Market may recover on bargain hunting

Market is seen recovering on bargain hunting after a recent steep slide. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 22 points at the opening bell.

Overseas, most Asian shares were trading lower. Japanese stocks were trading with small gains on Wednesday following a Christmas Day plunge of both the Nikkei 225 and Topix.

US stock indices booked their worst trading session on the eve of Christmas in history in a holiday-shortened session, putting the S&P 500 on the brink of the 20% decline from a recent peak that is commonly considered a bear market.

A fresh source of anxiety was a tweet from Treasury Secretary Steven Mnuchin that he had spoken with the CEOs of the country's six biggest banks to assess the health of the banking system. That raised some questions about liquidity among those institutions, a concern that previously had not existed. Treasury officials reportedly insist that the calls to bank executives was just a routine checkup.

In the global commodities markets, Brent for February 2019 settlement slumped $3.35 a barrel or 6.22% to settle at $50.47 a barrel on Monday, 24 December 2018.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 577.10 crore on 24 December 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 186.14 crore on 24 December 2018, as per provisional data.

Domestic stocks ended lower for third session in a row on Monday, 24 December 2018, amid negative global cues. The barometer index, the S&P BSE Sensex, lost 271.92 points or 0.76% to settle at 35,470.15. The Nifty 50 index lost 90.50 points or 0.84% to settle at 10,663.50.

Powered by Capital Market - Live News