The Nifty50 is likely to open with a gap on the higher side on Wednesday tracking positive trend seen in other Asian markets. The index closed 30 points higher at 10,802 on Tuesday.
A gap-up opening is likely as Nifty Futures on Singaporean Exchange were trading over 70 points higher. The futures traded around 10,908-odd levels.
The S&P 500 jumped to a three-week high on Tuesday, led by Apple, Amazon, Facebook and industrial shares on bets that the United States and China would strike a deal to end their trade war, said a Reuters report.
Asian shares inched up on Wednesday, supported by optimism the United States and China can strike a trade deal to avoid an all-out confrontation that will severely disrupt the global economy.
Earnings will remain in focus as India Inc. will start declaring their results for the quarter ended December. As many as four companies will declare their results later today which include names like Bajaj Corp, Delta Corp, IndusInd Bank, and Pankaj Polypack Ltd.
Stocks in news:
US-drug gaint Pfizer will be soon be shutting down two of its plants in Aurangabad, Maharashtra and Irungattukottai (IKKT) near Chennai in Tamil Nadu citing lack of viability.
Oriental Bank of Commerce: Board approved the proposal for raising capital for an amount upto Rs 5,500 crore through issuance of equity shares to the government on a preferential basis.
Indian Bank: Board approved raising of capital funds by way of equity including Employees Share Purchase Scheme and/or AT1 and Tier 2 Bonds.
We spoke to SMC Global Securities and here’s what they have to recommend:
Titan Company: Buy| Target: Rs 1025| Stop Loss: Rs 885| Return 9%
Indian Bank: Buy| Target: Rs 278| Stop Loss: Rs 240| Return 9%
Repco Home Finance: Buy| Target: Rs 471| Stop Loss: Rs 390| Return 12%Disclaimer: The views and investment tips expressed by investment experts on moneycontrol.com are their own and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.