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Market may open near flat line

13-Feb-20    07:50

Local stocks will react to economic data released after market hours yesterday, 12 February 2020. The Quick Estimates of Index of Industrial Production (IIP) with base 2011-12 for the month of December 2019 stood at 133.5, which is 0.3% lower as compared to the level in the month of December 2018. The cumulative growth for the period April-December 2019 over the corresponding period of the previous year stands at 0.5%.

Consumer price inflation in January rose to 7.59%, holding around six-year top. CPI rural inflation has risen to 7.73% vs 7.23% in December. January core inflation also surged to 4.8% versus 3.7% in December.

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 5 points at the opening bell.

Overseas, Asian stocks were trading mixed on Thursday as the number of new coronavirus cases at the outbreak's epicenter jumped sharply.

In US, stocks ended higher on Wednesday, with all three major benchmarks registering all-time closing highs, buoyed by signs of a slowdown in the number of new cases of COVID-19 a strain of coronavirus that emerged in Wuhan, China late last year.

Back home, domestic barometers advanced for the second day on Wednesday on the back of buying in heavyweights. The momentum was supported by positive global shares as concerns over the ongoing coronavirus outbreak abated. The barometers S&P BSE Sensex, gained 349.76 points or 0.85% at 41,565.90. The Nifty 50 index jumped 93.30 points or 0.77% at 12,201.20.

The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 48.81 crore yesterday, 12 February 2020, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 339.19 crore, yesterday, 12 February 2020, as per provisional data.

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