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Last Updated : Oct 30, 2019 09:36 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty50 seen opening higher; IndiGo, Bharti Airtel eyed

Trends on SGX Nifty indicate a positive opening for the broader index in India, with an 18-point gain or 0.15 percent.

The Nifty50 is expected to open higher on October 30 even though most of the Asian markets are stuck in a range ahead of the outcome of the US Federal Reserve meeting.

Trends on SGX Nifty indicate a positive opening for the broader index in India, with an 18-point gain or 0.15 percent. The Nifty futures were trading around 11,824-level on the Singaporean Exchange.

The S&P BSE Sensex rose 581 points to 39,831 while the Nifty50 rallied 159 points to close at 11,786 on October 29.

Close

The rupee pared some of its early gains to close with a marginal rise of 6 paise at 70.84 against the US dollar on October 29 as foreign fund inflows and lower crude oil prices rendered some support.

On the institutional front, FPIs were net buyers in Indian markets for Rs 876 cr while the DIIs were also net buyers to the tune of Rs 144 cr, provisional data showed.

Stocks in news

Budget carrier IndiGo announced on October 29 it had placed a firm order for 300 A320neo family aircraft, comprising A320neos, A321neos and A321XLRs.

Telecom operator Bharti Airtel's revenue from India mobile services rose 7 per cent year-on-year (YoY) during the September 2019 quarter to Rs 10,981.4 crore as the subscriber base stood at 279.4 million, according to a regulatory filing by the company.

The Reserve Bank of India (RBI) on October 29 imposed a penalty of Rs 1 crore on Bandhan Bank for not bringing down the promoter shareholding to 40 percent.

Technical Recommendations

We spoke to SMC Global Securities and here’s what they have to recommend:

BEML Ltd: Buy | LTP: Rs 1,008 | Target: Rs 1,115 | Stop Loss: Rs 920 | Upside 10 percent

KEI Industries Ltd: Buy | LTP: Rs 575 | Target: Rs 645 | Stop Loss: Rs 525 | Upside 12 percent

Timken India Ltd: Buy | LTP: Rs 821 | Target: Rs 922 | Stop Loss: Rs 750 | Upside 12 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 Oct 30, 2019 08:05 am
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