Market may open higher

August 09,2019

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 8 points at the opening bell. Bharat Petroleum Corporation, Hindalco Industries and GAIL (India) will announce their Q1 results today, 9 August 2019.

Overseas, most Asian stocks are trading higher on Friday supported by overnight gains in US stocks and better-than-expected macro-economic data from China.

US stocks advanced on Thursday with technology shares providing the biggest boost as equities continued to rebound along with bond yields.

Back home, key equity benchmarks surged amid broad based buying support on Thursday. Shares rallied after media reports suggested that the government is likely to roll back recently-imposed higher tax on foreign portfolio investors (FPIs). The Sensex rose 636.86 points or 1.74% to settle at 37,327.36. The Nifty 50 index rose 176.95 points or 1.63% to settle at 11,032.45.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 437.39 crore yesterday, 8 August 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 291.29 crore yesterday, 8 August 2019, as per provisional data.

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