Market may open lower

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 30 points at the opening bell. The domestic stock market was closed yesterday, 21 October 2019, on account of assembly elections in Maharashtra.

On the political front, exit polls predicted a comfortable win for the BJP in Maharashtra and Haryana assembly elections.

Overseas, most Asian stocks were trading higher on Tuesday supported by signs of progress in talks on resolving the US-China trade dispute.

US stocks rose on Monday as signs of work to resolve the US-China trade war bolstered investor hopes.

U.S. President Donald Trump sounded reportedly upbeat on a China deal on Monday, while White House adviser Larry Kudlow said tariffs on Chinese goods scheduled for December could be withdrawn if talks go well.

British Prime Minister Boris Johnson failed to get a vote on his Brexit deal and will try again on Tuesday to get the first stage of a withdrawal bill through Parliament.

Back home,the market extended rally for sixth straight session on Friday. The sentiment was boosted by foreign funds turning net buyers of Indian stocks in the past few sessions. Better-than-expected Q2 results from a few companies also supported buying. The barometer index, the BSE Sensex, rose 246.32 points or 0.63% to 39,298.38. The Nifty 50 index rose 75.50 points or 0.65% to 11,661.85.

The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 36.56 crore on Friday, 18 October 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 586.88 crore on Friday, 18 October 2019, as per provisional data.

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