The Nifty50 is expected to open higher on Wednesday following Asian markets which were trading higher on hopes that US Federal Reserve would follow the lead of the European Central Bank and open the door to future rate cuts at its policy meeting later in the day.
The S&P BSE Sensex rose 85 points to 39,046 while the Nifty50 closed 19 points higher at 11,691 on Tuesday.
Trends on SGX Nifty indicate a positive opening for the benchmark index in India, a rise of 48 points or 0.41 percent. The Nifty futures were trading around 11,760-level on the Singaporean Exchange.
Oil prices rose about $2 a barrel on Tuesday after US President Donald Trump said he would hold an extensive meeting with Chinese President Xi Jinping at the G20 summit later this month, said a Reuters report.
The Indian rupee strengthened against the US dollar on Tuesday, tracking gains in other Asian currencies, said a Reuters report. Rupee closed at 69.69 a dollar, up 0.3% from its previous close of 69.9.
Stocks in news:
The Reserve Bank of India (RBI) on June 18 imposed a penalty of Rs 1 crore on HDFC Bank for non-compliance of Know Your Customer (KYC) norms and anti-money laundering norms, and for failure to report frauds.
State-owned Canara Bank June 18 said its board has approved plan to sell part or full stake in housing finance subsidiary Can Fin Homes Ltd (CFHL).
Siemens plans to cut 2,700 jobs at its gas and power company, in addition to 10,400 it is already shedding in its core units, the German engineering firm said on June 18.
Technical Recommendations:
We spoke to SMC Global Securities and here’s what they have to recommend:
SRF Limited: Buy| Target: Rs 3300| Stop Loss: Rs 2820| Upside 10%
Indraprastha Gas Ltd: Buy| Target: Rs 359| Stop Loss: Rs 320| Upside 7%
Godrej Properties Ltd: Buy| Target: Rs 997| Stop Loss: Rs 858| Upside 10%
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