Baba Stock – Market may tumble in early trade
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slump 183 points at the opening bell.
On the coronavirus front, the Centre on Sunday banned the supply of oxygen for industrial purposes except in nine specified industries in view of shortage of the essential public health commodity in several states amid a spike in COVID-19 infections. The decision will come into effect from April 22.
Overseas, Asian stocks are trading mixed on Monday, with investors watching Alibaba’s stock in Hong Kong following yet another development between affiliate Ant Group and billionaire Jack Ma.
Japan’s exports posted their strongest growth in more than three years in March. Ministry of Finance data showed on Monday exports surged 16.1% in March from a year earlier, marking the steepest rise since November 2017. That was followed by a 4.5% contraction in February.
U.S. stocks rose again on Friday as the market’s rally to records carried on amid strong earnings from blue-chip companies as well as solid data signaling a snapback in the economy.
Federal Reserve Governor Christopher Waller said Friday the U.S. economy is set to take off, but there’s still no reason to start tightening policy.
The University of Michigan said Friday its preliminary consumer sentiment index rose to a one-year high of 86.5 in the first half of this month from 84.9 in March.
Back home, the equity indices ended with minor gains amid a volatile session on Friday. The barometer index, the S&P BSE Sensex, added 28.35 points or 0.06% to 48,832.03. The Nifty 50 index advanced 36.40 points or 0.25% to 14,617.85.
Foreign portfolio investors (FPIs) bought shares worth Rs 437.51 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 657.55 crore in the Indian equity market on 16 April, provisional data showed.
Powered by Capital Market – Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)