Market Headstart: Nifty likely to open lower; 3 stocks that can give 8-10% return

The Nifty50 is expected to open lower on Thursday following weak trend seen in other Asian markets. The index closed 6.5 points lower at 11,748.20 on April 30.

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 56 points or 0.47 percent. Nifty futures were trading around 11,793 - level on the Singaporean Exchange.

US stocks ended lower on Wednesday and the S&P 500 snapped a three-day streak of record high closes as comments from Federal Reserve Chairman Jerome Powell appeared to dampen the hopes that the central bank could move later this year to cut interest rates, said a Reuters report.

Asian markets marked time on Thursday with two major centres - Japan and China - shut for holidays while the dollar held on to overnight gains after the US central bank poured cold water on rate cut expectations, it said.

As many as 40 companies will declare their results for the quarter ended March later today which include names like Dabur India, Bandhan Bank, Hatsun Agro Product, Hindustan Zinc, JM Financial, MRF, Radico Khaitan, Sunteck Realty and Tata Power among others.

Stocks in news:

BHEL signs MoU with ARAI for various projects related to e-mobility

Lupin in alliance with Natco receives FDA approval for Bosentan tablets

Maruti Suzuki sells 1,43,245 units in April 2019 against 1,72,986 units in April 2018

Eicher Motors April 2019 sales down 17% at 62,879 units vs 76,187 units in April 2018

Technical Recommendations:

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

Tech Mahindra Limited: Buy| Target: Rs 900| Stop Loss: Rs 790| Upside 8%

JSW Steel Limited: Buy| Target: Rs 336| Stop Loss: Rs 285| Upside 10%

Indian Oil Corporation Ltd: Buy| Target: Rs 168.50| Stop Loss: Rs 149| Upside 8%

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