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Strong opening expected

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

Overseas, Asian stocks were trading higher on Wednesday as investors tried to shake off concerns over the coronavirus epidemic following a slight decline in the number of new cases.

In US, the Nasdaq Composite index eked out a record finish on Tuesday, even though other major stock benchmarks fell after Apple Inc. said its second-quarter earnings would take a hit from the viral outbreak in China, reigniting fears that the disease may disrupt manufacturing supply chains and have broad implications for the global economy and financial markets.

Apple said revenue in the current quarter won't reach its target range of between $63 billion and $67 billion due to the impact of the infectious disease.

Back home, key market barometers declined for the fourth straight session on Tuesday, dragged by banking stocks which have significant exposure to telecom sector debts. Weak global shares owing to coronavirus outbreak also impacted trading sentiment. The barometer index, the S&P BSE Sensex fell 161.31 points or 0.39% at 40,894.38. The Nifty 50 index lost 53.30 points or 0.44% at 11,992.50.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 74.39 crore yesterday, 18 February 2020, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 309.43 crore, yesterday, 18 February 2020, as per provisional data.

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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, February 19 2020. 07:55 IST