Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 8 points at the opening bell.
Overseas, Asian stocks were trading lower on worries about the outlook for growth that are at odds with the projected Federal Reserve interest-rate hike on Wednesday. US equity indexes slid to their lowest close in 14 months on Monday as investors weighed the impact of the Fed on growth in a market already anxious over trade, geopolitical tensions and a possible government shutdown.
The Federal Reserve holds its final policy meeting of 2018 on Tuesday and Wednesday. The Federal Open Market Committee is expected to raise its short-term interest rate by a modest quarter-point to a range of 2.25% to 2.5%. Investors are closely watching the Federal Reserve monetary policy guidance for 2019. The central bank forecasts three more rate hikes in 2019, but softer global growth could cause a shift in its hawkish stance. The Bank of Japan's monetary policy decision is due Thursday, followed by a briefing from Governor Haruhiko Kuroda. A Bank of England decision is also due on Thursday.
Back home,the key domestic indices logged modest gains on Monday, rising for fifth straight session, on sustained buying demand in index pivotals. Today's gains were led by index heavyweights HDFC, HDFC Bank and Reliance Industries. The Sensex rose 307.14 points or 0.85% to settle at 36,270.07, its highest closing level since 1 October 2018.
The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 60.95 crore yesterday, 17 December 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 76.84 crore yesterday, 17 December 2018, as per provisional data.
Among corporate news,Tata Steel and Thyssenkrupp have decided on the members of the future management board for the planned European steel joint venture between the two companies. The announcement was made after market hours yesterday, 17 December 2018.
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