Stocks poised for negative opening

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

On the macro front, the total gross GST revenue collected in September 2019 is Rs 91916 crore. The revenue during September 2019 has declined by 2.67% in comparison to the revenue during September 2018. During April-September 2019 vis-vis 2018, the domestic component has grown by 7.82% while the GST on imports has shown negative growth and the total collection has grown by 4.90%.

Overseas, Asian stocks were trading lower on Thursday after the United States opened a new trade war front by saying it will impose tariffs on $7.5 billion of goods from the European Union.

US stocks dropped on Wednesday after employment and manufacturing data suggested that the US-China trade war is taking an increasing toll on the US economy.

Back home,key benchmarks tumbled on Tuesday amid selling in banks and financial stocks. The euphoria over the recent corporate tax cut was overshadowed by deepening woes in the financial sector. The barometer index, the S&P BSE Sensex, fell 361.92 points or 0.94% to 38,305.41. The Nifty 50 index fell 114.55 points or 1% to 11,359.90.

Domestic stock markets were closed on Wednesday, 2 October 2019 on account of Mahatma Gandhi Jayanti.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 1298.56 crore on Tuesday, 1 October 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1503.02 crore on Tuesday, 1 October 2019, as per provisional data.

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