The Nifty50 is expected to open higher on Friday tracking Asian markets which were trading higher after a top Federal Reserve official cemented expectations of a U.S. interest rate cut later this month.
“U.S. stocks moved higher on Thursday after a slow start as comments from New York Fed President John Williams helped cement expectations for an interest rate cut from the U.S. central bank at the end of the month,” said a Reuters report.
The S&P BSE Sensex dropped 318 points to 38,897 while the Nifty50 closed 90 points lower at 11,596 on Thursday.
The rupee depreciated by 15 paise to close at 68.97 against the US dollar July 18, amid heavy selling in domestic equities and rising crude oil prices.
On the institutional front, FPIs were net sellers in Indian markets for Rs 1404 cr, while DIIs were net buyers to the tune of Rs 329 cr, provisional data showed.
Trends on SGX Nifty indicate a higher opening for the broader index in India, a gain of 41 points or 0.35 percent. Nifty futures were trading around 11,643-level on the Singaporean Exchange.
Lupin, India’s third-largest drugmaker said it will be focusing on execution of complex generics pipeline, biosimilars and speciality portfolio to improve profitability, even as it tries to overcome pricing pressure and regulatory challenges in the key US market.
IT company L&T Infotech (LTI) July 18 reported a 1.5 percent decline in consolidated net profit to Rs 355.8 crore for the quarter ended June 2019.
Cement maker ACC July 18 reported 38.61 percent rise in consolidated net profit at Rs 455.68 crore for the quarter ended June 30, 2019, helped by an improvement in operating performance and sales.
Thermax has concluded a Rs 471 crore order from an Indian government power company to set up two Flue Gas Depressurization (FGD) systems at their thermal power plant in the state of Jharkhand.
Technical Recommendations:
We spoke to IIFL and here’s what they have to recommend:
SPARC: Buy| Target: Rs 169| Stop Loss: Rs 147| Upside 10%
Colgate Palmolive India Ltd: Buy| Target: Rs 1288| Stop Loss: Rs 1163| Upside 7%
Glenmark Jul Futs: Sell| Target: Rs 416| Stop Loss: Rs 449| Downside 5%
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