The Nifty50 is expected to open flat-to-lower on Wednesday tracking Asian markets which were trading with positive bias. The rebound in sentiment came after the People’s Bank of China took stepped in to stabilise the yuan with a firmer-than-expected fixing.
The yuan had fallen sharply on Monday, going past the symbolic 7-per-dollar level, and prompting Washington to label Beijing a currency manipulator in a major escalation of the year-long trade dispute between the world’s two largest economies, said a Reuters report.
Overnight, U.S. stocks jumped more than 1 percent. The Dow Jones Industrial Average rose 311.78 points to 26,029.52, the S&P 500 gained 37.03 points to 2,881.77 and the Nasdaq Composite added 107.23 points to 7,833.27.
Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 0.47 percent loss or 51.5 points. Nifty futures were trading around 10,911-level on the Singaporean Exchange.
The S&P BSE Sensex rose 277 points to 36,976 while the Nifty50 closed 85 points higher at 10,948 on Tuesday.
The Indian rupee extended losses for the fourth session on Tuesday, dropping 8 paise to 70.81 against the US dollar ahead of the RBI's monetary policy decision.
On the institutional front, FPIs were net sellers in Indian markets for Rs 2107 cr while DIIs were net buyer to the tune of Rs 2289 cr, provisional data showed.
Stocks in news:
Aditya Birla Fashion and Retail Ltd on August 6 reported over a threefold jump in its net profit to Rs 21.56 crore for the first quarter ended June 30.
Indiabulls Housing Finance on Tuesday reported a net profit of Rs. 801.53 crore for the April-June period, marking a fall of 24 percent over the corresponding period a year ago.
Ahead of the RBI policy, largest private sector lender HDFC Bank Tuesday has cut its lending rates by 0.10 percent across all tenors, effective Wednesday, PTI said quoting sources.
Technical Recommendations:
We spoke to YES Securities and here’s what they have to recommend:
Bajaj Auto Ltd: Buy| LTP: Rs 2609| Target: Rs 2950| Stop Loss: Rs 2450| Upside 13%
Divis Laboratories Ltd: Sell| LTP: Rs 1615| Target: Rs 1400| Stop Loss: Rs 1640| Downside 13%
UPL Ltd: Sell| LTP: Rs 549| Target: Rs 490| Stop Loss: Rs 570| Downside 10%
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.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
