Local stocks are likely to open on a firm note on positive Asian stocks. Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could advance 51 points at the opening bell.

Overseas, Asian stocks were trading higher after Federal Reserve Chair Jerome Powell reinforced prospects of a US interest rate cut later this month.

US stocks rose on Wednesday with the Nasdaq Composite index closing at a record high after Federal Reserve chairman Jerome Powell indicated interest rates cuts may be imminent in the face of some weakening economic data.

In testimony to a congressional committee, Powell noted that while the U.S. jobs market remains robust and consumer spending appears set to rebound, business investment has slowed considerably, along with housing investment and manufacturing output.

Back home, the market ended lower on Wednesday, amid renewed concerns over trade tension between the United States and India. The Sensex fell 173.78 points or 0.45% to settle at 38,557.04. The Nifty 50 index fell 57 points or 0.49% to settle at 11,498.90.

The trading activity on that day showed that the foreign portfolio investors (FPIs) sold shares worth a net Rs 604.94 crore yesterday, 10 July 2019, as per provisional data released by the stock exchanges. Domestic institutional investors (DIIs) bought shares worth a net Rs 667.40 crore yesterday, 10 July 2019, as per provisional data.