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Last Updated : Sep 13, 2019 10:24 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty seen opening higher; HDFC Bank, Castrol top buys

Trends on SGX Nifty indicate a flat to positive opening for the broader index in India, with a 10 points gain or 0.09 percent. Nifty futures were trading around 11,001.50-level on the Singaporean Exchange.

Moneycontrol News @moneycontrolcom

The Nifty50 is expected to open higher on Friday tracking Asian markets which were trading higher as hints of progress in the U.S.-China trade dispute and aggressive stimulus from the European Central Bank boosted investor sentiment.

The sentiment was also supported by U.S. President Donald Trump’s announcement that his administration would unveil a tax overhaul plan aimed at middle-income households next year, said a Reuters report.

Markets in China, South Korea and Taiwan were shut for the Mid-Autumn Festival holiday.

Close

The U.S. S&P 500 closed within striking distance of its all-time closing high, rising 0.29 percent to 3,009.57, near-record closing high of 3,024.50 marked in late July, it said.

Trends on SGX Nifty indicate a flat to positive opening for the broader index in India, with a 10 points gain or 0.09 percent. Nifty futures were trading around 11,001.50-level on the Singaporean Exchange.

The S&P BSE Sensex slipped 166 points lower at 37,104 while the Nifty50 closed 52 points down at 10,982 on Thursday.

Continuing its winning run for the sixth straight session, the rupee climbed 52 paise to end at 71.14 against the US dollar on September 12 as signs of easing trade tensions between the US and China buoyed global markets.

On the institutional front, FPIs were net buyers in Indian markets for Rs 783 cr while the DIIs were net sellers to the tune of Rs 126 cr, provisional data showed.

Stocks in news:

State-run Bank of Baroda has put on block the erstwhile headquarters of Dena Bank in the financial capital at a reserve price of Rs 530 crore. Dena Bank and Vijaya Bank got amalgamated with Bank of Baroda from this April.

Drugmaker Lupin is scouting for in-licensing deals to launch new products in neuro-psychiatry and oncology segments to give a boost to its domestic formulation market.

Dr Reddy's Laboratories on Thursday said it has received establishment inspection report (EIR) from the US health regulator for its Visakhapatnam facility in Andhra Pradesh.

Technical Recommendations:

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

UPL: Sell| LTP: Rs.567 | Target: Rs 535 |Stop Loss: Rs.591 | Downside 7%

HDFC Bank: Buy| LTP: Rs 2,270 | Target: Rs 2,375 |Stop Loss: Rs 2,225| Upside 4.6%

Castrol India: Buy| LTP: Rs.129 | Target: Rs 144 |Stop Loss: Rs.119 | Upside 13.39%

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 Sep 13, 2019 08:43 am
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