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Stocks may slide on negative global cues

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Trading of index futures on the stock exchange indicates that the Nifty could slide 24.50 points at the opening bell amid negative global cues.

On the economic front, the all-general Consumer Price Index (CPI) inflation rose to 3.05% in May 2019 (new base 2012=100), compared with 2.99% in April 2019.

India's industrial production (base year 2011-12=100) accelerated to a six-month high of 3.4% in April 2019, from 0.4% growth recorded in the previous month. Also, the industrial production growth for March 2019 has been revised upwards to 0.4% from (-) 0.1% as reported provisionally.

Overseas, Asian stock markets were trading lower on Thursday as trade war shadow continued to loom on global markets.

Hong Kong's was down 1.21% amid violent clashes between protesters and riot police over a controversial extradition bill that would allow fugitives to be sent to Hong Kong has agreements with some 20 countries to hand over people wanted for certain crimes.

US stocks declined on Wednesday as market focus remained largely on global trade developments after said that he was holding up a trade deal with and had no interest in moving ahead unless agreed.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 1050.43 crore on 12 June 2019, as per provisional data released by the Domestic institutional investors (DIIs) bought shares worth a net Rs 271.15 crore on 12 June 2019, as per provisional data.

Domestic shares ended with modest losses on Wednesday, snapping three-day gains, as negative global cues triggered profit booking. The barometer index, the S&P BSE Sensex, fell 193.65 points or 0.48% to 39,756.81. The index fell 59.4 points or 0.50% to 11,906.2.

Meanwhile, the Government of has decided to invest an amount of 205.784 billion Yen (approximately Rs 13000 crore) in several ongoing as well as new projects in different states of India's North-Eastern region. This was disclosed after a meeting, which the Development of North Eastern Region (DoNER) had with the Japanese delegation led by on 12 June 2019.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, June 13 2019. 08:12 IST
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