Stocks may open lower

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 slipped on Friday after grim US retail sales figures raised fresh doubts about the strength of the US economy. U.S. stocks closed mostly lower Thursday as disappointment over weak retail sales overshadowed optimism over U.S.-China trade talks, but the Nasdaq eked out gains to rise for a fifth session in a row.

U.S. retail sales fell by 1.2% in December, the largest single-month decline since 2009. The U.S. producer-price index fell by 0.1% in January.

Traders are waiting for results of a meeting on Friday between the Trump administration's top two negotiators and Chinese President Xi Jinping in Beijing. There has been no decision to extend a March 1 US deadline for a deal, White House economic adviser Larry Kudlow reportedly said on Thursday.

Back home,the market ended on a mixed note yesterday, 14 February 2019, as key benchmarks settled with modest losses while mid- and small-cap indices finished with gains. The Sensex fell 157.89 points or 0.44% to settle at 35,876.22, its lowest closing level since 30 January 2019.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 250.23 crore yesterday, 14 February 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1225.24 crore yesterday, 14 February 2019, as per provisional data.

Among corporate news,ONGC's net profit rose 64.8% to Rs 8,262.70 crore on 20.4% increase in net sales to Rs 27,694.09 crore in Q3 December 2018 over Q3 December 2017. The result was announced after market hours yesterday, 14 February 2019.

The company got $66.38 for every barrel of crude oil it sold in the quarter, 13.6% higher than $58.42 per barrel realisation a year ago. Gas prices were 16.3% higher at $3.36 per million British thermal unit. ONGC said total crude oil production dropped 4.8% to 6.036 million tonne, but total gas output rose 6.6% to 6.691 billion cubic metre.

Further, the ONGC board approved a proposal for buyback of its equity shares. Around 25.29 crore equity shares of the company will be bought back at the price of Rs 159 per equity share payable in cash. The total cost of this share buyback will not exceed Rs 4,022 crore, ONGC said in its statement. The process of buyback is likely to be completed in February 2019.

Powered by Capital Market - Live News