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Stocks may see soft opening

12-May-20    08:02

Indian stocks may see soft opening. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 60 points at the opening bell. Nestle India will declare result for the quarter ended 31 March 2020.

The market is likely to remain volatile in the near term, reacting to the spread of novel coronavirus, or COVID-19, newsflow regarding development of its vaccine and government's measures on stimulus and restarting the economy.

Meanwhile, Sebi has reduced broker turnover fees and filing charges on offer documents for public offering, rights issue and buyback of shares. The broker turnover fee has been reduced to 50% of the existing fee structure for the period June 2020 to March 2021, the Securities and Exchange Board of India (Sebi) said.

Overseas, Asian stocks were trading lower on Tuesday, as Chinese inflation data for April missed expectations.

On the economic data front, China's consumer price index for April rose 3.3% year-on-year. Meanwhile, China's producer price index for April declined 3.1% year-on-year.

In US, stocks were little changed Monday as investors weighed the benefits of reopening the economy against concerns that such steps could lead to fresh waves of coronavirus infections and renewed lockdowns.

Back home, the market ended the volatile session with small losses on Monday, dragged by weakness in banks and financial stocks. Gains in index heavyweights Reliance Industries (RIL) and TCS supported the benchmarks. The barometer S&P BSE Sensex fell 81.48 points or 0.26% at 31,561.22. The Nifty 50 index was down 12.30 points or 0.13% at 9,239.20.

Foreign portfolio investors (FPIs) bought shares worth Rs 534.87 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 821.60 crore in the Indian equity market on 11 May, provisional data showed.

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