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Last Updated : Jul 05, 2019 07:48 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open flat; UltraTech Cements, Bank of Baroda top buys

Trends on SGX Nifty indicate a flat opening for the broader index in India, a fall of 5 points or 0.04 percent. Nifty futures were trading around 11,975-level on the Singaporean Exchange.

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The Nifty50 is likely to open flat-to-higher on Friday following Asian markets which were trading near two-month high. US markets was shut on account of public holiday on Thursday.

The S&P BSE Sensex rose 68 points to 39908 while the Nifty50 closed 30 points higher at 11,946 on Thursday.

The Indian rupee on Thursday furthered its gains by another 39 paise to 68.50 a US dollar, tracking firmer emerging market currencies, lower crude oil prices, even as participants keenly awaited the Union Budget to be unveiled on Friday.

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On the institutional front, FPIs were net sellers in Indian markets for Rs 28 cr while DIIs were net buyers for Rs 58 cr, provisional data showed.

Stocks in news:

The debt-laden GMR Infrastructure has signed a definitive agreement with Adani Power to sell its entire 47.62 percent stake in GMR Chhattisgarh Energy for an undisclosed amount.

Yes Bank has invoked 9.5 percent of pledged promoter shares of battery maker Eveready Industries India, following a loan default, the bank said in an exchange notification.

State-owned REC Ltd said Thursday that its board would consider a proposal next week to raise Rs 75,000 crore through bonds or debentures on a private placement basis in one or more tranches in the next one year.

Technical Recommendations:

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

UltraTech Cement: Buy| Target: Rs 4924| Stop Loss: Rs 4505| Upside 6%

Amara Raja Batteries Ltd: Buy| Target: Rs 700| Stop Loss: Rs 627| Upside 8%

Bank of Baroda: Buy| Target: Rs 140| Stop Loss: Rs 123.5| Upside 8%

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 5, 2019 07:39 am
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