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Market may open slightly lower

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Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 7 points at the opening bell. IT major Infosys and banking major IndusInd Bank will declare their Q1 June 2019 results today, 12 July 2019.

Overseas, Asian stocks were trading higher on expectations of a rate cut by US Federal Reserve later this month.

In US, the Dow and S&P 500 rose on Thursday to close at record highs as health insurers gained after the Trump administration scrapped a plan designed to rein in prescription drug prices, while financial shares climbed with bond yields.

Powell testifying Wednesday before the House Financial Services Committee and Thursday in front of the Senate Banking Committee gave investors more hope that a rate cut is coming.

Back home,the Nifty snapped four-day losing trend on Thursday, amid broad based buying support, backed by positive global cues. The Sensex rose 266.07 points or 0.69% to settle at 38,823.11. The Nifty 50 index rose 84 points or 0.73% to settle at 11,582.90.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 316.86 crore yesterday, 11 July 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 719.74 crore yesterday, 11 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: Fri, July 12 2019. 08:30 IST