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A weak opening on the cards

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Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 55 points at the opening bell.

Overseas, Asian stocks were trading lower on Monday after a strong jobs report moderated expectations that the US Federal Reserve could soon be making a move on interest rates.

China's foreign exchange reserves expanded slightly to $3.1192 trillion at the end of June, official data showed Monday. The amount increased by $18.2 billion, or 0.6$ from the end of May, according to the State Administration of Foreign Exchange (SAFE).

US stocks closed slightly lower Friday, 5 July 2019, following an unexpectedly strong US payrolls report, reducing the chances of multiple Federal Reserve rate cuts by the end of the year.

On the data front, the US economy added a better-than-expected 224,000 jobs in June, while the unemployment rate ticked up slightly to 3.7% from 3.6%.

Back home,key equity benchmarks snapped four-day rising trend on Friday, 5 July 2019 as the Union Budget failed to impress investors. Indices opened higher and hit fresh intraday high in morning trade. However, absence of big positives in the Union Budget triggered selling in the afternoon trade. The barometer index, the S&P BSE Sensex, fell 394.67 points or 0.99% to 39,513.39. The Nifty 50 index fell 135.60 points or 1.14% to 11,811.15.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 89.38 crore on Friday, 5 July 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 275.63 crore on Friday, 5 July 2019, as per provisional data.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Mon, July 08 2019. 08:28 IST
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