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Market may open on a firm note

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Trading of 50 index futures on the stock exchange indicates that the could gain 30 points at the opening bell.

Overseas, Asian stocks were mixed as investors were cautious due to uncertainties surrounding US President Donald Trump after reports he tried to influence a federal investigation.

US stocks closed higher yesterday, 18 May 2017 following the previous session's brutal selloff, as positive data offered a glimmer of optimism and technology provided an additional fillip to the market.

Investors were still watching Washington closely after reports the US President tried to interfere with an investigation into former National Security Adviser Michael Flynn's ties with Russia. In one recent development, former FBI head Robert Mueller has now been named as special counsel to investigate potential collusion between the Trump campaign and Russia.

US economic data released yesterday, 18 May 2017 showed that initial jobless claims fell by 4,000 in the latest week, the second-lowest reading of the economic recovery, which began eight years ago. Continuing claims were at their lowest level since 1988. Separately, the Philadelphia Fed manufacturing index jumped to a reading of 38.8 in May from 22 in April.

Back home,ending its three-day rising trend, the key benchmark indices settled with modest losses yesterday, 18 May 2017 as profit booking materialised on weak global stocks. The Sensex lost 223.98 points or 0.73% to settle at 30,434.79, its lowest closing level since 15 May 2017.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 360.59 crore yesterday, 18 May 2017, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 897.96 crore yesterday, 18 May 2017, as per provisional data.

Among corporate news,TCS announced that it collaborated with Qualcomm incorporated through its Qualcomm Wireless Reach initiative and FHI 360 to implement a digital solution that enriches lives of the fishing community in Senegal, leveraging the transformative power of wireless technologies. The announcement was made after market hours yesterday, 18 May 2017.

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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, May 19 2017. 08:37 IST