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Last Updated : Dec 16, 2019 12:18 PM IST | Source: Moneycontrol.com

Market Headstart: Nifty50 seen opening flat; Balrampur Chini, L&T top buys

Trends on SGX Nifty indicate a flat opening for the broader index in India, with a 5-point loss or 0.04 percent

The Nifty50 is expected to open flat on December 16 despite a positive trend seen in most Asian markets.

Asian markets were trading with positive bias as investors cheered an announced trade agreement between Beijing and Washington over the weekend although the jubilation was capped by prevailing scepticism about the deal, said a Reuters report.

Trends on SGX Nifty indicate a flat opening for the broader index in India, with a 5-point loss, or 0.04 percent. The Nifty futures were trading around 12,144-level on the Singaporean Exchange.

Close

The S&P BSE Sensex rose 428 points to 41,009 while the Nifty50 closed with gains of 114 points to 12,086 on December 13.

The rupee closed flat at 70.83 to the US dollar on December 13 as surging crude oil prices weighed on the domestic unit.

On the institutional front, foreign institutional investors (FIIs) bought shares worth Rs 115.7 crore, while domestic institutional investors (DIIs), too, bought shares worth Rs 384.92 crore, provisional data available on the NSE showed.

Stocks in news:

The United States Food and Drug Administration (USFDA) has conducted a good manufacturing practices (GMP) inspection of Sun Pharmaceutical Industries' Halol facility (Gujarat, India) from December 03-13, 2019, as per company release.

AU Small Finance Bank Ltd, on December 13, said the Singaporean sovereign wealth fund Temasek has invested Rs 525 crore ($74 million) through its wholly-owned subsidiary Camas Investments Pte in the lender by conversion of warrants.

Reliance Industries acquired 51.78 percent stake in Asteria Aerospace for Rs 23.12 crore.

Technical Recommendations:

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

Balrampur Chini Mills | Buy | LTP: Rs 169.90 | Target price: Rs 203 | Stop loss: Rs 153.70

Larsen & Toubro | Buy | LTP: Rs 1,306 | Target price: Rs 1,355 | Stop loss: Rs 1,278

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 16, 2019 08:12 am
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