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Market may gain on positive Asian stocks

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Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 34 points at the opening bell.

Overseas, Asian stocks were trading higher Thursday after the U.S. Federal Reserve left interest rates unchanged. Meanwhile, on the U.S.-China trade front, hopes in Beijing appear to have risen for a trade deal between the two economic powerhouses. U.S. President Donald Trump and Chinese Xi Jinping are reportedly set to meet at the upcoming G-20 summit in Japan, which will happen next week.

U.S. stocks closed higher Wednesday after the Federal Reserve kept interest rates unchanged as widely expected but dropped the reference to patient in its statement to indicate it is ready to make ease monetary policy if needed.

The Fed said it will closely monitor the economy given increasing uncertainty about government policy though it signaled it may not need to lower rates before 2020. The central bank remained mostly optimistic about the economic outlook, but said inflationary pressures have receded, compelling it to lower its forecast for PCE inflation in 2019 to 1.5% from 1.8%, below its 2% target. At the same time, it left its gross domestic product estimate at 2.1%.

Back home,domestic equity market failed to hold its initial strength yesterday, 19 June 2019 due to selling in auto and pharma shares. The Sensex ended with small gains while the Nifty ended almost flat. The barometer index, the S&P BSE Sensex, gained 66.40 points or 0.17% to 39,112.74. The Nifty 50 index ended almost flat at 11,691.45.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 97.05 crore yesterday, 19 June 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 104.91 crore yesterday, 19 June 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: Thu, June 20 2019. 08:24 IST