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Market may open higher

15-May-20    08:01

Indian stock markets are likely to open in positive zone. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 29 points at the opening bell. Cipla will announce Q4 result today, 15 May 2020.

Finance minister Nirmala Sitharaman on Thursday announced measures to give relief to the poor including migrant workers, farmers, street vendors and members of tribal community.

In a big move, the government extended the credit linked subsidy scheme (CLSS) till March 2021 for middle income group people (annual income of Rs 6-18 lakhs). 2.5 lakh people will benefit from this scheme. This will lead to investment of over Rs 70,000 crore in housing and will stimulate demand for steel, cement, transport and other construction materials.

Overseas, Asian stocks are trading little changed Friday, ahead of the release of Chinese economic data.

On the economic data front, China's industrial production and fixed asset investment for April is set to be out later in the day

In US, stocks closed higher on Thursday. A rebound in large financial stocks helped to turn stocks around in afternoon action, as investor skittishness abated with signs of recovering demand as some U.S. states reopen their economies.

The reversal for stocks came after the U.S. Labor Department released its weekly initial jobless claims report. Another 2.981 million Americans filed for unemployment benefits in the week ending May 9. The prior week's figure was revised higher to 3.18 million from the previously reported 3.17 million jobless claims.

Minneapolis Federal Reserve President Neel Kashkari said that a V-shaped recovery is off the table. Kashkari said on Thursday the recovery would likely be long and drawn out. While there will be a bounce after the worst GDP contraction in the April-June quarter in history, the economy will be nowhere near back to where it was in December 2019, he said.

Back home, domestic shares slumped on Thursday, tracking weak global cues. The barometer S&P BSE Sensex tumbled 885.72 points or 2.77% at 31,122.89. The Nifty 50 index lost 240.80 points or 2.57% at 9,142.75. A weak economic outlook by the US Fed and worries about a second wave of coronavirus infections weighed on domestic and global markets.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,152.52 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 802.36 crore in the Indian equity market on 14 May, provisional data showed.

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