Nifty recovers after partial recovers US and European Future
· Stock benchmarks in the Asia-Pacific region declined, while S&P 500 stock futures traded lower, as mounting evidence of the economic damage caused by the coronavirus pandemic put pressure on markets. In late-morning trading in Hong Kong on Thursday, E-mini S&P 500 futures were down 0.8%, pointing to likely weakness in U.S. shares later in the day. Sentiment has been dampen after US manufacturing data reported historical low and poor quarterly results announced by CITI, Bank of America and Goldman Sachs.
· However, Indian market has not negatively reacted today despite a weak global market. Nifty recovers nearly 1% from the intra-day low on account of soft oil price and FIIs were net buyers yesterday (Rs1359cr).
· Market hope of short covering ahead of Nifty and Banking weekly expiry.
· US Future currently declined marginally by 0.4% while intra-day fall of nearly 1%. European Future is flat to negative
