Stocks may slide on negative global cues

June 13,2019

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could slide 24.50 points at the opening bell amid negative global cues.

On the economic front, the all-India general Consumer Price Index (CPI) inflation rose to 3.05% in May 2019 (new base 2012=100), compared with 2.99% in April 2019.

India's industrial production (base year 2011-12=100) accelerated to a six-month high of 3.4% in April 2019, from 0.4% growth recorded in the previous month. Also, the industrial production growth for March 2019 has been revised upwards to 0.4% from (-) 0.1% as reported provisionally.

Overseas, Asian stock markets were trading lower on Thursday as trade war shadow continued to loom on global markets.

Hong Kong's Hang Seng index was down 1.21% amid violent clashes between protesters and riot police over a controversial extradition bill that would allow fugitives to be sent to China. Hong Kong has agreements with some 20 countries to hand over people wanted for certain crimes.

US stocks declined on Wednesday as market focus remained largely on global trade developments after President Donald Trump said that he was holding up a trade deal with China and had no interest in moving ahead unless Beijing agreed.

Closer home, foreign portfolio investors (FPIs) sold shares worth a net Rs 1050.43 crore on 12 June 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 271.15 crore on 12 June 2019, as per provisional data.

Domestic shares ended with modest losses on Wednesday, snapping three-day gains, as negative global cues triggered profit booking. The barometer index, the S&P BSE Sensex, fell 193.65 points or 0.48% to 39,756.81. The Nifty 50 index fell 59.4 points or 0.50% to 11,906.2.

Meanwhile, the Government of Japan has decided to invest an amount of 205.784 billion Yen (approximately Rs 13000 crore) in several ongoing as well as new projects in different states of India's North-Eastern region. This was disclosed after a meeting, which the Development of North Eastern Region (DoNER) Minister Jitendra Singh had with the Japanese delegation led by Ambassador Kenji Hiramatsu on 12 June 2019.

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