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Last Updated : Jul 29, 2019 08:39 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open flat; Sun TV, Dr Reddy’s top buys

Trends on SGX Nifty indicate a flat opening for the broader index in India, a loss of 8.50 point. The Nifty futures were trading around 11,320-level on the Singaporean Exchange.

Moneycontrol News @moneycontrolcom

The Nifty50 is expected to open flat on Monday following a mixed trend seen in Asian markets which were trading cautiously as markets count down to a likely cut in U.S. interest rates this week.


US and Chinese trade negotiators also meet in Shanghai this week for their first in-person talks since a G20 truce last month, but expectations are low for a breakthrough, said a Reuters report.

On Friday, strong earnings from key heavyweights took the S&P 500 and Nasdaq indexes to record highs. The Dow Jones Industrial Average rose 51.2 points to 27,192.18, the S&P 500 gained 22.19 points to 3,025.86 and the Nasdaq Composite added 91.67 points to 8,330.21.

Trends on SGX Nifty indicate a flat opening for the broader index in India, a loss of 8.50 point. The Nifty futures were trading around 11,320-level on the Singaporean Exchange.

Close

The S&P BSE Sensex rose 51 points to 37,882 while the Nifty50 32 points higher at 11,284 on Friday.

The rupee on Friday rose by 15 paise to close at 68.89 against the US currency, snapping its four days of losses following a recovery in the domestic equity market.

On the institutional front, FPIs were net sellers in the cash segment of Indian equity markets for Rs 1503 cr, while the DIIs were net buyers to the tune of Rs 1917 cr, provisional data showed.

Stocks in news:

ICICI Bank: The country's largest private sector lender, ICICI Bank, posted a profit of Rs 1,908 crore in June quarter (Q1) over lower provisioning and healthy NII growth. It was against a loss of Rs 119.55 crore reported in the year-ago period.

Electrical equipment manufacturer Havells India, on July 27, reported a 16.3 percent year-on-year (YoY) decline in June quarter consolidated profit on muted growth in key segments like cables, lighting, and switchgears.

Auto stocks will be in focus after the GST Council has decided to reduce the rate on electric vehicles (EVs) from 12 percent to 5 percent, according to a CNBC-TV 18 report.

Technical Recommendations:

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

SUN TV: Buy| LTP: Rs 491.05| Target: Rs 530| Stop Loss: Rs 469| Upside 8%

Dr Reddy’s Laboratories: Buy| LTP: Rs 2704.95| Target: Rs 2780| Stop Loss: Rs 2615| Upside 3%

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 Jul 29, 2019 08:37 am
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