Trends on SGX Nifty indicate a flat opening for the index in India, with a 6.5 points, or 0.05 percent, loss
Nifty is expected to open flat-to-higher on Friday tracking positive trend seen in other Asian markets as de-escalation of US-Iranian tensions quickly prompted investors to bet on faster global growth, especially in the technology sector.
Overnight, US markets hit a fresh record high as a US-China trade deal firmed and as Apple and other market heavyweights posted strong gains, said a Reuters report.
The Dow Jones Industrial Average rose 211.81 points to 28,956.9, the S&P 500 gained 21.65 points to 3,274.7 and the Nasdaq Composite added 74.18 points to 9,203.43.
Trends on SGX Nifty indicate a flat opening for the index in India, with a 6.5 points, or 0.05 percent, loss. The Nifty futures were trading around 12,268-level on the Singaporean Exchange.
Let’s look at the final tally on D-Street for January 9 - the market barometer Sensex ended 635 points, or 1.55 percent, higher at 41,452.35, with 26 stocks in the green and four in the red. The Nifty50 closed 191 points, or 1.58 percent, up at 12,215.90, with 43 stocks up and seven down.
The rally was broad-based as the BSE Midcap (up 1.51 percent) and Smallcap (up 1.55 percent) indices rose in sync with the benchmarks.
The Indian rupee on January 9 appreciated by 48 paise to close at 71.21 against the US dollar as investors cheered easing tensions between the US and Iran.
Foreign institutional investors (FIIs) sold shares worth Rs 431.11 crore, while domestic institutional investors (DIIs) bought shares of worth Rs 419.22 crore in the Indian equity market on January 9, provisional data available on the NSE showed.
Stocks in the news:
GMR Infrastructure: Arm GHAL formed JV with Hong Kong's ESR for logistics park.
Infosys: The IT company is expected to report more than 1 percent growth in constant currency revenue during the period on a sequential basis and 1.2-1.5 percent growth in dollar revenue for the quarter as compared to September quarter.
TCS: Company expanded pact with Norway's Vipps for cloud services.
Lupin gets USFDA nod for Famotidine, used to decrease stomach acid production - CNBC-TV18
Dr Reddy's gets USFDA nod for Nicotine Polacrilex Lozenges (2-4 Mg) - CNBC-TV18
We spoke to IndiaNivesh Securities and here's what they have to recommend:
Cummins India | Buy | LTP: Rs 592 | Target: Rs 640 | Stop loss: Rs 565 | Upside: 8%
Vedanta | Buy | LTP: Rs 158.05 | Target: Rs 175 | Stop loss: Rs 148 | Upside: 10%
Mahindra & Mahindra | Buy | LTP: Rs 541.50 | Target: Rs 570 | Stop loss: Rs 520 | Upside: 5%Disclaimer: The views and investment tips expressed by investment experts 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.