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Last Updated : Oct 04, 2019 01:36 PM IST | Source: Moneycontrol.com

Market Headstart: Nifty seen opening higher; Eicher Motors, Mahindra Life top buys

Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 21 points gain or 0.18 percent. Nifty futures were trading around 11,380-level on the Singaporean Exchange.


The Nifty50 is expected to open higher on October 1 tracking Asian markets which were trading with a positive bias ahead of a key US job report that could help determine whether the Federal Reserve cuts interest rates further.

Investors have been caught out by a set of weak US data this week, including surveys on services and manufacturing sectors, deepening fears the Sino-US trade war is starting to hurt growth in the world’s biggest economy, said a Reuters report.

Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 21 points gain or 0.18 percent. Nifty futures were trading around 11,380-level on the Singaporean Exchange.

Close

The S&P BSE Sensex fell 198 points to 38,106 while the Nifty50 closed 45 points lower at 11,314 on October 3.

The Indian rupee recovered from the day's lows and settled higher by 20 paise at 70.87 to the US dollar on Thursday, helped by weakening of the greenback overseas and easing crude oil prices.

On the institutional front, FPIs were net sellers in Indian markets for Rs 810 cr, while the DIIs were net buyers to the tune of Rs 862 cr, provisional dats showed.

Stocks in news:

State-owned power giant NTPC on October 3 said it has added two power generation units of 660 megawatt (MW) each at Tanda and Khargone thermal power plants.

The government has announced mega divestment plans for four blue-chip public-sector companies, but Moody’s Investor Service sees it as a setback. Calling the decision to privatise Bharat Petroleum Corporation Ltd (BPCL) “a credit negative", Moody’s said it may not bode well for BPCL’s ratings.

State-run United Bank of India has shelved its Rs 1500-crore capital raising plan ahead of the proposed three-way merger with Punjab National Bank and Oriental Bank of Commerce. The Centre, instead, will pitch in with Rs 1,666 crore.

Technical Recommendations:

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

Eicher Motors: Buy| CMP: Rs.18,285| Target: Rs 19,800 | Stop Loss: Rs.17,100 | Upside 8 percent

Mahindra Lifespace Developers Ltd: Buy| CMP: Rs.427 | Target: Rs 463 | Stop Loss: Rs.400 | Upside 8 percent

Kotak Mahindra Bank: Sell| CMP: Rs.1,616 | Target: Rs 1,490 | Stop Loss: Rs.1,700 | Downside 7 percent

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 Oct 4, 2019 08:41 am
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