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Market may see flat-to-positive start
10-Jul-2019   08:10 Hrs IST

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 5 points at the opening bell. Shares of TCS will react to Q1 result declared after market hours yesterday, 9 July 2019.

Overseas, Asian stocks were mixed as investors await comments from U.S. Federal Reserve Chairman Jerome Powell for possible clues on the central bank's next move on interest rates.

U.S. stocks ended mixed on Tuesday after a late-day rally boosted the S&P 500 and Nasdaq Composite but left the Dow Jones Industrial Average to suffer its third straight loss.

Investors are awaiting for two-day testimony before Congress by Fed Chairman Jerome Powell due to start Wednesday. Also due on Wednesday is the central bank's June policy meeting minutes. Markets are hoping the central bank's chief will shed some light on a meeting of the central bank's interest-rate setting committee, slated for July 30-31, with investors clinging to hopes for a rate cut.

On the economic data front, the National Federation of Independent Business released its small business optimism index, which fell to 103.3 in June, from 105 in May.

Back home, the Sensex ended with small gains, while the Nifty ended almost flat yesterday, 9 July 2019 after a volatile trading session. The Sensex rose 10.25 points or 0.03% to settle at 38,730.82. The Nifty 50 index fell 2.70 points or 0.02% to settle at 11,555.90.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 674.26 crore yesterday, 9 July 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 710.91 crore yesterday, 9 July 2019, as per provisional data.

On a consolidated basis, TCS reported 0.06% rise in net profit to Rs 8131 crore on 0.43% rise in total income to Rs 38172 crore in Q1 June 2019 over Q4 March 2019.

Meanwhile, weak growth prospects for India will complicate the government's fiscal consolidation efforts, weighing on the sovereign's credit quality, Moody's Investors Service said July 9. The 2019-20 Budget presented in Parliament last week projected to contain fiscal deficit at 3.3% of GDP, lower than 3.4% estimated in the interim Budget.

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