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Last Updated : Aug 26, 2019 09:08 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open gap-up; Tata Elxsi, BEL top buys

Trends on SGX Nifty indicate a positive opening for the broader index in India, with 0.56 percent loss or 61 points. Nifty futures were trading around 10,890-level on the Singaporean Exchange.

Moneycontrol News @moneycontrolcom

The Nifty50 is seen opening with a gap on the higher side on Monday, but lingering concerns of US-China trade war might cap the upside. Asian markets were trading

Wall Street nosedived on Friday, and Asian markets were trading mixed after US President Donald Trump announced a 5 percent additional duty on $550 billion in targeted Chinese goods, hours after China unveiled retaliatory tariffs on $75 billion worth of U.S. products.

On Friday, the US Federal Reserve Chair Jerome Powell said the central bank would “act as appropriate” to keep the U.S. economy healthy in a deteriorating global economy, but stopped short of committing to rapid-fire rate cuts and drew fire from President Donald Trump, said a Reuters report.

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Trends on SGX Nifty indicate a positive opening for the broader index in India, with 0.56 percent loss or 61 points. Nifty futures were trading around 10,890-level on the Singaporean Exchange.

The S&P BSE Sensex rose 228 points to 36,701 while the Nifty50 closed with gains of 88 points at 10,829.

The rupee spurted 15 paise to close at 71.66 against the US dollar on Friday on hopes that the government will roll back the FPI surcharge and unveil measures to boost growth.

On the institutional front, FPIs were net sellers in Indian markets for Rs 1737 cr while the DIIs were net buyers to the tune of Rs 1548 cr, provisional data showed.

Overseas investors have pulled out a net amount of Rs 3,014 crore from the Indian capital markets this month so far, but the trend may reverse following the removal of enhanced surcharge on FPIs, experts said.

Stocks in news:

Drug firm Ipca Laboratories on August 24 said the US Food and Drug Administration (FDA) has conducted an inspection of its formulations manufacturing unit in Silvassa and issued three observations.

The two IndiGo founders - Rahul Bhatia and Rakesh Gangwal - have finally called a truce. In a statement on his website, GovernanceIndia, Gangwal, on the night of August 23, said the company's Board has approved a new related party transaction policy, and has also closed the 'loophole' in the Articles of Association.

State Bank and seven other state-run banks have announced that their new loans and deposits will be priced to the repo-rate. Now, State-run Union Bank on Friday became the latest state-run bank to offer repo-linked home and auto loans.

Technical Recommendations:

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

Tata Elxsi: Buy| LTP: Rs 649.25| Target: Rs 685| Stop Loss: Rs 631| Upside 5%

BEL: Buy| LTP: Rs. 99.90| Target: Rs 111| Stop Loss: Rs 92.40| Upside 11%

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 26, 2019 08:54 am
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