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Market may open in negative zone
18-Jul-2019   08:21 Hrs IST

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 24 points at the opening bell.

Overseas, Asian stocks are trading lower on Thursday, amid a renewed threat to trade. Japan's exports fell 6.7% in June as compared to a year ago, according to data released on Thursday. The Bank of Korea announced that it was cutting the base rate by 25 basis points to 1.5%, following a cut to South Korea's growth target earlier this month, and an ongoing trade spat between Seoul and Tokyo that has seen Japan place import curbs on important materials used by South Korea's technology sector.

U.S. stocks ended lower for a second straight session Wednesday as investors digested mixed earnings results and economic data, while a lack of progress on the Beijing-Washington tariff dispute remained a headache.

At the macroeconomic level, businesses were generally positive through early July about the economic outlook for the coming months despite widespread concerns about the possible negative impact of trade-related uncertainty, according to the Beige Book survey released by the Federal Reserve on Wednesday.

The survey found that the economy expanded at modest pace from mid-May through early July, little changed from the spring. The Fed is widely expected to cut interest rates at the conclusion of its two-day July 30-31 policy meeting and the Beige Book didn't alter that outlook.

Back home, key equity benchmarks ended higher for third consecutive trading session yesterday, 17 July 2019 backed by firmness in banks and IT shares. The Nifty failed to close above 11,700 mark after briefly crossing that level in intraday trade. Gains were capped amid weakness in other Asian shares. The Sensex rose 84.60 points or 0.22% to settle at 39,215.64, its highest closing level since 5 July 2019. The Nifty 50 index rose 24.90 points or 0.21% to settle at 11,687.50, its highest closing level since 5 July 2019.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 16.97 crore yesterday, 17 July 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 208.88 crore yesterday, 17 July 2019, as per provisional data.

Among corporate news, Wipro's consolidated net profit fell 3.86% to Rs 2,387.60 crore on a 1.93% fall in net sales to Rs 14716.10 crore in Q1 June 2019 over Q4 March 2019. The result was announced after market hours yesterday, 17 July 2019.

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