Indices may slump in early trade
Published on Feb 14, 2022 08:30
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 242 points at the opening bell.
On the macro front, Industrial output slumped to a 10-month low of 0.4% in December, dragged down by manufacturing, capital goods and consumer durables output along with an unfavourable base, according to data released Friday by the National Statistical Office (NSO). The IIP had registered a growth of 1.3% a month ago and 2.2% in December 2020.
Meanwhile, the Union government on February 13 has filed the draft red herring prospectus (DRHP) of state-owned Life Insurance Corporation of India with market regulator SEBI to launch the much awaited IPO before the end of March.
Overseas, Asian stocks are trading lower on Monday on tensions between Russia and Ukraine. Some airlines have reportedly canceled or diverted flights to Ukraine amid heightened fears that an invasion by Russia is imminent despite intensive weekend talks between the Kremlin and the West.
US stocks slid on Friday as increased tensions between Ukraine and Russia led investors to dump risky assets like equities.
In economic data, the University of Michigan`s preliminary February gauge of consumer sentiment fell to 61.7, from January`s level of 67.2, the lowest reading since October of 2011.
Back home, the domestic equity barometers ended with steep cuts after a weak session on Friday. The barometer index, the S&P BSE Sensex, was down 773.11 points or 1.31% to 58,152.92. The Nifty 50 index fell 231.10 points or 1.31% to 17,374.75.
Foreign portfolio investors (FPIs) bought shares worth Rs 108.53 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 696.90 crore in the Indian equity market on 11 February, provisional data showed.
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