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Last Updated : Oct 11, 2019 02:02 PM IST | Source: Moneycontrol.com

Market Headstart: Nifty seen opening flat; Biocon, Mindtree top buys

Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 16.5 points gain or 0.15 percent. Nifty futures were trading around 11,277-level on the Singaporean Exchange.

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The Nifty50 is expected to open flat-to-higher on October 11 following positive trend seen in other Asian markets after US President Donald Trump said he would meet with China’s top trade negotiator.

A White House official said the talks had gone “probably better than expected”, and a US Chamber of Commerce official briefed by both sides raised the possibility of a currency agreement this week, said a Reuters report.

Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 16.5 points gain or 0.15 percent. Nifty futures were trading around 11,277-level on the Singaporean Exchange.

Close

The S&P BSE Sensex fell 297 points to 37,880 while the Nifty50 closed 78 points lower at 11,234 on Thursday.

The rupee depreciated by 14 paise to close at 71.02 against the US dollar on October 7 as profit booking in domestic equities and unabated foreign fund outflows kept investors edgy.

On the institutional front, FPIs were net sellers in Indian markets for Rs 263 crore while the DIIs were net buyers to the tune of Rs 502 crore, provisional data showed.

Stocks in news

Tata Consultancy Services (TCS) on October 10 reported a 1 percent sequential decline in the September quarter profit at Rs 8,042 crore, missing expectations.

Jefferies maintains Buy with a target of Rs 2,300 from Rs 2,500 earlier.

Credit Suisse maintains a Neutral rating – cut target to Rs 1,930 from Rs 2,070 earlier.

About half a dozen public sector banks, including Bank of India, Oriental Bank of Commerce and Bank of Maharashtra, have reduced lending rates by up to 25 basis points following a cut in the key policy repo rate by the RBI last month.

Auto-components maker Pricol on October 9 announced non-working days in October in its facilities across the country.

Technical Picks

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

BIOCON: BUY | CMP: Rs 240 | Target: Rs 265 |Stop-loss: Rs 223 | Upside 10.4 percent

MINDTREE: BUY | CMP: Rs 725 | Target: Rs 780 |Stop-loss: Rs 705 | Upside 7.58 percent

NMDC: SELL | CMP: Rs 96 | Target: Rs 87 |Stop-loss: Rs 102 | Downside 9.38 percent

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.

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First Published on Oct 11, 2019 08:09 am
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