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Last Updated : Aug 27, 2019 12:02 PM IST | Source: Moneycontrol.com

Market Headstart: Nifty seen opening higher; Axis Bank, D-Mart top buys

Trends on SGX Nifty indicate a positive opening for the broader index in India, with 0.17 percent gain or 19 points. Nifty futures were trading around 11,071-level on the Singaporean Exchange.

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The Nifty50 is expected to open higher on Tuesday following positive trend seen in other Asian markets as trade war fears ease.

“U.S. President Donald Trump on Monday flagged the possibility of a trade deal with China and said he believe Beijing was sincere in its desire to reach an agreement on the sidelines of G7 meeting,” said a Reuters report.

US markets edged higher in trade talk optimism. The Dow Jones Industrial Average rose 269.93 points to 25,898.83, the S&P 500 gained 31.27 points to 2,878.38, and the Nasdaq Composite added 101.97 points to 7,853.74.

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Trends on SGX Nifty indicate a positive opening for the broader index in India, with 0.17 percent gain or 19 points. Nifty futures were trading around 11,071-level on the Singaporean Exchange.

The S&P BSE Sensex rose 792 points to 37,492 while the Nifty50 closed 228 points higher at 11,057 on Monday.

The rupee on August 26 declined by 36 paise to close below the 72 level against the US currency for the first time in nine months, hit by a 'flash crash' in global currencies due to uncertainty over the trade front.

On the institutional front, FPIs were net sellers in Indian markets for Rs 752 cr, while the DIIs were net buyers to the tune of Rs 1272 cr, provisional data showed.

Stocks in news:

Cash-strapped housing financier DHFL on August 26 said it has appointed KK Mankeshwar & Co as its statutory auditor. The company's move comes after the resignation of auditors Deloitte Haskins & Sells and Chaturvedi & Shah this month.

State-run lender, Bank of Baroda has requested the government to inject Rs 10,000 crore equity from its recapitalisation plan in the current financial year, the bank's Executive Director Papia Sengupta said on August 26.

Drug firm Lupin on August 26 said its South African arm Pharma Dynamics has signed a commercial agreement whttp://www.moneycontrol.com/india/stockpricequote/banks-private-sector/axisbank/AB16ith Creso Pharma for hemp oil-based cannaQIX products.

Technical Recommendations:

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

Manappuram Finance: Buy| LTP: 123.5| Target: Rs 136|Stop-Loss: Rs 117| Upside 10%

Axis Bank: Buy| LTP: Rs 684| Target: Rs 730| Stop-Loss: Rs 658| Upside 7%

D-Mart: Buy| LTP: Rs 1531| Target: Rs 1,620| Stop-Loss: Rs 1,470 |Upside 6%

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 27, 2019 08:58 am
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