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Last Updated : Aug 13, 2019 08:51 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open flat; Motherson Sumi, HDFC top buy ideas

Trends on SGX Nifty indicate a positive opening for the broader index in India, with 0.32 percent gain or 35.5 points. Nifty futures were trading around 11,125-level on the Singaporean Exchange.

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The Nifty50 is expected to open flat on Tuesday following Asian markets which were trading largely mixed as fears about a drawn-out Sino-US trade war, protests in Hong Kong and a crash in Argentina’s peso currency drove investors to safe harbours like bonds, gold, and the yen.

The sentiment was already weak due to increasing signs that the United States and China will not quickly resolve their year-long trade war, said a Reuters report. “Markets were hit with further turbulence after protesters managed to close down Hong Kong’s airport on Monday, it said.

Trends on SGX Nifty indicate a positive opening for the broader index in India, with 0.32 percent gain or 35.5 points. Nifty futures were trading around 11,125-level on the Singaporean Exchange.

Close

The Indian rupee is trading higher by 13 paise at 70.56 per dollar on Friday versus Thursday's close 70.69.

On the institutional front, FPIs were net buyers in Indian markets for Rs 203 cr while DIIs were also net buyers to the tune of Rs 606 cr, provisional data showed.

Continuing with their selling spree, foreign investors pulled out a net amount of Rs 9,197 crore in just seven trading sessions in August due to unconducive domestic and global factors.

Stocks in news:

RIL will be in focus after Mukesh Ambani on August 12 announced that Saudi Aramco will invest 20 percent in RIL’s oil-to-chemicals (02C) division, at an enterprise value of $75 billion. Macquarie upgraded the stock to outperform| Target raised to 1370 from Rs 1220. CLSA maintains buy with a target of Rs 1530

Avenue Supermarts, the operator of D-Mart retail chain August 9 said Founder Radhakishan Shivkishan Damani has completed the sale of 0.998 percent stake in the open market to adhere to minimum public shareholding norms.

Skills and talent Development Company NIIT Ltd on August 10 posted a consolidated net profit of Rs 1,090.4 crore for the June quarter and said its board has approved a buyback programme of up to Rs 335 crore.

Technical Recommendations:

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

Motherson Sumi: Buy| LTP: Rs 107.35| Target: Rs 120| Stop Loss: Rs 99| Upside 12%

HDFC Ltd: Buy| LTP: Rs 2211.65| Target: Rs 2285| Stop Loss: Rs 2175| Upside 4%

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.

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First Published on Aug 13, 2019 08:45 am
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