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Indices may open on weak note

November 08 2019

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 56 points at the opening bell. Eicher Motors, GAIL (India), Mahindra & Mahindra and Tata Power Company will announce their quarterly results today, 8 November 2019.

Meanwhile, India's credit ratings outlook was reportedly cut to negative from stable by Moody's Investors Service on concern the government won't be able to help stunted economic growth. Moody's cited a growing debt burden and the government's struggle to narrow the budget deficit.

Overseas, most Asian markets were trading higher after China said it had agreed with the United States to cancel tariffs in phases.

In US, the Dow and S&P 500 notched record closing highs on Thursday as the latest signs of progress in U.S.-China trade relations relieved investors, but a report raising fresh worries about the outlook for a deal limited the day's gains.

Back home, the benchmark indices extended gains for second straight session on Thursday, reacting to development on the US-China trade front. The barometer index, the BSE Sensex rose 183.96 points or 0.45% to close at a 40,653.74, its record closing high level. The Nifty 50 index rose 50.05 points or 0.42% to 12,016.10.

The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 926.60 crore yesterday, 7 November 2019 as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 635.59 crore yesterday, 7 November 2019, as per provisional data.

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