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Last Updated : Jul 26, 2019 08:59 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open lower; Power Grid, SPARC top buys

Trends on SGX Nifty indicate a flat opening for the broader index in India, a with 0.50 percent gain. Nifty futures were trading around 11,325.50-level on the Singaporean Exchange.

Moneycontrol News @moneycontrolcom

The Nifty50 is expected to open lower on Friday tracking Asian markets which were trading mixed after the European Central Bank held interest rates steady.

Overnight, US markets closed lower following a flurry of downbeat quarterly results. European Central Bank chief Mario Draghi’s comments also disappointed investors who were hoping for a more dovish stance on monetary policy, said a Reuters report.

Trends on SGX Nifty indicate a flat opening for the broader index in India, a with 0.50 percent gain. Nifty futures were trading around 11,325.50-level on the Singaporean Exchange.

Close

Indian markets closed lower for the sixth consecutive day in a row on Thursday. The S&P BSE Sensex fell 16 points to 37,830 while the Nifty50 closed 19 points lower at 11,252.

The rupee depreciated by 6 paise to close at 69.04 against the US dollar on Thursday amid sustained foreign fund outflows and firm crude oil prices.

On the institutional front, FPIs were net sellers in the Indian markets for Rs 126 cr while the DIIs were net buyers to the tune of Rs 398 cr, provisional data showed.

Stocks in news:

Tata Motors, on July 25, posted a big loss of Rs 3,698 crore in June quarter on weakness in domestic as well as Jaguar Land Rover volumes.

Multiplex chain operator PVR Ltd on July 25 reported a consolidated net profit of Rs 16.18 crore for the first quarter ended June 30. The company had posted a net profit of Rs 52.15 crore for the same quarter a year ago.

Bajaj Finserv on July 25 reported a 2 percent rise in its consolidated net profit to Rs 845.30 crore in the first quarter ended June 30. The company had registered Rs 825.80 crore net profit in the April-June quarter of previous fiscal.

Technical Recommendations:

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

Power Grid: Buy| Target: Rs228| Stop Loss: Rs 205.5| Upside 7%

SPARC: Buy| Target: Rs 176| Stop Loss: Rs 157| Upside 8%

HPCL Aug Futs| Sell| Target: Rs 252| Stop Loss: Rs 276| Downside 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 26, 2019 08:51 am
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