The Nifty50 is expected to open lower on Thursday tracking Asian markets which were trading mixed as Wall Street stocks dropped on early signs that the U.S.-China trade war could hurt corporate earnings.
On Wall Street, all three major indexes fell on Wednesday as weak results from trade-related CSX Corp stoked concerns that the protracted trade standoff between the United States and China could hurt U.S. corporate earnings, said a Reuters report.
Trends on SGX Nifty indicate a flat-to-negative opening for the broader index in India, a fall of 19 points or 0.16 percent. Nifty futures were trading around 11,654-level on the Singaporean Exchange.
The S&P BSE Sensex rose 84 points to 39,215 while the Nifty50 closed 0.21 percent higher at 11,687 on Wednesday.
The rupee depreciated 25 paise to close at 68.69 against the US dollar July 12 amid rising crude oil prices and unabated foreign fund outflows.
On the institutional front, FPIs were net sellers in India markets for Rs 850 cr while the DIIs were net buyers to the tune of Rs 940 cr, provisional data showed. For the week, FIIs pulled out more than Rs 3000 cr from Indian equity markets in the cash segment.
Stocks in news:
YES Bank recorded a YoY drop of 91 percent in its net profit to Rs 113.80 crore in the June quarter, dented by one-off impact from mark to market provisions of Rs 1,109 crore.
Wipro reported 3.86 percent sequential fall in Q1 consolidated profit and 2.4 percent decline in revenue from operations on July 17. Profit for the quarter ended June 2019 stood at Rs 2,387.6 crore and revenue at Rs 14,786 crore, the company said in its BSE filing.
Mid-sized IT firm Mindtree Wednesday posted a 41.4 per cent rise in consolidated net profit to Rs 92.7 crore for the quarter ended June 30. AM Naik appointed non-executive chairman at Mindtree
Technical Recommendations:
We spoke to Bonanza Portfolio and here’s what they have to recommend:
D-Mart: Buy| LTP: Rs 1463.80| Target: Rs 1565|Stop Loss: Rs1400|Upside 7%
CESC: Buy| LTP: Rs.783.70| Target: Rs 845|Stop Loss: Rs 744|Upside 8%
Bharti Airtel: Sell| LTP: Rs 346.25| Target: Rs 326|Stop Loss: Rs 358|Upside 6%
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