Moneycontrol
Last Updated : Oct 30, 2018 08:58 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open flat; 3 stocks which could give 6-14% return

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 33.5 points or 0.33 percent. Nifty futures were trading around 11,242-level on the Singaporean Exchange.

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The Nifty50 is expected to open on a flat-to-negative note on Tuesday following muted trend seen in other Asian markets. The index closed 220 points higher at 10,250 on Monday.

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 33.5 points or 0.33 percent. Nifty futures were trading around 11,242-level on the Singaporean Exchange.

US stocks fell in a volatile session on Monday, with the benchmark S&P 500 index ending close to confirming its second correction of 2018, hurt by fresh worries about US-China trade policy tensions and a sharp drop in the big technology and internet shares, said a Reuters report.

Asian shares came under pressure on Tuesday after Wall Street peers finished weaker, hurt by fresh worries about the US-China trade war and were on track for their biggest October decline since the 2008 financial crisis, added the report.

As many as 135 companies will declare their results for the quarter ended September 30 which include names like Bank of Baroda, Bhushan Steel, Cummins India, Dena Bank, IDFC Ltd, JK Tyre, Bank of Maharashtra, Tech Mahindra and Torrent Power among others.

Stocks in news:

State-run Bharat Petroleum Corporation Limited (BPCL) Monday posted a 48.3 per cent decline in its net profit to Rs 1,218.71 crore for the second quarter ended September 2018. Even the GRMs also fell sharply.

The average gross refining margin (GRM) for the quarter ended September 2018 was $5.57 per barrel as compared to $7.97 per barrel a year ago.

Monsanto India reported a net profit of Rs 24.09 crore for the quarter ended September 2018. Its net loss stood at Rs 6.39 crore in the year-ago period, the company said in a regulatory filing.

Century Textiles & Industries (CTIL) reported nearly three-fold jump in its standalone net profit of Rs 156.52 crore for the second quarter ended September 30.

Union Bank of India Q2: Net profit at Rs 139 crore versus loss of Rs 1,530.7 crore; net interest income increases 7.4 percent to Rs 2,493.1 crore versus Rs 2,320.7 crore YoY.

Swaraj Engines Q2: Profit rises 8 percent to Rs 25.37 crore versus Rs 23.5 crore; revenue jumps 18 percent to Rs 247 crore versus Rs 208.7 crore YoY.

Technical Recommendations:

We spoke to Religare Broking Ltd and here's what they have to recommend:

Bharat Forge Limited: Buy | Target: Rs 595| Stop-Loss: Rs 535| Return 6.2%

Havells India Limited: Buy| Target: Rs 680| Stop-Loss: Rs 595| Return 8.8%

The India Cements Limited: Buy| Target: Rs 97| Stop-Loss: Rs 79| Return 14.1%

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.
First Published on Oct 30, 2018 08:52 am
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