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Last Updated : Aug 08, 2019 08:54 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open higher; Berger Paints, United Spirits top buys

Trends on SGX Nifty indicate a flat to positive opening for the broader index in India, with 0.04 percent gain or 4 points. Nifty futures were trading around 10,869-level on the Singaporean Exchange.

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The Nifty50 is expected to open higher on Thursday following a mixed trend seen in other Asian markets. Overnight, US markets closed mostly higher but rising worries over a global economic downturn capped gains.

The Dow Jones Industrial Average fell 22.45 points to 26,007.07, the S&P 500 gained 2.21 points to 2,883.98 and the Nasdaq Composite added 29.56 points to 7,862.83.

Back home, the S&P BSE Sensex fell 286 points to 36,690 while the Nifty50 closed 92 points lower at 10,855 on Wednesday.

Close

Trends on SGX Nifty indicate a flat to positive opening for the broader index in India, with 0.04 percent gain or 4 points. Nifty futures were trading around 10,869-level on the Singaporean Exchange.

The rupee dropped 8 paise to finish at 70.89 against the US dollar on August 7 after the RBI cut the key interest rate and lowered the growth estimate for the current fiscal.

On the institutional front, FPIs were net sellers in Indian markets for Rs 383 cr while the DIIs were net buyers to the tune of Rs 531 cr, provisional data showed.

On the earnings front, as many as 172 stocks will declare their results for June quarter which include names like Adani Enterprises, City Union Bank, LT Foods, Engineers India, GE Shipping, Godrej Properties, Hexaware Technologies, Mahanagar Gas, NBCC, Page Industries, Take Solutions, Tata Chemicals, Thermax, Texmaco Rail, UCO Bank, UltraTech Cements etc. among others.

Stocks in news:

Software services company HCL Technologies has reported a 13 percent sequential decline in June quarter (Q1) profit at Rs 2,220 crore, dented by operating income, but maintained full-year revenue growth guidance.

Tata Steel August 7 reported a steep 64.3 percent year-on-year (YoY) decline in June quarter profit to Rs 693 crore amid muted revenue growth and subdued operating income.

Adani Ports and Special Economic Zone (APSEZ) on August 7 reported a 47.50 percent rise in its consolidated net profit to Rs 1,028.69 crore for the June quarter, helped by higher income.

Technical Recommendations:

We spoke to Bonanza Portfolio and here’s what they have to recommend:

Berger Paints: Buy| LTP: Rs 347.50 | Target: Rs 370.50|Stop Loss Rs.335.50|Upside 6.60%

ITC: Sell| LTP: Rs.253.35 | Target: Rs 238|Stop Loss: Rs 263.50|Downside 6%

United Spirits: Buy| LTP: Rs.599.10| Target: Rs 641|Stop Loss: Rs 575|Upside 7%

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 8, 2019 08:49 am
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