Market may open on flat note

August 08,2019

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 4 points at the opening bell. Ultratech Cement will announce its Q1 result on 8 August 2019.

Overseas, Asian stocks were trading higher ahead of Chinese trade data, which could shed further light on the impact of Washington's protracted trade war between Washington and Beijing.

US stocks recovered from steep early losses on Wednesday as investors snapped up oversold shares and bond yields rebounded from significant lows that raised fears about a recession.

Back home, key equity benchmarks ended the volatile session with steep losses on Wednesday, after the Reserve Bank of India (RBI) revised its growth forecast for the year to 6.9% from 7% estimated earlier. The Nifty slipped below the 10,900 level. The Sensex fell 286.35 points or 0.77% to settle at 36,690.50, its lowest closing level since 8 March 2019. The Nifty 50 index fell 92.75 points or 0.85% to settle at 10,855.50, its lowest closing level since 28 February 2019.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 383.66 crore yesterday, 7 August 2019 as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 531.56 crore yesterday, 7 August 2019, as per provisional data.

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