The Nifty50 is likely to open flat on Tuesday tracking mixed trend seen in other Asian markets. The index closed 18 points higher at 10,912 on Monday.
Trends on SGX Nifty indicate a flat to positive opening for the broader index in India, a rise of 12.5 points or 0.11 percent. Nifty futures were trading around 10,960-level on the Singaporean Exchange.
Wall Street gained on Monday, with all three major indexes closing near session highs as sustained optimism on the prospects for US-China trade relations propelled technology shares, said a Reuters report.
Japan’s Nikkei rose 0.4 percent before erasing gains while MSCI’s broadest index of Asia-Pacific shares outside Japan advanced 0.3 percent. Most of other Asian markets such as China, South Korea, Singapore and Indonesia are all closed for the Lunar New Year.
On the earnings front, 141 companies on the BSE will declare their results for the quarter ended December on Tuesday which includes names like ACC, Apollo Tyres, CESC, LT Foods, Dish TV India, GAIL India, Marico, Punjab National Bank, Sobha Ltd, Tata Chemicals, and Usha Martin.
Coal India board on February 4 approved buyback of up to 4.47 crore shares totalling to Rs 1,050 crore at Rs 235 per share.
Private sector lender Lakshmi Vilas Bank (LVB) on Monday reported widening of its net loss to Rs 373.49 crore for third quarter ended December 2018, as bad loans more than doubled year-on-year.
Welspun India (WIL), part of the USD 2.3 billion Welspun Group said its profit after tax (PAT) after minority interest and exceptionals declined by 39.2 per cent during the third quarter of this financial year to Rs 47.1 crore compared to the same period last year.
Technical Recommendations:
We spoke to HDFC Securities Ltd and here’s what they have to recommend:
RIL Ltd: Buy| LTP: Rs 1290| Target: Rs. 1385| Stop-Loss Rs 1230| Return 7%
Kotak Mahindra Bank: Buy| LTP: Rs 1272| Target: Rs 1370| Stop-Loss: Rs 1220| Return 8%
Jubilant FoodWorks Ltd: Buy| LTP: Rs 1396| Target: Rs 1535 | Stop-Loss: Rs 1300| Return 10%
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