The Nifty50 is likely to open lower on Friday following a muted trend seen in other Asian markets. The index closed 131 points lower at 10,453 on Wednesday.
Negative global cues have weighed on Nifty futures on the Singaporean exchange as well. The SGX Nifty is trading over 70 points lower, hinting at a lower start on Friday morning here and is likely to test 10,300-mark as well.
Asia fell as global sentiment soured on issues ranging from trade worries, Italy’s 2019 budget, higher US interest rates and growth concerns in China that led to a slump in Chinese shares in the previous session, said a Reuters report.
US stocks fell more than 1 percent on Thursday as the European Commission issued a warning regarding Italy’s budget and concerns mounted over the possibility of strained relations between the United States and Saudi Arabia, further denting investors’ appetite for risk amid global trade tensions and rising interest rates, the report said.
RIL will be in focus after the oil & gas major reported 17% YoY jump in net profit to Rs 9516 crore, helped by retail business as well as telecom arm Jio which reported 4th straight quarter of profit.
ACC Q2: Consolidated net profit rises 15.2% to Rs 209.1 crore versus Rs 181.5 crore
CLSA on ACC: Maintain Buy with TP of Rs 1,900
Mindtree Q2: Profit jumps 30.4% to Rs 206.3 crore versus Rs 158.2 crore
Citi has downgraded the stock to Neutral from Buy, and has also slashed its target to Rs 1,090 from Rs 1,240
Expect stock to correct given high expectations and sudden change in management commentary
Cyient Q2: Profit surges 54% to Rs 127.1 crore versus Rs 82.5 crore
PhillipCapital maintain Buy with TP of Rs 940
Technical Recommendations:
We spoke to Bonanza Portfolio Ltd and here’s what they have to recommend:
MOIL: Buy| CMP: Rs.173.15 | Target Rs 187.50| Stop Loss Rs.165| Return 8.50%
Wipro: Buy| CMP: Rs 323.15 | Target Rs 349 | Stop Loss Rs.308| Return 8%
GE Power India Ltd: Buy| CMP: Rs. 794.80| Target Rs 866| Stop Loss Rs.752| Return 9%
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