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Home >> Market >> News >> News Details

Market Commentary - Pre-Session
03-Jan-2019     08:30

Weak opening on the cards

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 45 points at the opening bell.

Overseas, most Asian stocks fell after Apple Inc. added to global growth concerns by cutting its guidance. US stocks saw modest rebound yesterday, 2 January 2019 from the worst December rout since the Depression.

Back home, key benchmark indices dropped sharply yesterday, 2 January 2019. Negative global stocks weighed on the domestic bourses. The Sensex settled below the psychological 36,000 mark. The Sensex fell 363.05 points or 1% to settle at 35,891.52, its lowest closing level since 27 December 2018.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 621.06 crore yesterday, 2 January 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 226.18 crore yesterday, 2 January 2019, as per provisional data.

Among stocks, shares of state-run banks will be watched. The Union Cabinet has approved the scheme of amalgamation of Bank of Baroda, Vijaya Bank and Dena Bank, with Bank of Baroda as the transferee bank and Vijaya Bank and Dena Bank as transferor banks. The amalgamation will be the first-ever three-way consolidation of banks in India, with the amalgamated bank being India's second largest public sector bank. The scheme shall come into force on 1 April 2019. The announcement was made after market hours yesterday, 2 January 2019.

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