Stocks may open lower

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 25 points at the opening bell.

Overseas, Asian stocks were trading lower on Tuesday, after Apple Inc. said quarterly sales would miss forecasts, illustrating the blow to corporate earnings and economic growth from the deadly coronavirus.

Apple makes most of its iPhones and products in China. The epidemic has caused the company to temporarily halt production and close retail stores in China. Some Apple retail stores reopened in China with reduced schedules last week.

U.S. financial markets are closed on Monday, in observance of Presidents Day.

Back home, the market extended losses for the third straight session on Monday. Sentiment took a hit after Moody's cut 2021 GDP growth forecast to 5.8% from 6.7% earlier. State-run banks, exposed to the telecom operators, tumbled after the Supreme Court refused relief and asked telecom operators to pay adjusted gross revenue (AGR) dues by 17 March. The barometer S&P BSE Sensex slipped 202.05 points or 0.49% at 41,055.69. The Nifty 50 index declined 67.65 points or 0.56% at 12,045.80.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 374.06 crore yesterday, 17 February 2020, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 154.25 crore, yesterday, 17 February 2020, as per provisional data.

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