Market may open on a flat note

Local stocks are likely to open on a flat note as trading resumes after a long weekend. Domestic stock markets were shut on Monday, 12 August 2019 on account of Bakri Id. Shares of Reliance Industries (RIL) will be in focus after chairman and managing director Mukesh Ambani on Monday addressed the shareholders of the company at its 42nd annual general meeting (AGM).

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 2 points at the opening bell.

On the macro front, the quick estimates of Index of Industrial Production (IIP) with base 2011-12 showed that India's industrial output grew 2% in June. The data was released by the government after market hours on 9 August 2019.

Among stocks, Reliance Industries (RIL) chairman and managing director Mukesh Ambani on Monday addressed the shareholders of the company at its 42nd annual general meeting (AGM). Mukesh Ambani revealed a roadmap to becoming a zero net debt company in the next 18 months. Saudi Aramco signed a non-binding letter of intent to acquire a 20% stake in the oil to chemicals division of Reliance Industries valued at an enterprise value of $75 billion.

Mukesh Ambani, said that Jio Fiber Services will be launched on commercial basis on 5 September 2019, the third anniversary of Jio's launch. RIL plans to reach 20 million residences and 15 million business establishments in 1,600 towns. Reliance Jio Infocomm (Jio), a subsidiary of Reliance Industries (RIL), and Microsoft Corp. are embarking on a unique, comprehensive, long-term strategic relationship aimed at accelerating the digital transformation of the Indian economy and society.

Overseas, Asian stocks were trading lower on Tuesday as fears about a drawn out Sino-US trade war, protests in Hong Kong and a crash in Argentina's peso currency drove investors to safe harbours like bonds, gold, and the yen.

US stock benchmarks finished sharply lower Monday as simmering geopolitical tensions spooked equity investors and drove a bond market rally while the protracted US-China trade war stoked fears of impending recession.

Back home,domestic barometers advanced for a second consecutive trading session on Friday, amid media reports that the government may exempt the tax surcharge on foreign portfolio investors (FPIs). The Sensex rose 254.55 points or 0.68% to settle at 37,581.91. The Nifty 50 index rose 77.20 points or 0.70% to settle at 11,109.65.

The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 203.73 crore on Friday, 9 August 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 606.92 crore on Friday, 9 August 2019, as per provisional data.

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