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Last Updated : Jul 11, 2019 08:30 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open higher; Power Grid, Apollo Hospitals top buys

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 39 points or 0.34 percent. Nifty futures were trading around 11,533-level on the Singaporean Exchange.

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The Nifty50 is expected to open higher on Thursday following Asian markets which were trading higher after Federal Reserve Chair Jerome Powell reinforced prospects of a U.S. interest rate cut later this month.

Overnight, US markets ended higher and the S&P 500 index briefly crossed the 3,000-point mark for the first time on Wednesday, said a Reuters report.

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 39 points or 0.34 percent. Nifty futures were trading around 11,533-level on the Singaporean Exchange.

Close

The S&P BSE Sensex fell 173 points to 38,557 while the Nifty50 closed 57 points down at 11,498 on Wednesday.

The rupee declined by 7 paise to close at 68.58 against the US dollar on Wednesday, pressured by persistent foreign fund outflows and firming crude oil prices.

On the institutional front, FPIs were net sellers in Indian markets for Rs 604 cr while the DIIs were net buyers to the tune of Rs 667 cr, provisional data showed.

Stocks in news:

The consortium of 31 lenders to the troubled Dewan Housing Finance (DHFL) are meeting on July 11 to discuss a resolution plan for the third-largest pureplay mortgage lender, sources said July 10.

Domestic telecom gear maker HFCL July 10 posted over two-fold jump in a consolidated profit after tax at Rs 117 crore in the first quarter ended June 30, on account of accelerated project executions.

HDFC Ltd will raise up to Rs 3,000 crore by issuing bonds on a private placement basis to shore up its long-term capital needs.

Technical Recommendations:

We spoke to Bonanza Portfolio Ltd and here’s what they have to recommend:

Power Grid: Buy| LTP: Rs 205.30 | Target: Rs 221|Stop Loss Rs.195|Upside 8%

Tata Motors: Sell| LTP: Rs 151.65 | Target Rs 140|Stop Loss Rs.158| Upside 7.5%

Apollo Hospitals: Buy| LTP: Rs 1318 | Target: Rs 1425|Stop Loss: Rs.1265| Upside 8.10%

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 Jul 11, 2019 08:30 am
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