The Nifty50 is likely to open flat on Wednesday tracking muted trend seen in other Asian markets as fresh concerns over Washington’s threat of tariffs on additional European goods weighed on sentiment.
“U.S. stocks managed modest gains on Tuesday after holding near the unchanged mark for much of the session, with the S&P 500 gaining 0.29% to a record close of 2,972.98, with dividend-oriented utilities and real estate stocks leading the gains,” said a Reuters report.
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 18 points or 0.15 percent. Nifty futures were trading around 11,961-level on the Singaporean Exchange.
The S&P BSE Sensex rose 129 points to 39,816 while the Nifty50 closed 44 points higher at 11,910.
The Indian rupee July 2 ended almost flat at 68.95 against the US dollar in a lacklustre trade as participants preferred to sit on the fence ahead of the Union Budget due on July 5.
On the institutional front, FPIs were net sellers in Indian markets for Rs 512 cr while DIIs were net buyers to the tune of Rs 141 cr, provisional data showed.
Stocks in news:
RBI imposes fine on four public sector banks for violating KYC norms which include names like Punjab National Bank, Allahabad Bank, and UCO Bank were fined Rs 50 lakh each while Corporation Bank was fined Rs 25 lakh.
Vanguard Group July 2 offloaded Bharat Financial Inclusion Ltd's shares worth Rs 298 crore through open market transactions. The Vanguard Group is an American investment management company.
Tata Steel is raising as much as $500 million through syndicated overseas loans to fund expansion and refinance debt, said people with knowledge of the matter.
Technical Recommendations:
We spoke to Religare Broking Ltd and here’s what they have to recommend:
DLF Ltd: Buy| LTP: Rs 192.30| Target: Rs 205| Stop-Loss: Rs 182| Upside 7%
Engineers India Ltd: Buy| LTP: Rs 120.55| Target: Rs 132| Stop-Loss: Rs 116| Upside 10%
Maruti Suzuki India Ltd: Sell July Futures| LTP: Rs 6559| Target: Rs 6300| Stop-loss: 6670| Downside 4%
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