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Last Updated : Dec 19, 2019 09:59 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty seen opening lower; Bharat Forge, Mahanagar Gas top buys

Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 26.5 points loss or 0.22 percent. The Nifty futures were trading around 12,228-level on the Singaporean Exchange.


Nifty50 is expected to open lower on Thursday following muted trend seen in other Asian markets as investors’ take a breather after a sharp rally.

Sentiments are likely to stay muted after media reports suggested that a majority of members of the US House of Representatives, on December 18, voted to impeach President Donald Trump for abuse of power.

By a 230 to 197 vote in the Democratic-majority House, the 45th US president becomes just the third occupant of the White House in American history to be impeached, said a Reuters report.

Close

Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 26.5 points loss or 0.22 percent. The Nifty futures were trading around 12,228-level on the Singaporean Exchange.

Let’s look at the final tally on D-Street – the S&P BSE Sensex rose 206 points to 41,558 while the Nifty50 rallied by about 56 points to close at 12,221. Both Sensex, and Nifty hit a fresh record closing high on Wednesday.

The rupee rebounded from early lows to close marginally up at 70.97 against the US dollar helped by a record-breaking run in equity markets and weak crude oil prices.

On the institutional front, foreign institutional investors (FIIs) bought shares worth Rs 1,836.81 crore, while domestic institutional investors (DIIs) sold shares worth Rs 1,267.57 crore in the Indian equity market.

Stocks in news:

State-owned steel maker SAIL has signed a pact with the National Health Authority for empanelment of 14 of its hospitals under Ayushman Bharat Pradhan Mantri Jan Aarogya Yojana (PM-JAY).

L&T Finance Holdings has issued non-convertible preference shares on a private placement basis to raise up to Rs 300 crore.

PNB: The British subsidiary of Punjab National Bank (PNB) has lost its UK High Court appeal in a $45-million deceit claim against seven individuals and two companies, based in India and the US.

Technical Recommendations:

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

Bharat Forge | Buy | LTP: 495.55 | Target: Rs 541 | Stop loss: Rs 470 | Upside: 9%

Mahanagar Gas | Buy | LTP: Rs 1,066.60 | Target: Rs 1,180 | Stop loss: Rs 1,000 | Upside: 10%

Pidilite Industries | Buy | LTP: Rs 1,367 | Target: Rs 1,480 | Stop loss: Rs 1,295 | Upside: 8.50%

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 Dec 19, 2019 08:32 am
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