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Market may see higher opening

11-Feb-20    07:53

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 44 points at the opening bell.

The Reserve Bank of India (RBI) is actively engaged in revitalising the flow of bank credit to productive sectors having multiplier effects to support growth impulses. Accordingly, banks are allowed to deduct the equivalent amount of incremental credit disbursed by them as retail loans to automobiles, residential housing, and loans to micro, small and medium enterprises (MSMEs), over and above the outstanding level of credit to these segments as at the end of the fortnight ended 31 January 2020 from their net demand and time liabilities (NDTL) for maintenance of the cash reserve ratio (CRR).

On the political front, Delhi Assembly elections results will be announced today, 11 February 2020. Delhi Assembly elections were held in single phase on 8 February 2020. The term of the 70-member Delhi Assembly is ending on 22 February 2020. Led by Arvind Kejriwal, Aam Aadmi Party (AAP) had come to power in Delhi in February 2015 sweeping 67 of the 70 Assembly seats.

Overseas, Asian stocks were trading mixed on Tuesday as investors tried to judge how quickly China's factories could return to work as the coronavirus continues to spread and deaths mount.

In US, the Nasdaq Composite and S&P 500 clinched closing records on Monday as investors took heart in mostly solid US fourth-quarter corporate earnings and looked beyond concerns about the coronavirus outbreak's potential disruption to global supply chains.

Expectations for the Federal Reserve to prop up the economy with easy financial conditions if the coronavirus spills over into the US, also helped to support stocks.

Back home, key equity market benchmarks ended with minor cuts for second straight session on Monday. Sentiment was weak amid ongoing concerns around the coronavirus outbreak in China. The barometer BSE S&P Sensex fell 162.23 points or 0.39% to 40,979.62. The Nifty 50 index lost 66.85 points or 0.55% to 12,031.50.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 184.58 crore yesterday, 10 February 2020, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 735.79 crore, yesterday, 10 February 2020, as per provisional data.

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