Market Headstart: Nifty seen opening higher on Fed cut; HPCL, IGL top buys

The Nifty is expected to open higher on October 31 following positive trend seen in other Asian markets after the US Federal Reserve slashed rates by 25 bps.

Trends on the SGX Nifty indicate a positive opening for the broader index in India. Nifty futures were trading with a 44 points gain, or up 0.38 percent, at 11,895 on the Singaporean Exchange.

The final tally on D-Street – the Sensex rose 220 points to close at 40,051 and the Nifty ended 57 points higher at 11,844 on October 30.

On the earnings front, as many as 41 companies will declare their results for the September quarter. These include: BF Utilities, Blue Dart, IOC, Jindal Saw, Syndicate Bank, Tube Investment and Vaibhav Global.

The Indian rupee settled six paise lower at 70.90 to the dollar on October 30 as participants exercised caution ahead of the Federal Reserve's monetary policy decision.

On the institutional front, FPIs were net buyers in Indian markets to the tune of Rs 7,192 crore while DIIs were net sellers to the tune of Rs 185 crore, provisional data showed.

Fitch Ratings has placed Bharti Airtel Ltd on 'rating watch negative' over unpaid regulatory dues arising from a recent Supreme Court ruling.

Mortgage firm HDFC Ltd has acquired 9.89 percent stake in Bandhan Bank as part of scheme of merger. As many as 15.93 crore shares of the bank were transferred to HDFC Ltd, Bandhan Bank said in a regulatory filing.

JK Tyre & Industries on October 30 reported over three-fold jump in consolidated net profit to Rs 167.70 crore in the September quarter driven by gains from deferred tax liability.

We spoke to Bonanza Portfolio Ltd and here’s what they have to recommend:

HPCL: Buy| LTP: Rs.318 | Target Rs 340| Stop Loss: Rs 305| Upside 7%

Bosch Ltd: Buy| Range Rs 15,200 – 15,000| LTP: Rs 15,591 | Target: Rs 16,570 | Stop Loss: Rs 14,450| Upside 6%

IGL: Buy| Range 378 – 375| LTP: Rs.383| Target: Rs 404 | Stop Loss: Rs 360| Upside 5%