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Last Updated : Nov 06, 2019 10:41 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty seen opening lower; Tech Mahindra, Birla Corp eyed

Trends on SGX Nifty indicate a muted opening for the broader index in India, with a loss of 29 points

The Nifty50 is expected to open lower on November 6, tracking a muted trend seen in other Asian markets as investors await clues on a trade deal between the US and China.

Trends on SGX Nifty indicate a muted opening for the broader index in India, with a loss of 29 points. The Nifty futures were trading around 11,932-level on the Singaporean Exchange.

The S&P BSE Sensex closed above 40,200 while Nifty50 held onto 11,900. The final tally on D-Street – the S&P BSE Sensex fell 53 points to 40,248 while the Nifty50 closed with losses of 24 points to 11,917 on November 5.

Close

The rupee gained 8 paise to close at a fresh five-week high of 70.69 against the US dollar on Tuesday following foreign fund inflows and gains in Asian peers after the Chinese central bank cut interest rates.

On the institutional front, FPIs were net buyers in Indian markets for Rs 473 cr while the DIIs were net sellers to the tune of Rs 1,593 cr, provisional data showed.

Stocks in news

Titan Company reported a muted set of numbers for the quarter ended in September. The profit grew 1.8 percent at Rs 320.2 crore on the back of subdued growth in the jewellery business which contributes 80 percent to revenue.

Tech Mahindra has reported a 17.2 percent jump in its September quarter. The net profit is at Rs 1,124 crore against Rs 959.4 crore in the previous quarter.

Birla Corporation on November 5 reported over a five-fold jump in the consolidated net profit of Rs 88.34 crore in the September quarter.

Technical Recommendations:

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

Bank of Baroda: Sell | November Futures | LTP: Rs 101 | Target: Rs 95 | Stop-Loss: Rs 108 | Downside 6 percent

Radico Khaitan Ltd: Buy | LTP: Rs 327 | Target: Rs 375 | Stop-Loss: Rs 315 | Upside 14 percent

Biocon Ltd: Buy | LTP: Rs 255.85 | Target: Rs 290 | Stop-Loss: Rs 250 | Upside 13 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 Nov 6, 2019 08:22 am
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