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Last Updated : Aug 30, 2019 10:59 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open flat; SBI, Supreme Industries top buys

Trends on SGX Nifty indicate a negative opening for the broader index in India, with 0.1 percent loss or 10.5 points. Nifty futures were trading around 10,997-level on the Singaporean Exchange.

Moneycontrol News @moneycontrolcom

The Nifty50 is expected to open flat on Friday tracking Asian markets which were trading largely with a positive bias after China’s commerce ministry said Beijing and Washington were discussing the next round of face-to-face talks scheduled for September.

“China’s commerce ministry also said a September round of meetings was being discussed by the two sides, but added it was important for Washington to cancel a tariff increase,” said a Reuters report.

MSCI’s broadest index of Asia-Pacific shares outside Japan climbed 0.6 percent. Japan’s Nikkei jumped 1 percent while South Korea’s KOSPI index gained 1.5 percent and Australian shares rose 0.9 percent, the report added.

Close

Trends on SGX Nifty indicate a negative opening for the broader index in India, with 0.1 percent loss or 10.5 points. Nifty futures were trading around 10,997-level on the Singaporean Exchange.

The rupee gave up most of its losses to close down by 3 paise at 71.80 against the US currency on August 29 even as uncertainty over the US-China trade talks and recession fears kept investors on edge.

On the institutional front, FPIs were net sellers in Indian markets for Rs 986 cr while the DIIs were net buyers to the tune of Rs 489 cr, provisional data showed.

Stocks in news:

Beleaguered tours and travel firm Cox & Kings on Thursday said it has received approval from the Registrar of Companies (ROC) for a 3-month extension for its annual general meeting 2018-19.

HDFC Bank agrees to sell its entire stake of 10 percent in the equity share capital of Goods & Services Tax Network for a total consideration of Rs 1 crore to various State Governments and Union Territories

Moody’s India unit ICRA on Thursday sacked its CEO Naresh Takkar after sending him on leave in July this year. In a notice to stock exchanges, the agency said that the decision was taken after due deliberation and was in the best interest of the company, a media report said.

Technical Recommendations:

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

State Bank of India : Buy| Target: Rs 318| Stop Loss: Rs 255| Upside – 16%| Time Frame 6 Months

Supreme Industries : Buy| Target: Rs 1,225| Stop Loss Rs 1,049| Upside –11% Time Frame 6 months

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 30, 2019 08:50 am
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