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Last Updated : Aug 28, 2019 01:20 PM IST | Source: Moneycontrol.com

Market Headstart: Nifty seen opening flat; IGL, Voltas, Dabur India top buys

Trends on SGX Nifty indicate a flat to positive opening for the broader index in India, with 0.05 percent loss or 6 points. Nifty futures were trading around 11,116-level on the Singaporean Exchange.

The Nifty50 is expected to open flat on Wednesday tracking Asian markets which were trading mixed. Selloff seen in the US markets overnight largely on account of growing fears of a slowdown weighed on sentiment.

A deepening of the inversion in the yield curve between the 2-year and 10-year U.S. Treasuries underscored worries about a weakening global economy, said a Reuters report.

Trends on SGX Nifty indicate a flat to positive opening for the broader index in India, with 0.05 percent loss or 6 points. Nifty futures were trading around 11,116-level on the Singaporean Exchange.

Close

The S&P BSE Sensex rose 147 points to 37,641 while the Nifty50 closed with gains of 47 points at 11,105 on Tuesday.

The rupee on August 27 spurted by 54 paise, its biggest single-day gain in more than five months, to close at a one-week high of 71.48 against the US dollar, boosted by positive sentiment over the fiscal situation.

On the institutional front, FPIs were net sellers in Indian markets for Rs 923 cr while the DIIs were net buyers to the tune of Rs 1272 cr, provisional data showed.

Stocks in news:

Maruti Suzuki India Ltd chairman R.C. Bhargava said on Tuesday the company had not renewed the contracts of 3,000 temporary employees, as the automaker battled rising inventory amid a slowdown in demand.

Debt-ridden DHFL on August 27 said it plans to raise funds through equity share sale or other means as part of the debt resolution plan of the company.

IDBI Bank: Rating Agency S&P placed bank on credit watch negative due to capital breach.

Technical Recommendations:

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

Indraprastha Gas Limited: Buy| Target: Rs 359| Stop Loss: Rs 305| Upside 10%

Dabur India Ltd: Buy| Target: Rs 466| Stop Loss: Rs 415| Upside 7%

Voltas Ltd: Buy| Target: Rs 671| Stop Loss: Rs 584| Upside 9%

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 Aug 28, 2019 08:51 am
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