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A weak opening on the cards

·1-min read

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 110 points at the opening bell.

Global markets:

Overseas, Asian stocks are trading lower on Thursday as concerns about rising coronavirus infections.

In US, stocks closed steeply lower after a late-session sell-off on Wednesday as investors weighed surging COVID-19 infections and mounting shutdowns against encouraging vaccine developments.

A surge in new COVID-19 infections prompted New York City, which has the largest school district in the United States, to halt in-person learning starting from Thursday. New York City joined other large school districts in cities like Boston, Detroit, Las Vegas, Philadelphia that have recently canceled in-person learning due to rising coronavirus cases.

Pfizer and BioNTech on Wednesday said that a final data analysis found their coronavirus vaccine was 95% effective in preventing Covid-19 and appeared to fend off severe disease. Meanwhile Moderna said preliminary phase three trial data showed its vaccine was more than 94% effective.

Domestic markets:

Back home, domestic equity benchmarks ended near the day's high after a volatile session on Wednesday. Global shares were positive on optimism over COVID-19 vaccine progress. The barometer index, the S&P BSE Sensex, jumped 227.34 points or 0.52% at 44,180.05. The Nifty 50 index added 64.05 points or 0.50% at 12,938.25.

Foreign portfolio investors (FPIs) bought shares worth Rs 3,071.93 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 2,789.85 crore in the Indian equity market on 18 November, provisional data showed.



Source: Capitalmarket.com