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Market may witness recovery

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Trading of 50 index futures on the stock exchange indicates that the could rise 31.50 points at the opening bell, mirroring a pull back in other Asian shares.

Overseas, most stocks rose on Friday, holding steady after a nine-day losing streak, but sentiment was frail after Wall Street shares crumbled and expectations of market volatility shot up to an eight-month high. Worries about the economic impact of a Sino-US trade war, a spike in US bond yields this week and caution ahead of earnings seasons are all cited as potential reasons behind the selloff, the biggest market rout since February.

US stocks extended losses to finish lower Thursday, as investors continued to fret over rising bond yields and the prospect of higher interest rates.

In the latest US economic data, jobless claims rose by 7,000 in the latest week, although they remain near multi-decade lows. Separately, the consumer-price index rose 0.1% in September. Core CPI, which excludes and energy, rose at the same pace.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 2,869.41 crore on 11 October 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 1,888.18 crore on 11 October 2018, as per provisional data.

Domestic stocks dropped on 11 October 2018, amid a sell-off in global stocks. The barometer index, the BSE Sensex, lost 759.74 points or 2.19% to 34,001.15. The 50 index fell 225.45 points or 2.16% to 10,234.65. The Sensex settled a tad above the psychological 34,000 level after sliding below that level in intraday trade.

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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, October 12 2018. 08:03 IST
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