Markets set for positive opening

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 49 points at the opening bell.

Overseas, Asian stocks were trading lower on Monday following the sell-off on Wall Street on Friday amid concerns about the rapid spread of the coronavirus outbreak and its impact on the global economy. China's health officials said the death toll related to the coronavirus has risen to 361, while there are 17,205 confirmed cases.

Back home, domestic shares plunged in a special trading session on Saturday, as Union Budget announcements failed to lift investor sentiment. Lack of sectoral perks, confusion regarding income tax slabs and no tweaks in long-term capital gains (LTCG) tax led to carnage in share prices. The barometer BSE S&P Sensex plunged 987.96 points or 2.43% to 39,735.53. The Nifty 50 index plummeted 300.25 points or 2.66% to 11,661.85.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 1199.53 crore on Saturday, 1 February 2020, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 36.64 crore, on Saturday, 1 February 2020, as per provisional data.

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