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Market may open lower

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Indian stocks are expected to open on weak note. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 110 points at the opening bell.

India's industrial output contracted to 16.6% in June as against a 1.3% growth year-on-year (YoY), as per the Index of Industrial Production (IIP) data released by the government on August 11.

Overseas, Asian stocks are trading lower on Wednesday after Wall Street dipped amid growing uncertainty about an additional round of US fiscal stimulus.

In US, stocks closed lower on Tuesday on growing uncertainty about breaking a stalemate in Washington over a fiscal stimulus deal.

Political gridlock between the Republican White House and congressional Democrats over coronavirus relief continued for a fourth day, with each party blaming the other for intransigence.

Back home, key domestic benchmarks ended with decent gains on Tuesday, supported by banks and metal stocks amid positive global cues. The barometer index, the S&P BSE Sensex, rose 224.93 points or 0.59% at 38,407.01. The Nifty 50 index added 52.35 points or 0.46% at 11,322.50.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,013.66 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,415.54 crore in the Indian equity market on 11 August, provisional data showed.

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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: Wed, August 12 2020. 08:13 IST