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Market Headstart: Nifty likely to remain under pressure; telecom, bank stocks to be in focus

FPIs sold shares worth Rs 704.92 crore, while DIIs bought shares of worth Rs 219.54 crore in the Indian equity market on February 14, provisional data available on the NSE showed.

February 17, 2020 / 09:12 AM IST

The Indian market is likely to experience weakness on February 17 in the wake of the Supreme Court's move on AGR, while coronavirus' impact on the global economic growth remains an overhang.

Asian shares stepped back from three-week highs on Monday as investors weighed the near-term hit on global growth from a fast-spreading coronavirus outbreak in China, although expectations of further policy stimulus helped stem losses, reported Reuters.

"Coronavirus is still dominating as a key factor in the global market and it will continue to remain a dominant factor for the next week as well. Q3 earnings season has almost end where the movement of the global market will have a major impact on the Indian market," said Santosh Meena, Senior Analyst, TradingBells.

Trends of Nifty futures at Singapore Exchange also indicated a negative start for the Indian market. SGX Nifty was down 8 points at 12,122 around 07:45 hours IST.