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Last Updated : Aug 14, 2019 08:59 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open higher; Bharat Electronics, Adani Ports top sell ideas

Trends on SGX Nifty indicate a positive opening for the broader index in India, a with 0.27 percent gain or 30 points. Nifty futures were trading around 10,950-level on the Singaporean Exchange.

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The Nifty50 is likely to open higher on Wednesday following Asian markets which were trading higher after Washington delayed tariffs on some Chinese imports in much-needed relief for markets gripped by political and economic turmoil.

The Dow Jones Industrial Average rose 372.54 points to 26,279.91, the S&P 500 gained 42.48 points to 2,926.23 and the Nasdaq Composite added 152.95 points to 8,016.36, Reuters reported.

The S&P BSE Sensex fell 623 points to 36,958 while the Nifty50 closed 183 points lower at 10,925 on Tuesday.

Close

Trends on SGX Nifty indicate a positive opening for the broader index in India,  with a 0.27 percent gain or 30 points. Nifty futures were trading around 10,950-level on the Singaporean Exchange.

The rupee plunged 62 paise on Tuesday to close at a nearly six-month low of 71.40 against the US dollar in line with battered equities as global market turmoil and Argentine currency crash drove investors to safe havens.

On the institutional front, FPIs were net net sellers in Indian markets for Rs 638 cr while the DIIs were net buyer to the tune of Rs 201 cr, provisional data showed.

Stocks in news:

Manappuram Finance on August 13 reported a 36 percent rise in its profit after tax (PAT) to Rs 272.23 crore on a consolidated basis during the first quarter ended June 30.

Housing Development Finance Corporation (HDFC) August 13 said it has raised Rs 5,000 crore through a private placement of secured non-convertible debentures (NCDs).

Healthcare major Apollo Hospitals Enterprise on August 13 reported over two-fold jump in consolidated net profit at Rs 49.15 crore for the quarter ended June 30, 2019, mainly on account of robust growth in healthcare services and pharmacy verticals.

Technical Recommendations:

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

Reliance Nippon Life Asset Management Ltd: Buy| Target: Rs 267| Stop Loss: Rs 225| Upside 11%

Bharat Electronics Ltd: Sell| Target: Rs 86| Stop Loss: Rs 98| Downside 8%

Adani Ports and Special Economic Zone Ltd: Sell| Target: Rs 339| Stop Loss: Rs 380| Downside 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 14, 2019 08:47 am
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