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Last Updated : Dec 27, 2019 09:08 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open higher; ICICI Bank, Reliance Industries top sells

Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 24 points loss or 0.20 percent

Nifty50 is expected to open higher on Friday tracking record highs registered on Wall Street and positive momentum seen in most of the Asian markets.

Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 34.50 points loss or 0.28 percent. The Nifty futures were trading around 12,228-level on the Singaporean Exchange.

Let’s look at the final tally on D-Street – the S&P BSE Sensex plunged 297 points to 41,163 while the Nifty50 fell 88 points to close at 12,126.

Close

The Indian rupee pared its early gains and settled lower by 4 paise at 71.31 against the US currency on December 26 amid heavy selling in domestic equities and a steady rise in crude oil prices.

On the institutional front, FPIs were net sellers in Indian markets for Rs 504 cr while DIIs were net buyers to the tune of Rs 120 cr, provisional data showed.

Stocks in the news:

State-owned Punjab National Bank (PNB) on December 26 said it has raised Rs 1,500 crore by issuing Basel III compliant bonds. The bank will use the funds for business expansion.

State-owned Allahabad Bank on December 26 said it will get a fresh capital infusion of Rs 2,153 crore from the government in the current financial year.

CARE Rating: Markets regulator SEBI on December 26 imposed a penalty of Rs 25 lakh each on rating agencies ICRA and CARE for failing to exercise "due diligence" while assigning a credit rating to the non-convertible debentures of IL&FS.

Technical Recommendations:

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

ICICI Bank | Sell | LTP: Rs 538.75 | Target: Rs 506 | Stop loss: Rs 554 | Downside: 6%

Reliance Industries | Sell | LTP: Rs 1,515.40 | Target: Rs 1,420 | Stop loss: Rs 1,600 | Downside: 6.29%

Interglobe Aviation (IndiGo) | Buy | LTP: Rs 1,321.95 | Target: Rs 1,440 | Stop loss: Rs 1,260 | Upside: 8.93%

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

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First Published on Dec 27, 2019 08:38 am
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