The Nifty50 is likely to open flat-to-higher on Monday following a mixed trend seen in other Asian markets.
Asia was trading at a multi-month low on mounting worries about Sino-US tensions and Washington’s new tariff threat against Mexico which could tip the global economy into a recession.
US stocks dropped on Friday, as the S&P 500 closed out the month with its biggest May slump since 2010 after President Donald Trump's surprise threat of tariffs on Mexico fuelled fears that a trade war on multiple fronts, said a Reuters report.
“Oil prices fell more than 1 percent on Monday, extending losses of over 3 percent from Friday when crude markets racked up their biggest monthly losses in six months amid stalling demand and as trade wars fanned fears of a global economic slowdown,” the report added.
The S&P BSE Sensex 117 points lower at 39,714 while the Nifty50 lost 23 points to close the day at 11,922 for the week ended May 31.
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 52 points or 0.44 percent. Nifty futures were trading around 11,977-level on the Singaporean Exchange.
Stocks in news:
The country's largest carmaker Maruti Suzuki India Saturday reported a 22 percent decline in sales at 1,34,641 units in May. The company had sold 1,72,512 units in May 2018, Maruti Suzuki India (MSI) said in a statement.
Auto major Mahindra and Mahindra (M&M) Saturday reported 3 percent decline in total sales at 45,421 units in May. The company had sold 46,848 units in the same month last year, M&M said in a statement.
Suzlon Energy's Thursday said its consolidated net loss for the March quarter narrowed to Rs 294.64 crore from Rs 469.85 crore a year ago, mainly due to lower expenses.
We spoke to Angel Broking and here's what they have to recommend:
Godrej Consumer: Buy| LTP: Rs 688.05| Target: Rs 760| Stop Loss: Rs 648| Upside 10%
Raymond: Buy| LTP: Rs 828| Target: Rs 897| Stop Loss: Rs 804| Upside 8%
Disclaimer: The views and investment tips expressed by investment expert on Moneycontrol.com are his own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.