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Last Updated : Mar 11, 2019 08:44 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open flat; ITD Cementation, Petronet among top buys

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 22.5 points or 0.2 percent. Nifty futures were trading around 11,035-level on the Singaporean Exchange.

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The Nifty50 is likely to open flat on Monday following muted trend seen in other Asian markets. The index closed 22 points lower at 11,035 on Friday.

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 22.5 points or 0.2 percent. Nifty futures were trading around 11,035-level on the Singaporean Exchange.

Wall Street's main indexes fell for a fifth straight session on Friday and posted their biggest weekly declines since the market tumbled at the end of 2018, as a weak US jobs report ignited more concerns about the global economy, said a Reuters report.

Close

Asian shares pulled back on Monday after US employment data raised doubts about the strength of the global economy while investor jitters ahead of crucial Brexit votes in the UK parliament this week weighed on the pound, it said.

The Indian rupee closed near Friday's low at 70.15 per dollar, down 15 paise versus Thursday's close of 70 per dollar.

Stocks in news:

Suven Life Sciences said it will create a wholly-owned subsidiary in the US and will infuse USD 75 million (about Rs 525 crore) in its new business.

The Reserve Bank on Friday said it has imposed penalties worth Rs 71 crore on 36 public, private and foreign banks for non-compliance with various directions on time-bound implementation and strengthening of SWIFT operations. This includes banks like Bank of Baroda, City Union Bank, HSBC, ICICI Bank, SBI and YES Bank.

State-owned Syndicate Bank on Friday said it has reduced its marginal cost of funds based lending rate (MCLR) by 0.10 percent for various tenors.

Jet Founder and Chairman Naresh Goyal’s stake will come down to 17 percent from the current 51 percent, sources based story from a news website.

Technical Recommendations:

We spoke to Angel Broking and here’s what they have to recommend:

ITD Cementation: Buy| LTP: Rs 122.70| Target: Rs 142| Stop Loss: Rs 112| Upside 16%

Petronet LNG: Buy| LTP: Rs 233.90| Target: Rs 255| Stop Loss: Rs 223| Upside 9%

Disclaimer: The views and investment tips expressed by investment experts 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.

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First Published on Mar 11, 2019 08:42 am
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