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Last Updated : Oct 16, 2019 05:15 PM IST | Source: Moneycontrol.com

Market Headstart: Nifty seen opening higher, Kotak Bank, Jubilant Food top buys

Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 42 points gain or 0.37 percent.

The Nifty50 is expected to open higher on October 16 following Asian markets which were trading with positive bias as Britain and the EU made headway on a Brexit deal ahead of a leaders’ summit.

Officials and diplomats involved in negotiations over the acrimonious divorce between the world’s fifth-largest economy and its biggest trading bloc said that differences over the terms of the split had narrowed significantly, said a Reuters report.

In commodities, Brent crude was trading around $59 a barrel while Spot gold was barely changed at $1,481.48 an ounce.

Close

The S&P BSE Sensex rose 291 points to 38,506 while the Nifty50 closed 87 points higher at 11428 on October 15.

Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 42 points gain or 0.37 percent. Nifty futures were trading around 11,477-level on the Singaporean Exchange.

The rupee on  October 15 dived 31 paise to end at a nearly one-month low against the US currency due to heavy dollar buying amid fresh concerns over the progress of China-US trade talks.

On the institutional front, FPIs were net buyers in Indian markets for Rs 436 cr while the DIIs were also net buyers to the tune of Rs 929 cr, provisional data showed.

Stocks in news

Karnataka Bank reported a 5.3 percent fall in net profit at Rs 105.91 crore for the second quarter ended September of the current fiscal as bad loans increased marginally.

Software services provider Wipro reported 7 percent sequential growth in the second-quarter profit at Rs 2,552.7 crore while the guidance for Q3 was ahead of analyst estimates.

Cement major ACC on October 15 reported 44.7 percent jump for the third quarter with consolidated net profit at Rs 302.6 crore.

Technical Recommendations

We spoke to SMC Global Securities and here is what they recommend:

Kotak Mahindra Bank Ltd: Buy | LTP: Rs 1,614.80 | Target: Rs 1,729 | Stop Loss: Rs 1,520 | Upside 7 percent

Jubilant Foodworks Ltd: Buy | LTP: Rs 1,316.85 | Target: Rs 1,490 | Stop Loss: Rs 1,260 | Upside 13 percent

Adani Enterprises Ltd: Buy | LTP: Rs 155.05 | Target: Rs 164 | Stop Loss: Rs 135 | Upside 5 percent

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 16, 2019 08:11 am
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