Stocks may open a tad lower

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 6 points at the opening bell.

Overseas, most Asian stocks were trading lower, signaling fading investor applause for the US-China trade truce. US stocks rallied yesterday, 3 December 2018 after the US and China declared a truce in their trade war.

Back home,key equity benchmarks extended gains for sixth straight trading session yesterday, 3 December 2018. However, the trading was volatile as gains triggered by strong global cues were almost offset by lower-than-expected domestic GDP data. The Sensex rose 46.70 points or 0.13% to settle at 36,241, its highest closing level since 1 October 2018.

The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 293.12 crore yesterday, 3 December 2018, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 806.45 crore yesterday, 3 December 2018, as per provisional data.

Among corporate news,Axis Bank will be in focus. With reference to a news item titled "I-T dept probing Axis Bank staff for allegedly facilitating benami deals," the bank clarified after market hours yesterday, 3 December 2018, that the matter reported in certain sections of the media pertains to a complaint received by the bank in March 2018, referring to incidents of an earlier period. An internal inquiry in this regard has already been conducted by the bank. In case there are any queries from the income tax authorities in the said matter, the bank, as always, shall fully co-operate with the concerned authorities. The bank has always adhered to the highest standards of regulatory compliance and will continue to work towards maintaining a strict code of conduct in all spheres of business that it undertakes, it said.

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