Market may open on strong note

Domestic stocks are geared for slightly higher start as trading resumes after a local holiday. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 170 points at the opening bell. Wipro is slated to announce its Q4 numbers later in the day.

Indian stock markets were shut on Tuesday, 14 April 2020, on account of Dr. Baba Saheb Ambedkar Jayanti.

Prime Minister Narendra Modi addressed the nation on 14 April 2020, the last day of the 21-day nationwide lockdown imposed due to the coronavirus. To stop the spread of Coronavirus in India, we will have to extend the lockdown till 3rd May, Modi said.

On the macro front, the consumer Price Index-based (CPI) inflation eased in March, at 5.91%, on the back of further reduction in rate of food inflation, the official data showed on Tuesday. The CPI inflation was at 6.58% in February. In January, it had touched a 68-month high of 7.59%.

Overseas, Asian shares were trading mixed as warnings of the worst global recession since the 1930s underlined the economic damage already done even as some countries tried to re-open for business.

In US, stocks jumped on Tuesday as optimism that the Trump administration could move to ease lockdowns from the coronavirus outbreak overshadowed worrying earnings reports from JPMorgan and Wells Fargo.

Back home, domestic barometers ended with significant cuts on Monday. The barometer index, the S&P BSE Sensex, fell 469.60 points or 1.51% at 30,690.02. The Nifty 50 index lost 118.05 points or 1.30% at 8,993.85.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 1,243.74 crore on 13 April 2020, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 1,096.89 crore on 13 April 2020, as per provisional data.

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