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Last Updated : Oct 07, 2019 11:36 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open higher; HCL Tech, Biocon top buys

Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 17 points gain or 0.16 percent. The Nifty futures were trading around 11,223-level on the Singaporean Exchange.

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The Nifty50 is expected to open higher on Monday following positive trend seen in other Asian markets tracking gains on Wall Street after data showed the U.S. unemployment rate dropped to the lowest in almost 50 years, easing concerns of a slowdown in the world’s largest economy.

U.S. Treasury yields inched higher as Friday’s data on the U.S. jobs market suggests the Federal Reserve may not need to cut interest rates further, said a Reuters report.

Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 17 points gain or 0.16 percent. The Nifty futures were trading around 11,223-level on the Singaporean Exchange.

Close

The S&P BSE Sensex plunged 433 points to 37,673 while the Nifty50 closed 139 points lower at 11,174 on Friday.

The rupee on Friday closed almost flat at 70.88 against the US dollar after the Reserve Bank of India in a widely expected move cut key interest rates by 0.25 percentage point.

On the institutional front, FPIs were net sellers in Indian markets for Rs 682 cr while the DIIs were net buyers to the tune of Rs 606 cr, provisional data showed.

Stocks in news:

Drug firm Glenmark Pharmaceuticals on October 5 said it has received a warning letter from the US health regulator for its Baddi facility in Himachal Pradesh.

IT major Wipro on Friday said it has completed the acquisition of US-based International TechneGroup Incorporated (ITI).

Tata Motors on Friday said it has bagged orders to supply 300 electric buses from Ahmedabad Janmarg (AJL).

Technical Recommendations:

We spoke to Religare Broking and here’s what they have to recommend:

HCL Technologies: Buy| LTP: Rs 1,079.10| Target: Rs 1,130| Stop Loss: Rs 1,045| Upside 4%

Biocon: Buy| LTP: Rs 231.10| Target: Rs 256| Stop Loss: Rs 220| Upside 10%

Bharat Heavy Electrical: Sell Oct Futures| LTP: Rs 46| Target: Rs 43| Stop Loss: Rs 51| Downside 6%

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 Oct 7, 2019 08:38 am
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