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A weak opening on the cards

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Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 95 points at the opening bell.

Overseas, Asian stocks are trading lower. U.S. stocks came off earlier highs but still closed higher Monday after President Donald Trump said that he would delay additional China tariffs, and that there had been substantial progress in trade talks over the weekend.

Trump said late Sunday that he would extend a March 1 deadline for increasing tariffs on Chinese imports. He cited substantial progress across key topics such as intellectual property, technology transfers, agriculture and currency, and said if that continues, he will meet with President Xi Jinping at Mar-a-Lago to wrap up a deal.

Back home,domestic stocks logged strong gains on first trading day of the week yesterday, 25 February 2019 led by steady buying demand in index pivotals. Positive global stocks boosted investors sentiment. The Sensex rose 341.90 points or 0.95% to settle at 36,213.38. The Nifty 50 index rose 88.45 points or 0.82% to settle at 10,880.10.

The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 2134.35 crore yesterday, 25 February 2019 as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 1746.40 crore yesterday, 25 February 2019, as per provisional data.

Among corporate news,Britannia Industries will replace Hindustan Petroleum Corporation (HPCL) to enter the Nifty 50 Index from 29 March 2019.

Lupin announced that it has received approval for its Methylprednisolone tablets USP, 2 mg, 4 mg, 8 mg, 16 mg and 32 mg, from the United States Food and Drug Administration (FDA). Lupin's Methylprednisolone tablet USP is the generic version of Pharmacia and Upjohn Company's Medrol Tablet. It is indicated to treat Endocrine Disorders, Rheumatic Disorders, Collagen Diseases, Dermatologic Diseases, Allergic States, Ophthalmic Diseases, Respiratory Diseases, Hematologic Disorders, Neoplastic Diseases, Edematous States, Gastrointestinal Diseases, Acute exacerbations of multiple sclerosis, Tuberculous meningitis with subarachnoid block or impending block when used concurrently with appropriate antituberculous chemotherapy, Trichinosis with neurologic or myocardial involvement. Methylprednisolone tablets had annual sales of approximately $114.3 million in the US (IQVIA MAT December 2018). The announcement was made after market hours yesterday, 25 February 2019.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, February 26 2019. 08:27 IST
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