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Last Updated : Jul 22, 2019 08:54 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open lower; Grasim, Adani Ports top sell ideas

Trends on SGX Nifty indicate a flat-to-negative opening for the broader index in India, a fall of 29 points or 0.26 percent. Nifty futures were trading around 11,400-level on the Singaporean Exchange.

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The Nifty50 is expected to open lower on Monday following Asian markets which were trading mixed as investors reduced expectations of an aggressive interest rate cut by the Federal Reserve.

“Expectations for a 50 bp cut were scaled back further after the Wall Street Journal reported the Fed was likely to cut rates by 25 bps when it meets later this month, and may make further cuts in the future given global growth and trade uncertainties,” said a Reuters report.

“The Dow Jones Industrial Average fell 68.77 points, or 0.25 percent, to 27,154.2, the S&P 500 lost 18.5 points, or 0.62 percent, to 2,976.61 and the Nasdaq Composite dropped 60.75 points, or 0.74 percent, to 8,146.49,” it said.

Close

Trends on SGX Nifty indicate a flat-to-negative opening for the broader index in India, a fall of 29 points or 0.26 percent. Nifty futures were trading around 11,400-level on the Singaporean Exchange.

The S&P BSE Sensex plunged 560 points or 1.44 percent while the Nifty50 closed 177 points lower at 11,419 on Friday.

The rupee snapped its three-day losing streak to close 17 paise higher at 68.80 against the US dollar on Friday as market participants pinned their hopes on an aggressive rate cut by the US Federal Reserve later this month.

On the institutional front, FPIs were net sellers in Indian markets for Rs 950 cr while the DIIs were net buyers to the tune of Rs 733 cr, provisional data showed.

Stocks in news:

Private sector lender HDFC Bank's April-June quarter earnings matched analyst expectations with profit growing 21 percent year-on-year, though asset quality weakened slightly on a sequential basis.

Reliance Industries, the country's largest company by market capitalisation, reported a consolidated profit after tax of Rs 10,104 crore for the June quarter, up 6.8 percent from a year ago.

Crisis-hit Unitech Ltd on July 19 reported a consolidated net loss of Rs 790.83 crore during the last fiscal. The Gurugram-based developer had posted a net loss of Rs 1,263.86 crore in the previous fiscal, the company said in a regulatory filing.

Technical Recommendations:

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

GRASIM (Aug Fut): Sell| Target: Rs 855-840| Stop Loss: Rs 911| Downside 4-6%

Adani Ports (Aug Fut): Sell| Target: Rs 395-387| Stop Loss: Rs 423| Downside 5-7%

Bajaj Finance (Aug Fut): Sell| Target: Rs 3260-3180| Stop Loss: Rs 3500| Downside 4-6%

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 Jul 22, 2019 08:49 am
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