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25 Feb, 2018, 05:15:07 PM
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Weak opening on the cards
09-Feb-18   08:26 Hrs IST

Market may open sharply lower on weak global cues. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 216.50 points at the opening bell.

Overseas, Asian stocks tumbled in early trade after US stocks plummeted once again in the last session. China inflation as represented by the consumer price index (CPI) rose 0.6% month-on-month in January, well above the previous month's print of 0.3%, data released today, 9 February 2018 showed.

US stocks fell sharply yesterday, 8 February 2018 as strong earnings and economic data were not enough to quell investors' jitters on Wall Street about higher interest rates.

US initial jobless claims decreased 9,000 to a seasonally adjusted 221,000 for the week ended 3 February, the Labor Department said yesterday, 8 February 2018. The second straight weekly decline in claims pointed to strong job growth momentum.

In the Europe, the Bank of England (BoE) yesterday, 8 February 2018 said it is likely to raise interest rates earlier and faster than previously expected to damp the effects of a stronger global economy on UK inflation. All nine members of the bank's Monetary Policy Committee agreed a statement that the central bank was no longer willing to tolerate inflation above its 2% target over the next three years, reports suggested.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 2297.09 crore yesterday, 8 February 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 2373.59 crore yesterday, 8 February 2018, as per provisional data.

Among prominent companies, BPCL, HPCL, M&M, ONGC, SBI and Tata Steel are scheduled to announce Q3 December 2017 results today, 9 February 2018.

The stock market registered modest gains yesterday, 8 February 2018, as bargain hunting emerged on the bourses after seven straight sessions of losses. The Sensex had risen 330.45 points or 0.97% to settle at 34,413.16, its highest closing level since 5 February 2018.

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