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Last Updated : Dec 23, 2019 06:08 PM IST | Source: Moneycontrol.com

Market Headstart: Nifty seen opening flat; L&T, Kotak Mahindra Bank top buys

Trends on SGX Nifty indicate a negative opening for the broader index in India, with an 18.5 points loss. Nifty futures were trading around 11,936-levels on the Singaporean Exchange

The Nifty is expected to open flat on December 9. Asian markets are trading mixed as gains remain capped over concerns about the Chinese economy due to the prolonged Sino-US trade war.

Top White House Economic Adviser Larry Kudlow said on December 6 that a December 15 deadline is still in place to impose a new round of US tariffs on Chinese consumer goods, but President Donald Trump likes where trade talks with China are going, reports Reuters.

Trends on SGX Nifty indicate a negative opening for the broader index in India, with an 18.5 points loss. Nifty futures were trading around 11,936-levels on the Singaporean Exchange.

Close

The Sensex fell 334 points, or 0.82 percent, to 40,445 and the Nifty closed with losses of 0.81 percent to 11,921 on December 6.

The Indian rupee appreciated nine paise to close at 71.20 against the dollar on December 6, a day after the Monetary Policy Committee kept its key policy rate unchanged and decided to continue with its accommodative stance to support the economy.

On the institutional front, FPIs were net sellers in Indian markets to the tune of Rs 867 crore, while DIIs were net buyers to the tune of Rs 210 crore, provisional data showed.

Stocks in news:

Markets regulator Sebi on December 6 directed three public sector financial institutions -- LIC, SBI and Bank of Baroda -- to dilute their stakes to below 10 per cent in UTI Asset Management Company (AMC) by December next year.

Power generation company NTPC on Saturday said it has signed a term loan agreement for Rs 5,000 crore with State Bank of India (SBI).

The National Company Law Tribunal (NCLT) has admitted Bank of India’s insolvency plea against realty developer RNA Corp.

IRB Infrastructure: The board approved raising Rs 1,400 crore via NCDs.

Technical Recommendations:

We spoke to Angel Broking and here’s what they have to recommend:

L&T: Buy| LTP: Rs 1290| Target: Rs 1350| Stop Loss: Rs 1260| Upside 4.6%

Kotak Mahindra Bank: Buy| LTP: Rs 1674| Target: Rs 1750| Stop Loss: Rs 1630| Upside 4%

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.

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First Published on Dec 9, 2019 08:14 am
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