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Last Updated : Oct 03, 2019 01:12 PM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open gap down; Kansai Nerolac, Fine Organic top buys

Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 54 points loss from closing figure of 1st October (11,396).

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Indian market is expected to open lower on Thursday following muted trend seen in Asian markets after the United States opened a new trade war front by saying it will impose tariffs on $7.5 billion of goods from the European Union.

Yields on two-year U.S. Treasury yields approached a two-year low and the dollar fell against major currencies as weakening economic data exposed the damage that the trade war with China has already caused to the U.S. economy, said a Reuters report.

Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 54 points loss from closing figure of 1st October (11,396). The Nifty futures were trading around 11,337-level on the Singaporean Exchange.

Close

The rupee dropped 20 paise to close at 71.07 against the US dollar on Tuesday as heavy selling in domestic equities, unabated foreign fund outflows kept investors edgy.

On the institutional front, FPIs were net sellers in Indian markets for Rs 1298 cr while DIIs were net buyers to the tune of Rs 1503 cr, provisional data showed.

Stocks in news:

YES Bank will be in focus after the private lender clarrified on Wednesday that the crash in its stock price on Tuesday was primarily on account of “forced sale” of 10 crore equity shares, which comprised 3.92 per cent of the bank's equity share capital.

In a filing to BSE, the bank said Milestone Trusteeship Services invoked shares pledged with it, following which the entire pledge stood extinguished.

Two-wheeler market leader Hero MotoCorp on Tuesday reported 20.4 per cent decline in total sales at 6,12,204 units in September.

Indian IT major Infosys on Tuesday announced a new strategic program, Innov8, to accelerate enterprise digital transformation journeys using digital solutions of IT firm SAP.

Technical Recommendations:

We spoke to SMC Global Securities and here’s what they have to recommend:

Coromandel International Ltd: Buy| Target: Rs 452| Stop Loss: Rs 385| Upside 10%

Kansai Nerolac Paints Ltd: Buy| Target: Rs 551| Stop Loss: Rs 470|Upside 10%

Fine Organic Industries Ltd: Buy| Target: Rs 1,910| Stop Loss: Rs 1,580| Upside 12%

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 Oct 3, 2019 08:36 am
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