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Stocks may open slightly higher

November 27 2019

Local stocks may open slightly higher. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 5 points at the opening bell.

Overseas, Asia stocks were trading mixed on Wednesday as investors look for concrete developments on U.S.-China trade as the threat of increased tariffs looms.

U.S. stocks advanced to close at new all-time highs Tuesday, as investors focused on U.S.-China trade talks and an upbeat assessment of the economy from Federal Reserve Chairman Jerome Powell.

Top Chinese and U.S. negotiators reportedly agreed on talks toward a preliminary “phase one” deal, China's Commerce Ministry said Tuesday. The ministry said Vice Premier Liu He, the country's top negotiator, spoke by phone with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin.

Fed Chair Powell, in remarks Monday evening, outlined an optimistic view of the U.S. economy but signaled that low inflation would likely keep interest rates low. The Fed chief said that the central bank's three rate cuts this year have helped to spur home purchases, contributing to the economy's longest expansion on record.

In US economic data, consumer confidence fell in November for the fourth month in a row, with the Conference Board's index falling from 125.5 from 126.1 in October. New-home sales fell in October to a seasonally adjusted annual rate of 733,000, from 738,000 in September. But the Case-Shiller home-price index for September showed home prices rising nationally at a 3.2% annual pace, up from a 3.1% rise in August.

Back home, after hitting a record high in morning trade, key equity benchmarks ended with minor losses on Tuesday. The barometer index, the BSE Sensex, fell 67.93 points or 0.17% to 40,821.30. The Nifty 50 index fell 36.05 points or 0.30% to 12,037.70.

The trading activity on that day showed that the foreign portfolio investors (FPIs) bought shares worth a net Rs 4,677.75 crore yesterday, 26 November 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) sold shares worth a net Rs 4,242.01 crore yesterday, 26 November 2019, as per provisional data.

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