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Market may decline on negative global cues

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Market is seen opening lower, mirroring negative leads from Asian markets and overnight slide on the Wall Street. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 23 points at the opening bell.

Overseas, stocks in Asia slipped on Friday amid growing concerns over the trade fight between the US and China. President Donald Trump on Thursday said he would not meet with Chinese President Xi Jinping before the 2 March deadline to reach a Chinese-US trade deal.

Meanwhile, a round of weak data from the European Union underscored global growth concerns. German industrial production unexpectedly fell by 0.4% in December from the month before. Meanwhile, the European Commission cut its growth forecast for the shared currency bloc Thursday, predicting that the 19-member eurozone will collectively grow by just 1.3% this year, down from the 1.9% forecast in November.

US stock benchmarks on Thursday finished the session firmly lower as worries about sluggish growth outside of the US and diminishing expectations for a quick resolution to a US-China trade spat, buffeted markets.

The number of Americans applying for jobless benefits fell in the week ended 2 February by 19,000 to 234,000.

Closer home, foreign portfolio investors (FPIs) bought shares worth a net Rs 418.01 crore on 7 February 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 294.11 crore on 7 February 2019, as per provisional data.

A divergent trend was witnessed as the barometer index, the S&P BSE Sensex, settled a tad lower while the Nifty 50 index registered minor gains yesterday, 7 February 2019. Trading was volatile after the central bank cut key interest rates and shifted its policy stance to neutral from calibrated tightening. The barometer index, the S&P BSE Sensex, fell 4.14 points or 0.01% to settle at 36,971.09. The Nifty 50 index rose 6.95 points or 0.06% to settle at 11,069.40.

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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, February 08 2019. 08:06 IST