Shares may slide at opening bell on weak global cues

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 15.50 points at the opening bell on weak global cues.

Overseas, Asian stocks declined Tuesday following an overnight slip on Wall Street. China cut its economic growth target and pledged measures to support the economy amid growing challenges from rising debt and a dispute over trade and technology with the United States. China cut its growth target for this year to 6-6.5%, from around 6.5% last year.

US stocks declined on Monday, as investors turned cautious after initially cheering reports that the US and China were close to completing a landmark trade deal. Concerns that stocks are becoming too expensive on the back of a two-month rally from December lows also weighed on sentiment.

The US Commerce Department said that construction spending fell by 0.6% in December.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 198.38 crore on 1 March 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 117.05 crore on 1 March 2019, as per provisional data.

Domestic stocks logged modest gains in a steady session on 1 March 2019. Positive global stocks boosted sentiment. The barometer index, the S&P BSE Sensex, rose 196.37 points or 0.55% to settle at 36,063.81. The Nifty 50 index rose 71 points or 0.66% to settle at 10,863.50.

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