Stocks may open in negative zone

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 18 points at the opening bell. On the macro front, GDP and infrastructure output data will be closely watched.

India's Q2 gross domestic product (GDP) growth data will be released after market hours today, 30 August 2019. The Indian economy advanced 5.8% year-on-year in the first quarter of 2019, slowing from a 6.6% expansion in the previous period.

Infrastructure output data for July will also be unveiled after market hours today, 30 August 2019. India's infrastructure output grew 0.2% from a year earlier in June 2019.

Overseas, Asian stocks were trading higher on Friday following hints from Beijing that it will not retaliate against the latest round of tariffs from Washington for now. The Bank of Korea left its benchmark interest rate unchanged on Friday. The central bank had cut its base rate for the first time in three years in July.

US stocks advanced Thursday after Beijing indicated it wasn't in a rush to respond to the latest round of tariffs imposed by Washington.

A spokesman for China's commerce ministry reportedly said the country wouldn't immediately respond to the latest round of tariff increases announced by President Donald Trump on Friday. Those increases came after Beijing announced a round of retaliatory tariffs.

In economic data, revision of second-quarter GDP growth showed the U.S. economy growing at a 2% annual rate rather than the previously reported 2.1%.

Back home,the key domestic equity indices declined for second consecutive day yesterday, 29 August 2019 amid weakness in financial stocks. Fears of a global recession, ongoing US-China trade tensions and uncertainty over Brexit spoiled investor sentiment. The barometer index, the S&P BSE Sensex, fell 382.91 points or 1.02% to 37,068.93. The Nifty 50 index fell 97.80 points or 0.89% to 10,948.30.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 986.58 crore yesterday, 29 August 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 489.23 crore yesterday, 29 August 2019, as per provisional data.

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