Stocks may open marginally positive

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 13 points at the opening bell.

Overseas, Asian markets were trading mixed on Wednesday as concerns about the widening coronavirus epidemic weighed against hopes policy support would combat its economic fallout.

In US, stocks rebounded on Tuesday, helped by the White House backing an $850 billion federal stimulus plan and a Federal Reserve move to backstop the commercial paper market by providing short term funding to businesses hit by the coronavirus pandemic.

Back home, the market reversed intraday gains and fell sharply in late trade on Tuesday, amid fears of a likely global recession following the coronavirus outbreak. US President Donald Trump acknowledged on Monday that the US economy "may be" heading toward a recession because of the coronavirus but predicted growth would bounce back strongly. Trump warned that the outbreak could last into July or August. The barometer index, the S&P BSE Sensex, slipped 810.98 points or 2.58% at 30,579.09. The Nifty 50 index lost 230.35 points or 2.50% to settle at 8,967.05.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 4044.69 crore yesterday, 17 March 2020, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 3422.12 crore, yesterday, 17 March 2020, as per provisional data.

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