The Nifty50 is likely to open higher on Tuesday following positive trend seen in other Asian markets. The index closed 83 points lower at 10,640 on Monday.
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 28.5 points or 0.27 percent. Nifty futures were trading around 10,681 -level on the Singaporean Exchange.
Asian shares hovered near a four-month peak on Tuesday, supported by hopes that Sino-US trade talks were making positive progress and expectations of policy stimulus from central banks, said a Reuters report.
US oil prices hit a three-month high on Tuesday, buoyed by production cuts led by the Organization of the Petroleum Exporting Countries, it said.
The Reserve Bank of India (RBI) in its board meeting on February 18 decided to transfer Rs 28,000 crore as interim dividend to the government for the period of July to December 2018.
Kolkata-based Emami Group Monday said its promoters have sold 10 percent stake in the flagship firm Emami Ltd for around Rs 1,600 crore. The stake sale proceeds will be used to pare promoter debt which was used in creation of assets like cement and solar power among others.
Drug major Cipla on Monday said it has inked a pact to acquire 11.71 per cent stake in Wellthy Therapeutics. Goldencross Pharma, a wholly-owned subsidiary of Cipla, has inked an agreement to acquire the minority stake in the Mumbai-based firm for a cash consideration of Rs 10.5 crore, it said in a regulatory filing.
Domestic giant Tata Steel said Monday it has divested the entire stake in indirect subsidiary Black Ginger 461 Pty Ltd (Black Ginger) to a Switzerland-based metals and mining group. Black Ginger has stake in an iron ore mine in South Africa.
Technical Recommendations:
We spoke to Religare Broking Ltd and here’s what they have to recommend:
Muthoot Finance Limited: Buy| Target: Rs 555| Stop-Loss: Rs 495| Upside 7.8%
DLF Limited: Sell February Futures| Target: Rs 146| Stop-Loss: Rs 165| Downside 7.6 %
Hindustan Zinc Limited: Sell February Futures| Target: Rs 230| Stop-Loss: Rs 254| Downside 6.5%
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