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Last Updated : Jul 12, 2019 08:49 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty seen opening flat; Torrent Pharma, HDFC Life top buys

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 12.5 points or 0.11 percent. Nifty futures were trading around 11,569-level on the Singaporean Exchange.

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The Nifty50 is expected to open flat on Friday tracking Asian markets which were trading mixed as worries over renewed Sino-U.S. trade tensions weighed on sentiment.

Overnight, the Dow and S&P 500 rose on Thursday to close at record highs as health insurers gained after the Trump administration scrapped a plan designed to rein in prescription drug prices, while financial shares climbed with bond yields, said a Reuters report.

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 12.5 points or 0.11 percent. Nifty futures were trading around 11,569-level on the Singaporean Exchange.

Close

The S&P BSE Sensex rose 266 points to 38,823 while the Nifty50 closed 84 points higher at 11,582 on Thursday.

The rupee darted up 14 paise to finish at 68.44 against the US dollar on Thursday after dovish comments by US Federal Reserve chair Jerome Powell boosted emerging market currencies, said a PTI report.

On the institutional front, FPIs were net sellers in Indian markets for Rs 316 crore while the DIIs were net buyers to the tune of Rs 719 cr, provisional data showed.

Stocks in news:

KPR Mill on Thursday became the first company to withdraw its Rs 263.31-crore buyback proposal after the government last week imposed an additional tax of 20 percent in case of repurchase of shares by Indian listed companies.

Debenture holders of Dewan Housing Finance Corp. Ltd agreed to sign an inter-creditor agreement (ICA) after the Chairman Kapil Wadhawan sought their backing for the plan on Thursday, said people with knowledge of the matter.

Rating woes continued for Cox and Kings, as Care Ratings on Thursday downgraded the tour operator’s rating to ‘default’ grade, as it grappled with a cash crunch to service its debt and other obligations. The stock fell nearly 5% on Thursday.

Technical Recommendations:

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

Torrent Power: Buy| Target: Rs 330| Stop Loss: Rs 292.5| Upside 8%

HDFC Life: Buy| Target: Rs 490| Stop Loss: Rs 455.5| Upside 5%

Shree Cement: Buy| Target: Rs 22,936| Stop Loss: Rs 20,836|Upside 7%

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 Jul 12, 2019 08:49 am
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