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Last Updated : Jul 09, 2019 09:02 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty50 seen opening flat; Lupin, IndusInd Bank top sell ideas

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 14 points or 0.12 percent. Nifty futures were trading around 11,554-level on the Singaporean Exchange.

Moneycontrol News @moneycontrolcom

The Nifty50 is expected to open flat-to-lower on Tuesday following Asian markets which were trading mixed as investors came to terms with sharply reduced expectations the Federal Reserve will deliver a large interest rate cut at the end of July.

US stocks fell on Monday as Apple shares dropped following a broker downgrade and investors continued to weigh chances of an aggressive interest rate cut by the Federal Reserve later this month, said a Reuters report.

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 14 points or 0.12 percent. Nifty futures were trading around 11,554-level on the Singaporean Exchange.

Close

The rupee July 8 declined by 24 paise to close at 68.66 against the US dollar, cutting short its three winning run due to a massive selloff in equities and weakening expectations of a rate cut by the US Federal Reserve in near future.

On the institutional front, FPIs were net sellers in Indian markets for Rs 401 cr, while DIIs were net buyers for Rs 321 crore, provisional data showed.

Stocks in news:

Country's largest IT services provider, Tata Consultancy Services (TCS) is expected to deliver steady growth in revenue but there could be pressure on the margin that may impact profitability in the first quarter of FY20. The constant currency revenue growth could be more than 3 percent with around 20-50 basis points cross currency headwinds, driven by strong order book and retail segment.

Shareholders of Fortis Healthcare on July 08 approved a resolution allowing the hospital chain to sell its stake in the Medical and Surgical Centre (MSCL).

India’s government aims to raise up to 150 billion rupees ($2.18 billion) by reducing its stake in 18 state firms to 75%, a finance ministry official involved in the matter said on Monday, as it looks to boost revenues and rein in the fiscal deficit.

Technical Recommendations:

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

Indiabulls Housing Finance Ltd: Sell July Futures| Target: Rs 640| Stop-Loss: Rs 730| Downside 8.6%

IndusInd Bank Ltd: Sell July Futures| Target: Rs 1425| Stop-Loss: Rs 1525| Downside 4%

Lupin Ltd: Sell July Futures| Target: Rs 700| Stop-Loss: Rs 760| Downside 6%

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.

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First Published on Jul 9, 2019 09:02 am
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