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Last Updated : Oct 25, 2019 01:39 PM IST | Source: Moneycontrol.com

Market Headstart: Nifty seen opening lower; ITC, InterGlobe Aviation eyed

Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 30 points loss, or 0.26 percent


The Nifty is expected to open lower on October 25, following a mixed trend seen in other Asian markets, as concerns over global growth capped the upside.

A recent Reuters poll of economists showed that most think a steeper decline in global growth is more likely than a synchronised recovery, despite central bank easing.

Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 30 points loss, or 0.26 percent. Nifty futures were trading around 11,585-level on the Singaporean Exchange.

Close

The Sensex fell 38 points to 39,020 and the Nifty closed 21 points lower at 11,582 on October 24.

The rupee snapped its five-day winning streak to finish 11 paise lower at 71.02 against the dollar on October 24, weighed by unabated foreign fund outflows and a weak trend in domestic equity markets.

On the institutional front, FPIs and DIIs were net sellers in Indian markets to the tune of Rs 72 crore and Rs 738 crore, respectively, provisional data showed.

Stocks in news:

Losses at InterGlobe Aviation, which operates India's largest airline IndiGo, widened to Rs 1,062 crore in the quarter ended September 2019, from Rs 651.5 crore loss in the same quarter last fiscal.

Beating street estimates, ITC on October 24 reported a 36.16 percent year-on-year (YoY) jump in its standalone net profit at Rs 4,023.1 crore for the quarter ended September 30, 2019.

Liquor major United Spirits Ltd (USL) on October 24 reported a 28.59 percent decline in consolidated net profit at Rs 157.6 crore for the second quarter ended September on consumption slowdown and liquidity challenges.

Technical Recommendations:

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

Motherson Sumi: Buy| LTP: Rs 111| Target: Rs 127| Stop-Loss: Rs 101| Upside +14.4%

Jay Bharat Maruti: Buy| CMP: Rs214| Target: Rs 256| Stop-Loss: Rs 187 | Upside +19.6%

Bharat Forge Ltd: Buy| LTP: Rs 451| Target: Rs 530| Stop-Loss: Rs 413| Upside +17.5%

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 25, 2019 08:15 am
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