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Last Updated : Sep 18, 2019 09:08 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open higher; Infosys, Finolex Industries top buys

Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 42.5 points gain or 0.39 percent. Nifty futures were trading around 10,884-level on the Singaporean Exchange.

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The Nifty50 is expected to open higher on Wednesday following Asian markets which were trading mostly higher as Oil prices cooled off from highs after Saudi Arabia said that the kingdom had fully restored its oil supply following attacks on its crude facilities.

Saudi Energy Minister Prince Abdulaziz bin Salman said the kingdom has recovered supplies by tapping inventories, and lost oil output of 5.7 million barrels per day (bpd) by the end of September, said a Reuters report.

Close

All eyes are on the US FOMC outcome. Gold was mostly flat at $1,501.70, while the 10-year U.S. Treasuries yield fell to 1.812 percent ahead of the Fed’s policy announcement on Wednesday.

The S&P BSE Sensex fell 642 points to 36,481 while the Nifty50 closed 185 points lower at 10,817 on Tuesday.

Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 42.5 points gain or 0.39 percent. Nifty futures were trading around 10,884-level on the Singaporean Exchange.


In the near term, the GST meet scheduled on 20th September would be on investors radar. However, a panel tasked with recommending producer levies has ruled out changes in taxes on cars, consumer durables or cookies, dashing hopes of a reduction in Goods and Services Tax (GST) for automobiles and other consumption-oriented industries, said a report.


The Indian rupee on September 17 weakened by another 18 paise to settle at 71.78 against the US dollar as investors fretted over higher crude oil prices.

On the institutional front, FPIs were net sellers in Indian markets for Rs 808 cr, while DIIs were net buyers to the tune of Rs 85 cr, provisional data showed.


Stocks in news:


Bajaj Finance on Tuesday said it will raise up to Rs 8,500 crore through qualified institutional placement (QIP) by issuing equity shares.

Global software major Wipro's Infrastructure Engineering arm on Tuesday entered into a strategic partnership with the state-run Bharat Earth Movers Ltd (BEML) to jointly bid for defence projects in areas, like aerospace, industrial automation, 3D printing, artificial intelligence, and hydraulic system.

A plan to rescue India's debt-laden Dewan Housing Finance Corporation Ltd (DHFL) has hit a major roadblock as only a small segment of bondholders has agreed to be on board the proposed resolution, according to a custodian of DHFL bonds.

Technical Recommendations:

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

Finolex Industries Ltd: Buy| Target: Rs 580| Stop Loss: Rs 500| Upside 9%

Axis Bank Ltd: Sell| Target: Rs 604| Stop Loss: Rs 670| Downside 7%

Infosys Ltd: Buy| Target: Rs 870| Stop Loss: Rs 785| Upside 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 Sep 18, 2019 08:38 am
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