Stocks may open firm

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 78 points at the opening bell.

Overseas, most Asian markets were trading higher on Thursday following the overnight rebound in the US and European markets, as massive relief packages announced by global central banks and governments to ease the economic impact of the coronavirus pandemic boosted investor sentiment.

In US, stocks closed modestly higher on Thursday, in another volatile session, as central banks and governments pledged support for the economic shocks from the coronavirus pandemic.

Back home, the market extended losses for the fourth straight session on Thursday. Concerns over the coronavirus epidemic overshadowed the steps taken by global central banks for reviving the economy. The US Federal Reserve, the Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank and the Swiss National Bank have announced coordinated actions to enhance liquidity provision in financial markets to tackle disruption caused by coronavirus outbreak. Trading was also volatile throughout the day on account of weekly expiry of index options on the NSE. The S&P BSE Sensex, fell 581.28 points or 2.01% at 28,288.23. The Nifty 50 index lost 205.35 points or 2.42% at 8,263.45.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 4622.93 crore yesterday, 19 March 2020, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 4367.43 crore, yesterday, 19 March 2020, as per provisional data.

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