The Nifty is expected to open flat-to-lower on December 3, following a muted trend seen in other Asian markets, as US President Donald Trump stunned markets with tariffs against Brazil and Argentina, fanning a global trade wars.
In a series of tweets on December 2, Trump said he would impose tariffs on steel and aluminium imports from Brazil and Argentina, attacking what he saw as both countries’ “massive devaluation of their currencies.”
Trends on SGX Nifty indicate a negative opening for the broader index in India with a 17.5 points loss. Nifty futures were trading around 12,074-levels on the Singaporean Exchange.
The Sensex closed eight points higher at 40,802 while the Nifty slipped eight points lower to 12,048 on December 2. Among secondary barometers, the BSE Midcap and Smallcap indices lost 0.77 percent and 0.39 percent, respectively, underperforming the Sensex.
The rupee on December 2 settled eight paise higher at 71.66 against the dollar. The street anticipates the Monetary Policy Committee will opt for another rate cut in the ensuing three-day policy review meet, which starts from December 3.
On the institutional front, FPIs were net sellers in the Indian market to the tune of Rs 1,731 crore, while DIIs were net buyers to the tune of Rs 753 crore, provisional data showed.
Stocks in news:
Biocon and its partner Mylan on December 2 announced the launch of Ogivri - a biosimilar to Herceptin - in USA.
Midcap private sector lender RBL Bank launched the qualified institutional placement issue for subscription on December 2. The Capital Raising Committee of the bank approved the floor price for the QIP being Rs 352.57 per equity share, at a 5.5 percent discount to Monday's closing price.
World Bank Group arm IFC on December 2 said it has anchored an investment round of $200 million (about Rs 1,433 crore) in Mahindra and Mahindra Financial Services to create a dedicated pool of financing for MSMEs in low-income states.Technical Recommendations:
We spoke to HDFC Securities and here’s what they have to recommend:
Kotak Mahindra Bank: Buy| LTP: Rs 1633| Target: Rs 1,750| Stop-Loss: Rs 1565| Upside 7%
BEML: Buy| LTP: Rs 1037| Target: Rs 1160| Stop-Loss: Rs 970| Upside 12%
Astrazeneca Pharma: Buy| LTP: Rs 2811| Target: Rs 3,100| Stop-Loss: Rs 2650| Upside 10%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.