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Market may extend recent decline

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Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 19 points at the opening bell.

Overseas, Asian shares were trading mixed on Friday before US Federal Reserve Chair Jerome Powell's address at the Jackson Hole summit.

US stocks ended mixed on Thursday as a fall in US jobless claims offset data showing a contraction in US manufacturing activity while investors awaited Federal Reserve Chair Jerome Powell's speech on Friday for clues on the central bank's monetary policy.

In economic data, the number of Americans filing applications for unemployment benefits fell sharply last week, suggesting the labor market was holding firm despite a manufacturing slowdown and concerns the economy is on a path toward recession.

Back home,the market declined for the third straight day on Thursday, dragged by metal, auto and banks shares. The 30-unit BSE Sensex slumped 587.44 points or 1.59% to 36,472.93. The Nifty 50 index fell 180.95 points or 1.67% to 10,737.75.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 902.99 crore yesterday, 22 August 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1719.07 crore yesterday, 22 August 2019, 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, August 23 2019. 08:27 IST