Market may open slightly lower

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 7.50 points at the opening bell. Shares of speciality chemical maker Rossari Biotech will debut on bourses today, 23 July 2020.

Overseas, Asian stocks are trading mixed on Thursday as fresh diplomatic tensions between Washington and Beijing heightened investor jitters. Markets in Japan are closed for a public holiday.

In the latest deterioration in Sino-U.S. ties, the United States ordered China to close its consulate in Houston, saying it was to protect American intellectual property and Americans' private information. China strongly condemned the move, and a source said Beijing was considering shutting the U.S. consulate in Wuhan in retaliation.

South Korea's central bank released advanced estimates of the country's gross domestic product for the three months that ended in June. Growth declined 3.3% for the quarter compared with the prior three months that ended in March and was down 2.9% from last year, Bank of Korea said. While private consumption rose 1.4% as people spent more on durable goods, exports dropped 16.6% due to declines in motor vehicles as well as coal and petroleum products.

In US, stocks closed higher Wednesday ahead of corporate results from Tesla and Microsoft, but with buying seen in utilities and other sectors viewed as defensive as Sino-American tensions rise. Dow ended above 27,000 for first time in six weeks as defensive stocks rose amid latest China-U.S. tussle.

Congressional Democrats and Republicans remained divided on the details of a new stimulus package expected to cost $1 trillion or more, less than two weeks before extended benefits are due to expire for millions of unemployed Americans.

On the economic front, sales of existing homes jumped by a record 20.7% in June, according to the National Association of Realtors.

Back home, domestic equity benchmarks ended with minor cuts after a volatile session. The barometer S&P BSE Sensex lost 58.81 points or 0.16% at 37,871.52. The Nifty 50 index shed 29.65 points or 0.27% at 11,132.60.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,665.57 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,138.83 crore in the Indian equity market on 22 July, provisional data showed.

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