Trends on SGX Nifty indicate a negative opening for the broader index in India, a with 0.3 percent loss or 33.5 points. Nifty futures were trading around 11,064-level on the Singaporean Exchange.
The Nifty50 is expected to open lower on Wednesday tracking weak trend seen in other Asian markets ahead of the US Federal Reserve outcome, and fresh trade war concerns following threats from President Donald Trump to Beijing.
As a new round of U.S.-China trade negotiations started in Shanghai, Trump tweeted that, if he wins re-election in November 2020, the outcome could be no agreement or a harsher one, said a Reuters report.
Overnight, US markets ended lower. The Dow Jones Industrial Average fell 23.33 points to 27,198.02, the S&P 500 lost 7.79 points to 3,013.18, and the Nasdaq Composite dropped 19.72 points to close at 8,273.61.
The S&P BSE Sensex fell 289 points to 37,397 while the Nifty50 closed 103 points lower at 11,085 on Tuesday.
Trends on SGX Nifty indicate a negative opening for the broader index in India, with 0.3 percent loss or 33.5 points. Nifty futures were trading around 11,064-level on the Singaporean Exchange.
The rupee declined by 10 paise to close at 68.85 against the US dollar on July 30 amid heavy selling in domestic equities and rising crude oil prices.
On the institutional front, FPIs were net sellers in Indian markets for Rs 644 cr, while the DIIs were net buyers to the tune of Rs 1079 cr, provisional data showed.
Private sector lender Axis Bank's June quarter (Q1) profit grew sharply by 95 percent year-on-year to Rs 1,370 crore, but provisioning and slippages remained higher. It was supported by NII, other income, and operating profit.
Tech Mahindra on July 30 reported a 15.3 percent fall in its Q1FY20 net profit at Rs 959 crore against Rs 1,132.5 crore in the quarter ended March 2019.
Hero MotoCorp Q1: Profit jumps 38.3 percent to Rs 1,256.7 crore versus Rs 909.2 crore led by an exceptional gain of Rs 737.5 crore on the reversal of calamity fund provision; revenue falls 8.8 percent to Rs 8,030.3 crore versus Rs 8,809.8 crore YoY.
We spoke to SMC Global Securities and here’s what they have to recommend:
Voltas Ltd: Sell| Target: Rs 540| Stop Loss: Rs 580| Downside 4%
Tata Chemicals Ltd: Sell| Target: Rs 550| Stop Loss: Rs 590| Downside 4%
Hindalco Industries Ltd: Sell| Target: Rs 178| Stop Loss: Rs 197| 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.Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months at 289. Use code FREEDOM.