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Market geared for firm opening

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Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 155 points at the opening bell.

Overseas, most Asian markets were trading higher on Friday as investors wagered policymakers will roll out additional stimulus measures to combat the coronavirus pandemic after US unemployment filings surged to a record.

The number of Americans filing claims for unemployment benefits surged to a record of more than 3 million last week as strict measures to contain the coronavirus pandemic ground the country to a sudden halt

In US, stocks roared higher on Thursday, closing up for the third day in a row despite a report from the Labor Department that showed unemployment claims soared to a record 3.28 million last week, as the coronavirus pandemic shut down businesses across the nation.

Investors took some comfort from the overnight passage of a historic $2 trillion economic stimulus bill by the Senate, putting it one step closer to being signed into law to mitigate the economic fallout from the outbreak.

Back home, the market extended rally for the third day on Thursday, supported by banks and FMCG stocks. Trading was volatile due to expiry of monthly derivatives contracts. The barometer index, the S&P BSE Sensex, jumped 1,410.99 points or 4.94% at 29,946.77. The Nifty 50 index spurted 323.60 points or 3.89% at 8,641.45.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 484.78 crore yesterday, 26 March 2020, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 769.93 crore, yesterday, 26 March 2020, as per provisional data.

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

First Published: Fri, March 27 2020. 07:59 IST
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