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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 39 points at the opening bell. Index heavyweight Reliance Industries will announce Q1 result today, 19 July 2019.

Overseas, Asian stocks were trading higher on Friday, as comments from a US Federal Reserve official cemented expectations of a US interest rate cut later this month.

U.S. stocks closed higher Thursday, after New York Federal Reserve President John Williams said the central bank's wisest strategy is to cut interest rates at the first sign of economic distress when interest rates are already low. The Fed is widely expected to cut interest rates at the conclusion of its two-day July 30-31 policy meeting.

Back home,key equity benchmarks ended lower yesterday, 18 July 2019 after rising in the past three trading sessions. The Nifty 50 index slipped below 11,600 mark. The Sensex fell 318.18 points or 0.81% to settle at 38,897.46. The Nifty 50 index fell 90.60 points or 0.78% to settle at 11,596.90.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 1,404.86 crore yesterday, 18 July 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 329.05 crore yesterday, 18 July 2019, as per provisional data.

Meanwhile, market regulator Sebi yesterday, 18 July 2019, proposed stricter disclosures, including detailed reasons, on resignation of auditors, amid rising instances of auditors quitting companies. Besides, an auditor would have to provide appropriate disclaimer in case of auditor's resignation is due to non-receipt of information from the company concerned. The regulator also proposed to further strengthen and clarify the role of audit committees of the listed firms.

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

First Published: Fri, July 19 2019. 08:24 IST