Moneycontrol
Last Updated : Jan 03, 2019 08:33 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty50 is likely to open higher; 3 stocks which could give 6-11% return

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 23.5 points or 0.22 percent. Nifty futures were trading around 10,855-level on the Singaporean Exchange.

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The Nifty50 is likely to open higher on Thursday following positive trend seen in other Asian markets. The index closed 117 points lower at 10,792 on Wednesday.

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 23.5 points or 0.22 percent. Nifty futures were trading around 10,855-level on the Singaporean Exchange.

Wall Street edged higher on Wednesday after stumbling out of the starting gate on the first trading day of 2019, while fears of a global economic slowdown were exacerbated after Apple cut its holiday-quarter revenue forecast, said a Reuters report.

Shares in Asia were trading flat after Apple Inc cut its revenue forecast due in part to weaker sales in China, adding to concerns about the slowing global economy.

The Indian rupee on January 2 crashed by 75 paise, its first loss in last four sessions, to close at 70.18 against the US dollar amid strengthening of the greenback and heavy selling in domestic equities.

Stocks in news:

Bank of Baroda announced on January 2 the fair equity share exchange ratio for shareholders of Vijaya Bank and Dena Bank. Bank of Baroda said Vijaya Bank shareholders will receive 402 shares of BoB for 1,000 shares held of Vijaya Bank.

PNB Housing Finance said on Wednesday it has raised USD 265 million (Rs 1,853 crore) through external commercial borrowing (ECB) route last week.

Indian state-owned fuel retailers, including Indian Oil Corp. Ltd, Hindustan Petroleum Corp. Ltd (HPCL) and Bharat Petroleum Corp. Ltd (BPCL) have stopped absorbing a government-mandated cut of Rs 1 a litre in their marketing margins on the sale of petrol and diesel due to a steep fall in global crude oil prices, Reuters reported quoting sources.

RBL Bank appoints Pankaj Sharma as Chief Operations Officer

Motherson Sumi - ICRA reaffirmed term loan rating to ICRA AA+, while outlook revised from positive to stable

Bank of India: Board approved to increase in authorized capital from Rs 3000 crore to Rs 6000 crore. Capital raising plan for issue of Equity Shares and Tier-I and Tier-II Capital Bonds to be raised at appropriate times in future

Bharti Airtel: Lost 18.6 Lakh Subscribers Vs Loss Of 23.6 Lakh (MoM)

Technical Recommendations:

We spoke to Bonanza Portfolio Ltd and here’s wha11t they have to recommend:

Balrampur Chini Mills: Buy| CMP: Rs.104.50 | Target: Rs 114-116.50| Stop Loss: Rs 100| Return 11%

Colgate Palmolive India: SELL| CMP: Rs 1301.80 | Target: Rs 1200| Stop Loss: Rs 1361| Return 8%

Maruti Suzuki India Ltd: SELL| CMP: Rs. 7267| Target: Rs 6800| Stop Loss: Rs 7486| Return 6.30%

Disclaimer: The views and investment tips expressed by investment expert 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.
First Published on Jan 3, 2019 08:32 am
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