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Last Updated : Jul 30, 2019 08:56 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open higher; Hindalco, Vedanta top sell ideas

Trends on SGX Nifty indicate a positive opening for the broader index in India, with 0.22 percent gain or 25 points. Nifty futures were trading around 11,236-level on the Singaporean Exchange.

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The Nifty50 is likely to open higher on Tuesday following Asian markets which were trading with a positive bias as equity investors are building in hopes for an expected U.S. interest rate cut this week.

The U.S. Federal Reserve begins a two-day policy meeting later on Tuesday, at which it is widely expected to lower interest rates by 25 basis points. If implemented, it would be the central bank’s first rate cut in a decade, said a Reuters report.

The Dow Jones Industrial Average rose 28.96 points to 27,221.41, the S&P 500 lost 4.88 points to 3,020.98, and the Nasdaq Composite dropped 36.88 points, to 8,293.33.

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Trends on SGX Nifty indicate a positive opening for the broader index in India, with 0.22 percent gain or 25 points. Nifty futures were trading around 11,236-level on the Singaporean Exchange.

The S&P BSE Sensex fell 196 points to 37,686 while the Nifty50 closed 95 points lower at 11,189 on Monday.

In the currency market, the rupee recovered the lost ground and finally settled 14 paise higher at 68.75 against the US dollar on Monday amid easing crude oil prices.

On the institutional front, FPIs were net sellers in Indian markets in the cash segment of Indian markets for Rs 704 cr while the DIIs were net buyers to the tune of Rs 1351 cr, provisional data showed.

Stocks in news:

Dr. Reddy's Laboratories on June 29 reported a net profit of Rs 662.8 crore in the quarter ended June 31, a jump of 45 percent year-on-year basis, led by a one-time gain.

Realty major DLF on Monday reported over two-fold jump in its consolidated net profit at Rs 414.72 crore for the quarter ending June despite a fall in revenue. Its net profit stood at Rs 172.77 crore in the year-ago period.

GHCL reported 68% YoY growth in standalone net profit to Rs 103 crores as against Rs 62 crores in the first quarter last fiscal.

Technical Recommendations:

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

HDFC Bank Ltd: Buy| Target: Rs 2340| Stop-Loss: Rs 2200| Upside 4.2%

Hindalco Industries Ltd: Sell Futures| Target: Rs 180| Stop-Loss: Rs 200| Downside 6.7%

Vedanta Ltd: Sell Futures| Target: Rs 145| Stop-Loss: Rs 165| Downside 8.2%

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First Published on Jul 30, 2019 08:51 am
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