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Last Updated : Oct 29, 2019 09:15 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty seen opening higher; Kansai Nerolac Paints, Jyothy Labs top buys

Trends on SGX Nifty indicate a positive opening for the broader index in India, with an 11 points gain, or 0.09 percent


The Nifty is seen opening higher on October 29, following a positive trend seen in Asian markets, which was trading higher amid signs of a possible trade deal between the US and China. Wall Street hit a record high on expectations of a rate cut by the US Federal Reserve.

The Sensex closed 192 points, or 0.49 percent, higher at 39,250.20 with 19 stocks in the green, and the Nifty closed 43 points, or 0.37 percent, up at 11,627 on the Muhurat Trading (October 27).

Trends on SGX Nifty indicate a positive opening for the broader index in India, with an 11 points gain, or 0.09 percent. Nifty futures were trading around 11,677 on the Singaporean Exchange. The SGX Nifty closed at 11,664 on October 25.

Close

Token buying was seen by institutional investors as well. FPI were net buyers in the Indian market (Rs 6.6 crore) and DIIs poured in Rs 54 crore, provisional data showed.

On the earnings front, as many as 17 companies will declare their results for the September quarter. These include: Bharti Airtel, Hindustan Zinc, Petronet LNG, Tata Metaliks, Hindustan Zinc, among others.

Stocks in news:

Tata Motors which rallied over 16% in Muhurat session will be in focus after the company narrowed its net loss in Q2. The automaker reported a 79 percent year-on-year (YoY) fall in its net loss at Rs 216.6 crore for the September quarter of FY2020.

ICICI Bank which rose marginally in Muhurat session will be in focus after the private sector lender reported a 27.9% YoY fall in the net profit at Rs 655 crore, compared to Rs 908.9 crore in the year-ago period.

Pfizer which rallied over 7% in Muhurat session will be in focus after the pharma major reported 61 percent YoY growth in net profit to Rs 154.3 crore versus Rs 95.8 crore in the year-ago period.

Technical Recommendations:

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

Kansai Nerolac: Buy| LTP: Rs 545| Target: Rs 580| Stop Loss: Rs 518| Upside 6%

Jyothy Labs: Buy| LTP: Rs 171| Target: Rs 194| Stop Loss: Rs 156| Upside 13%

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 Oct 29, 2019 08:07 am
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