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Last Updated : Jun 10, 2019 08:48 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open higher; Coal India, PFC top buys

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 56 points or 0.47 percent. Nifty futures were trading around 11,953-level on the Singaporean Exchange.

Moneycontrol News @moneycontrolcom

The Nifty50 is likely to open higher on Monday tracking positive trend seen in other Asian markets after the United States dropped its threat to impose tariffs on Mexico in a deal to combat illegal migration from Central America.

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 56 points or 0.47 percent. Nifty futures were trading around 11,953-level on the Singaporean Exchange.

The S&P BSE Sensex 86 points higher at 39,615 while the Nifty50 closed 26 points higher at 11,870 on Friday.

Close

The rupee on Friday fell by 18 paise to close at 69.46 against the US currency on strengthening of the greenback in overseas markets and rising crude oil prices.

Foreign investors (FIIs) have pumped in a net amount of Rs 7,095 crore into the Indian capital markets during the first week of June in anticipation of continued policy reforms.

Stocks in news:

As resolution through the insolvency courts keep getting delayed inordinately, the state-run Bank of Baroda has put on sale non-performing loans amounting to Rs 9,060 crore, including two large accounts - Bhushan Power & Steel and Alok Industries which are undergoing insolvency process but delayed.

The Reserve Bank of India (RBI) has, by an order dated June 06, 2019, imposed a monetary penalty of Rs 2 crore on Kotak Mahindra Bank for non-compliance of directions, a statement from the Central Bank said.

A day after the RBI cut the key repo rate, public sector Bank of Maharashtra Friday announced to cut the benchmark one-year MCLR by 0.10 percent to 8.60 percent.

Technical Recommendations:

We spoke to 5nance.com and here’s what they have to recommend:

Power Finance Corporation: Buy| LTP: Rs 134| Target: Rs 140 | Stop Loss: Rs. 125 | Upside 4%

Coal India Ltd: Buy| LTP: Rs 265| Target: Rs. 280 | Stop Loss: Rs. 255 | Upside 6%

Aurobindo Pharma Ltd: Sell| LTP: Rs 619.80| Target: Rs 605| Stop Loss: Rs. 645|Downside 2%

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 Jun 10, 2019 08:44 am
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