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Last Updated : Nov 07, 2019 05:05 PM IST | Source: Moneycontrol.com

Market Headstart: Nifty50 seen opening flat; real estate stocks will be in focus

Trends on SGX Nifty indicate a flat opening for the index in India, with a gain of 3 points. The Nifty futures were trading around 12,010-level on the Singaporean Exchange.

The Nifty50 is expected to open flat on November 7, following a muted trend seen in other Asian markets reports of delays in sealing a preliminary Sino-US trade deal dampened the sentiment.

Trends on SGX Nifty indicate a flat opening for the index in India, with a gain of 3 points. The Nifty futures were trading around 12,010-level on the Singaporean Exchange.

Let’s look at the final tally on D-Street – the S&P BSE Sensex rose 221 points to a record closing high of 40,469 while the Nifty50 ended 48 points higher at record closing high of 11,966 on Wednesday.

Close

Snapping its three-session winning streak, the Indian rupee tumbled 28 paise to close at 70.97 against the US dollar on Wednesday.

On the institutional front, FPIs were net buyers in Indian markets for Rs 1,011 cr while the DIIs were net sellers to the tune of Rs 1,117 cr, provisional data showed.

Stocks in news

Real estate stocks will be in focus after the Cabinet on November 6 approved the creation of a 'professionally managed' Rs 25,000-crore fund for boosting stalled middle and low-income RERA registered housing projects that are not worth positive, Finance Minister Nirmala Sitharaman said.

Tata Steel on November 6 reported a 6 percent year-on-year (YoY) increase in the second quarter consolidated profit at Rs 3,302.31 crore, largely driven by tax writeback due to recent cut in the corporate tax rate.

Auto component major Bosch on November 6 reported a 76.57 percent drop in consolidated net profit at Rs 98.4 crore for the second quarter ended in September, impacted by sluggish demand in the automobile industry.

Technical Recommendations

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

L&T Finance Holdings: Buy | LTP: Rs.95.85 | Target: Rs 104.50 | Stop Loss Rs.91 | Return 9 percent

Tech Mahindra: Buy | LTP: Rs 771 | Target: Rs 856 | Stop Loss: Rs 725 | Upside 11 percent

Heidelberg India Ltd: Buy | LTP: Rs.201.50 | Target: Rs 217.50 | Stop Loss Rs 193.50 | Upside 8 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 7, 2019 08:17 am
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