to have the desired effect of slowing the rate of new confirmed cases. The barometer index, the S&P BSE Sensex, surged 1,028.17 points or 3.62% at 29,468.49. The Nifty 50 index spurted 316.65 points 3.82% at 8,597.75.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 3044.94 crore yesterday, 31 March 2020, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 3576.23 crore, yesterday, 31 March 2020, as per provisional data.

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