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Stocks headed for negative start

Indian stocks are headed lower in early trade as domestic factors such as a sharp surge in the coronavirus cases and extension of the lockdown may weigh on investors sentiment. IT major TCS will release its March quarter result today, April 16.

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 68 points at the opening bell.

Overseas, Asian stocks are trading lower on Thursday, after a coronavirus-driven plunge in US retail sales and factory production and increasing gloomy economic outlooks for Asia.

In US, stocks fell on Wednesday as dismal economic data and first-quarter earnings reports compounded concerns over the extent of damage from the coronavirus outbreak.

Back home, key equity benchmarks tumbled on Wednesday, tracking weak global stock markets. The barometer index, the S&P BSE Sensex, fell 310.21 points or 1.01% at 30,379.81. The Nifty 50 index lost 68.55 points or 0.76% at 8,925.30.

The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 1,358.66 crore on 15 April 2020, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 1,097.86 crore on 15 April 2020, as per provisional data.

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