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Last Updated : Aug 02, 2019 08:53 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open lower; Bharti Airtel top sell idea

Trends on SGX Nifty indicate a negative opening for the broader index in India, a with 0.46 percent loss or 50 points. Nifty futures were trading around 10,966-level on the Singaporean Exchange.

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The Nifty50 is likely to open lower on Friday tracking Asian markets which were trading lower after US President Donald Trump said he would slap a 10% tariff on the remaining $300 billion of Chinese imports from next month.

The Dow Jones Industrial Average fell 280.85 points, or 1.05 percent, to 26,583.42, the S&P 500 lost 26.82 points, or 0.90 percent, to 2,953.56 and the Nasdaq Composite dropped 64.30 points, or 0.79 percent, to 8,111.12.

Trends on SGX Nifty indicate a negative opening for the broader index in India, a with 0.46 percent loss or 50 points. Nifty futures were trading around 10,966-level on the Singaporean Exchange.

Close

The S&P BSE Sensex fell 462 points to 37,018 while the Nifty50 closed 138 points lower at 10,980 on Thursday.

The Indian rupee on Thursday dropped by 27 paise to close at a near five-week low of 69.06 against the US dollar amid strengthening of the American currency and heavy selling in domestic equities.

On the institutional front, FPIs were net sellers in Indian markets for Rs 1056 cr while DIIs were net buyers to the tune of Rs 561 cr, provisional data showed.

Stocks in news:

Telecom major Bharti Airtel August 1 reported a consolidated net loss of Rs 2,866 crore in the quarter ended June 2019 against profit of Rs 107.2 crore in the quarter ended March 2019.

Tyre maker Ceat on Thursday said its consolidated net profit rose 15.06 per cent to Rs 82.2 crore for the first quarter ended June 30, 2019.

GlaxoSmithKline Consumer Healthcare on August 1 reported a 23.76 per cent rise in net profit to Rs 248.08 crore for the quarter ended June 2019.

Technical Recommendations:

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

Power Grid: Buy| Target: Rs 230| Stop Loss: Rs 207| Upside 7.5%

Bharti Airtel Aug Futs: Sell| Target: Rs 309| Stop Loss: Rs 333| Downside 5%

Tata Global Beverages: Buy| Target: Rs 277| Stop Loss: Rs 250| Upside 7%

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 Aug 2, 2019 08:47 am
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