Stocks may drift higher in early trade

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 38 points at the opening bell.

Overseas, most Asian stocks rose amid optimism the upcoming earnings season will be sufficiently robust to overshadow a rise in trade tensions. US equities rose yesterday, 9 July 2018 as investors set aside concern about escalating trade tensions and rising political tension abroad to focus on the coming earnings season.

Back home,key benchmark indices logged strong gains yesterday, 9 July 2018 amid upbeat global stocks. The barometer index, the S&P BSE Sensex, rose 276.86 points or 0.78% to settle at 35,934.72. The Nifty 50 index rose 80.25 points or 0.74% to settle at 10,852.90.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 569.91 crore yesterday, 9 July 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 740.39 crore yesterday, 9 July 2018, as per provisional data.

Among corporate news,IndusInd Bank and TCS declare their Q1 June 2018 result today, 10 July 2018.

HCL Technologies said its board will meet on 12 July 2018, to consider a proposal for buyback of the equity shares. The announcement was made after market hours yesterday, 9 July 2018.

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