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Last Updated : Nov 04, 2019 11:34 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty50 seen opening higher; KEC International, Pidilite top buys

Trends on SGX Nifty indicate a positive opening for the broader index in India, with a gain of 25 points


The Nifty50 is expected to open higher on November 4, tracking positive trend seen in other Asian markets as growing optimism over US-China trade talks and upbeat US job data boosted global investors’ appetite for riskier assets.

Trends on SGX Nifty indicate a positive opening for the broader index in India, with a gain of 25 points. The Nifty futures were trading around 11,963-level on the Singaporean Exchange.

For the week, the S&P BSE Sensex rallied 2.83 percent while the Nifty50 closed with gains of 2.65 percent for the week ended on November 1.

Close

The rupee appreciated by 11 paise to close at 70.81 against the US dollar on November 1 due to fag-end selling of the greenback by banks and importers amid persistent foreign fund inflows.

On the institutional front, FPIs were net buyers in Indian markets for Rs 533 cr while the DIIs were net sellers to the tune of Rs 136 cr, provisional data showed.

Stocks in news

Investors are in discussion with Yes Bank to pump in capital of around $3 billion, the bank said on November 1. The bank disclosed that one of the investors in discussion for $1.2 billion capital was a family office in the US.

Private sector lender Yes Bank posted a loss of Rs 600.08 crore during the July-September period, dented by higher provisions with a sharp increase in non-performing assets.

on November 1, Tata Motors reported a 33.58 percent decline in total sales at 41,354 units in October.

BEML, the state-owned construction equipment supplier and metro train manufacturer, has posted a consolidated loss at Rs 27.2 crore for the quarter that ended in September, impacted by negative inventory.

Technical Recommendations

We spoke to ICICI Direct.com Research and here is what they have to recommend:

KEC International: Buy | LTP: Rs 271 | Target: Rs 334 | Stop Loss: Rs 248 | Upside 23 percent | Time Frame Six months

Pidilite Industries: Buy | LTP: Rs 1,397 | Target: Rs 1,680 | Stop Loss: Rs 1,282 | Upside 20 percent | Time Frame Six Months

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 4, 2019 08:10 am
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