Market may open slightly in the red

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 27 points at the opening bell.

Overseas, Asian stocks were trading higher on Wednesday as investors took cue from China's effort to stimulate its economy and mitigate the coronavirus outbreak concerns.

In US, stocks finished sharply higher on Tuesday as investors weighed stimulus efforts by the People's Bank of China and actions by Beijing to combat the economic impact of a deadly Asian virus.

The coronavirus has infected more than 20,000 people in China and claimed 465 lives, according to China's National Health Commission.

Back home, key equity benchmarks ended with robust gains on Tuesday, supported by steep slide in crude oil prices and positive global shares. Market sentiment also got a boost from sudden jump in manufacturing PMI. The IHS Markit India Manufacturing Purchasing Managers' Index (PMI) jumped from 52.7 in December to 55.3 in January, its highest level in just under eight years. The barometer BSE S&P Sensex rallied 917.07 points or 2.30% to 40,789.38. The Nifty 50 index climbed 271.75 points or 2.32% to 11,979.65.

The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 366.21 crore yesterday, 4 February 2020, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 601.86 crore, yesterday, 4 February 2020, as per provisional data.

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