Volatility may remain high on F&O expiry

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 47 points at the opening bell. Trading could be volatile as traders roll over positions in the F&O segment from the near month July 2019 series to August 2019 series. The July 2019 F&O contracts expire today, 25 July 2019. Bajaj Finance, Bajaj Finserv and Tata Motors will declare their Q1 results today, 25 July 2019.

Overseas, most Asian stocks were trading higher on Thursday as semiconductor stocks in Japan and South Korea gained. In Europe, the European Central Bank is set to meet on Thursday and is widely expected to keep interest rates unchanged.

In US, the S&P 500 and Nasdaq stock indexes closed at record on Wednesday despite mixed earnings and economic data and antitrust probes into leading U.S. technology stocks. But the Dow ended lower after disappointing earnings from Boeing and Caterpillar.

In economic data, U.S. new home sales rebounded in June, the first gain in three months, but U.S. manufacturers expanded in July at the slowest pace in almost 10 years. IHS Markit said its manufacturing PMI slid to 50 this month from 50.6 in June, marking the lowest level since September 2009 just as the current expansion was getting under way.

A U.S. delegation headed by U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin is set to travel to China to revive trade talks next week, as per reports, marking the first in-person talks since the Group of 20 summit last month.

Back home,key equity benchmarks declined for fifth straight trading session yesterday, 24 July 2019 after the International Monetary Fund (IMF) cut its annual growth forecast for the country. Firm crude oil prices also raised concerns of higher inflation and fiscal slippage. The Sensex fell 135.09 points or 0.36% to settle at 37,847.65. The Nifty 50 index fell 59.75 points or 0.53% to settle at 11,271.30.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 1393.71 crore yesterday, 24 July 2019 as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 2140.26 crore yesterday, 24 July 2019, as per provisional data.

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