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Sensex, Nifty Likely To Open Lower Today Tracking Global Peers

Sensex, Nifty Likely To Open Lower Today Tracking Global Peers

At 8:30am, the SGX Nifty futures were down 0.42% at 11,676.00

Domestic stock markets are likely to start Thursday's session on a negative note, extending losses to a fifth straight session, tracking weakness across Asian peers amid concerns about the coronavirus outbreak. The Singapore Exchange (SGX) Nifty futures - an early indicator of the National Stock Exchange (NSE) Nifty index - dropped as much as 65 points to hit 11,660.00 on the downside ahead of the opening of Indian markets. At 8:30 am, the SGX Nifty futures were down 49.00 points - or 0.42 per cent - at 11,676.00. 

Analysts awaited official macroeconomic data due by the end of the week for any signs of revival in economic growth. The government will release data on GDP or gross domestic product in the October-December period on Friday evening. (Here's What To Expect From Official GDP Data)

Equities in other Asian markets fell on Thursday as the rapid global spread of the coronavirus left investors on edge and seeking safety in gold and bonds.

MSCI's broadest index of Asia-Pacific shares outside Japan traded either side of flat. Japan's Nikkei fell 1.4 per cent.

Overnight on Wall Street, the Dow Jones fell almost half a per cent and the S&P 500 0.4 per cent - a slowdown from consecutive days of 3 per cent drops that have put the indices underwater for the year so far.

Most new virus cases are now being reported outside China - the origin of the outbreak - with South Korea, Italy and Iran emerging as new epicentres. 

The virus has driven an enormous flight of assets out of Asia as investors try to isolate themselves from both the outbreak itself and the cost of what has now been more than a month of paralysis in the world's second-biggest economy.

On Wednesday, the S&P BSE Sensex index had declined 392.24 points - or 0.97 per cent - to end at 39,888.96, and the broader NSE Nifty benchmark settled at 11,678.50, down 119.40 points - or 1.01 per cent - from its previous close.