Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 69 points at the opening bell.
Overseas, most Asian stocks were trading higher. U.S. stocks closed mostly lower Monday after data showing weakness on the global economic front triggered heavy losses at the end of last week while investors continued to fret over the inversion of the yield curve. However, the Dow bucked the trend to rise as shares of Boeing Co. rallied after recent losses.
Meanwhile, the markets showed little reaction to the end of Special Counsel Robert Mueller's probe into Russian meddling in the 2016 presidential election.
Back home, key benchmark indices ended with sharp losses Monday amid weak global stocks. The Sensex fell 355.70 points or 0.93% to settle at 37,808.91, its lowest closing level since 14 March 2019. The Nifty 50 index fell 102.65 points or 0.90% to settle at 11,354.25, its lowest closing level since 14 March 2019.
The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 150.40 crore yesterday, 25 March 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 12.52 crore yesterday, 25 March 2018, as per provisional data.
Among corporate news, Bharti Airtel announced new ISD call charges for Bangladesh and Nepal as part of its endeavour to simplify tariffs and add to customer convenience. The new ISD call charges, which are currently available to Airtel prepaid mobile users, are the most affordable in the industry and eliminate the need for buying additional ISD packs to make calls to Bangladesh and Nepal. Airtel mobile customers can now enjoy the most competitive ISO tariffs with their regular recharge packs and bundles. Calls to Bangladesh will now be charged at only Rs 2.99/minute (versus Rs. 12 per minute earlier) representing a reduction of 75%. Calls to Nepal will now be charged at Rs 7.99 per minute (versus Rs 13 earlier) representing a reduction of approximately 40%. The announcement was made after market hours yesterday, 25 March 2019.
Grasim Industries said it has challenged the order of Deputy Commissioner of Income Tax (DCIT) dated 14 March 2019, raising demand of sum of Rs 5872.13 crore on account of dividend distribution tax (including interest) before the Bombay High Court. The company has submitted that the order passed by the DCIT is wholly unsustainable in law and the department has sought time to file reply. The company has received order dated 22 March 2019 from the Bombay High Court. The High Court, while granting time to the Department for filing reply, has granted stay against the recovery of demand. The announcement was made after market hours yesterday, 25 March 2019.