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Last Updated : Oct 22, 2019 01:24 PM IST | Source: Moneycontrol.com

Market Headstart: Nifty50 seen opening lower; Infosys, RIL eyed

Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 0.38 percent. Nifty futures were trading around 11,656-level on the Singaporean Exchange.

The Nifty50 is expected to open lower on October 22 despite a positive trend seen in other Asian markets amid cheery chatter about the chance of a Sino-US trade deal.

Trends on SGX Nifty indicate a negative opening for the broader index in India, with 0.38 percent. Nifty futures were trading around 11,656-level on the Singaporean Exchange.

The S&P BSE Sensex rose 246 points to 39,298 while the Nifty50 closed 75 points higher at 11,661 on October 18.

Close

The Indian rupee has recovered from the low point of the day and ended marginally higher at 71.14 per dollar, with the domestic equity market ended higher for the sixth consecutive session.

Foreign portfolio investors (FPIs) have infused a net sum of Rs 5,072 crore into the Indian capital markets in October so far amid the government's efforts to revive domestic demand.

Stocks in news

Reliance Industries beat Street estimates to report 18.32 percent year-on-year (YoY) rise in September quarter profit at a record Rs 11,262 crore on robust growth in telecom and retail verticals.

UBS: Buy | Target Rs 1,500

Nomura: Buy | Target raised to Rs 1,785 from Rs 1,575

HDFC Bank on October 19 reported a net profit of Rs 6,345 crore for the September quarter of FY20, up 26.7 percent YoY due to higher interest income and other income.

Nomura: Buy | Target raised to Rs 1,425 from Rs 1,300 earlier

Morgan Stanley: Overweight | Target: Rs 1,700

Infosys will be in focus after the company said it had received whistleblower complaints alleging "unethical practices" by the company's executives.

Jefferies: Buy | Target Rs 915 | Remain an overhang on the stock in the near term

Morgan Stanley: Equal Weight | Target Rs 805| Whistleblower news could put the stock under pressure

Technical Recommendations

We spoke to Narnolia Financial Advisors and here is what they have to recommend:

Bharat Heavy Electricals Limited: BUY | LTP: Rs 54.45 | Buy around: Rs 52.50 | Target Rs 61 | Stop Loss Rs 47.50 | Upside 12 percent

Power Grid Corporation of India Limited: Buy | LTP: Rs 202 | Buy above: Rs 205 | Target Rs 230 | Stop Loss Rs 191 | Upside 13 percent

Hexaware Technologies Ltd: Buy | LTP: Rs 378 | Buy around: Rs 370 | Target Rs 405 | Stop Loss Rs 350 | Upside 7 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 22, 2019 08:32 am
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