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Stocks headed for negative start

Capital Market 

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 35 points at the opening bell.

Meanwhile, the foreign ministers of India and China have reportedly agreed that troops of the two countries must quickly disengage from a border standoff, they said in a joint statement issued on Friday. The two Foreign Ministers agreed that the current situation in the border areas is not in the interest of either side. They agreed therefore that the border troops of both sides should continue their dialogue, quickly disengage, maintain proper distance and ease tensions.

Global markets:

Overseas, Asian stocks are trading lower on Friday in response to declines in technology stocks and growing concerns about another round of negotiations on the UK's departure from the European Union.

In US, stocks closed lower after a choppy trading session on Thursday as heavyweight tech-related stocks resumed their decline following a sharp rebound the previous session, while elevated jobless claims reminded investors of a difficult recovery ahead.

The number of Americans filing new claims for unemployment benefits hovered at high levels last week. Initial claims for state unemployment benefits totalled a seasonally adjusted 8,84,000 for the week ended September 5, matching the number of applications received in the prior week, the Labor Department said on Thursday.

In Europe, the U.K. government outlined on Wednesday how it plans to manage trade following its full breakup from the EU at the end of the year with two significant announcements. Firstly, it proposed legislation, called the Internal Market Bill. Secondly, the government said the U.K. would not follow EU rules for state aid. The U.K. is currently in a transition phase after it stopped being a member of the EU in January, but this will expire on December 31.

Domestic markets:

Back home, key equity benchmarks ended with robust gains on Thursday, boosted by rally in index heavyweight Reliance Industries. The barometer index, the S&P BSE Sensex, jumped 646.40 points or 1.69% at 38,840.32. The Nifty 50 index added 171.25 points or 1.52% at 11,449.25.

Foreign portfolio investors (FPIs) bought shares worth Rs 838.37 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 317.30 crore in the Indian equity market on 10 September, 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: Fri, September 11 2020. 08:16 IST
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