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Market may open in green

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Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 8 points at the opening bell.

Market is likely to remain volatile in the near term due to reaction to March 2020 quarterly corporate earnings, trends in the number of coronavirus cases, crude oil prices, currency movements and global events.

Overseas, Asian stocks are trading higher following an overnight rebound in oil prices that recouped some recent losses.

In economic data, the coronavirus pandemic pushed South Korea's economy into its biggest contraction since 2008 in the first quarter. Gross domestic product decreased by a seasonally adjusted 1.4% in the first quarter from three months earlier, the central bank said on Thursday, reversing 1.3% growth in the fourth quarter.

In US, Wall Street surged on Wednesday as oil prices recovered and Congress looked on course to approve nearly $500 billion more in aid to help small businesses ride out the coronavirus crisis.

Back home, key equity barometers ended with robust gains on Wednesday, 22 April 2020. Index heavyweight Reliance Industries (RIL) was the single biggest contributor to the rally in the benchmark indices. The barometer S&P BSE Sensex, jumped 742.84 points or 2.42% at 31,379.55. The Nifty 50 index gained 205.85 points or 2.29% at 9,187.30.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 1,326.09 crore on 22 April 2020, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 863.82 crore on 22 April 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.)

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First Published: Thu, April 23 2020. 07:59 IST