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Market may open on a flat note

November 05 2019

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could fall 4 points at the opening bell. Tech Mahindra and Titan Company will announce their quarterly results today, 5 November 2019.

On the macro front, Markit Services PMI for October 2019 will be unveiled today, 5 November 2019.

Overseas, Asian stocks were trading higher Tuesday following record closes overnight on Wall Street. A private survey of China's services sector showed activity slowing to a eight month low in October. The Caixin/Markit services Purchasing Managers' Index (PMI) for October came in at 51.1 - its lowest reading since February. The 50-point level separates expansion from contraction in PMI readings.

In US, the Dow Jones Industrial Average joined other major indexes in record territory Monday, with stocks propelled higher as optimism about a near-term U.S.-China trade resolution and a third-quarter earnings season that has been better than feared buoyed sentiment on Wall Street.

On the trade front, China said Friday it reached a consensus with the U.S. in principle following talks last week. Last month, U.S. President Donald Trump said both sides had come to a very substantial phase one trade agreement that is expected to be signed later in November.

Back home, key equity indices extended their winning streak for seventh trading session and ended with decent gains on Monday, supported by positive global cues. The barometer index, the BSE Sensex rose 136.93 points, or 0.34%, to attain a record closing high of 40,301.96. The Nifty 50 index rose 54.55 points, or 0.46%, to end at 11,945.15.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 138.53 crore yesterday, 4 November 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 500.24 crore yesterday, 4 November 2019, as per provisional data.

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