The Nifty50 is likely to open higher on Monday following positive trend seen in other Asian markets. The index closed 73 points lower at 10,526 on Thursday.
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 17 points or 0.16 percent. Nifty futures were trading around 10,572-level on the Singaporean Exchange.
US stocks closed lower in a shortened post-holiday trading session on Friday as the energy sector tumbled on continued weakness in oil prices, and the benchmark S&P 500 confirmed its second correction of 2018, said a Reuters report.
Asian shares were on a slippery slope on Monday as plunging oil prices fanned worries about a dimming outlook for the global economy as investors brace for a crucial meeting between U.S. and Chinese leaders at the end of week, it said.
Oil prices won back some ground after hefty losses on Friday, but remained under pressure with Brent crude below $60 per barrel amid weak fundamentals and struggling financial markets.
Reconstitution of S&P BSE Sensex: HCL Technologies, Bajaj Finance to replace Wipro, Adani Ports in the BSE Sensex effective December 24, 2018.
Brent crude futures fall below $59/barrel: IOC, HPCL, BPCL, Jet Airways, SpiceJet, InterGlobe Aviation, Shalimar Paints, Apollo Tyres, MRF, Ceat, Asian Paints, Nerolac Paints etc may see some rally.
HDFC Standard Life Insurance Company: Board appointed Rushad Abadan and James Aird as Alternate Directors to Sir Gerry Grimstone (Non-Executive Director) and Norman Keith Skeoch (Non-Executive Director) respectively.
Technical Recommendations:
We spoke to 5nance.com and here’s what they have to recommend:
Kajaria Ceramics Ltd: Buy| Target: Rs. 473| Stop-Loss: Rs 426 | Upside: 5%
Adani Port & SEZ Ltd.: Buy| Target: Rs 383| Stop Loss: Rs 351| Upside: 4%
Shriram Transport Finance Ltd: Sell | Target: Rs. 1120 | Stop-Loss: Rs. 1201 | Downside: 3%
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