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Last Updated : Dec 10, 2019 10:41 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty seen opening flat; TCI Express, Coromandel top buys

Trends on SGX Nifty indicate a flat opening for the broader index in India, with a 1.5 points gain. Nifty futures were trading around 11,966 levels on the Singaporean Exchange


The Nifty is expected to open flat on December 10 following Asian markets, which were trading with muted bias, as investors refrained from making major bets before December 15 when the next round of US tariffs on Chinese imports is due to take effect.

A Chinese Commerce Ministry official said on December 9 that Beijing hopes to make a trade deal with Washington as soon as possible before new US tariffs are due to kick in this weekend, reports Reuters.

Trends on SGX Nifty indicate a flat opening for the broader index in India, with a 1.5 points gain. Nifty futures were trading around 11,966 levels on the Singaporean Exchange.

Close

The Sensex rose 42 points to 40,487 and the Nifty closed up 16 points at 11,937 on December 9.

India VIX, which is a volatility index based on the Nifty index option prices that measure market volatility over the next 30 calendar days, rose 7.5 percent to 14.67 levels.

The rupee pared initial losses and settled 16 paise up at 71.04 against the dollar on December 9 amid softening crude oil prices and weakening of the greenback vis-a-vis other currencies overseas.

On the provisional front, FPIs and DIIs were net buyers in Indian equity markets to the tune of Rs 459.22 crore and Rs 74.93 crore, respectively, provisional data showed.

Stocks in the news

Yes Bank: The company Board of Directors will meet on Tuesday to finalize and approve the details of the preferential allotment and convene an extraordinary general meeting subsequently, to obtain the approval of the shareholders for raising capital.

State-run Bank of India on December 9 revised its one-year MCLR-based lending rates by up to 20 basis points across various tenors, effective Tuesday.

Two-wheeler market leader Hero MotoCorp on December 9 said it will increase prices of its motorcycles and scooters by up to Rs 2,000 from January.

Technical Recommendations:

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

TCI Express: Buy| LTP: Rs 782| Target: Rs 860| Stop-Loss: Rs 740| Upside 10%

Coromandel International: Buy| LTP: Rs 509|Target: Rs 560|Stop-Loss: Rs 475| 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.

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First Published on Dec 10, 2019 08:02 am
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