Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 41 points loss compared to Monday’s close of 11,167.
The Nifty50 is expected to open lower on Wednesday following mixed trend seen in Asian markets as trade tensions escalate between the US and Chin.
United States and China’s ever-expanding dispute over trade and foreign policy showed little sign of coming to an end, weighing on global economic growth, said a Reuters report.
The U.S. State Department announced visa restrictions just a day after the U.S. Commerce Department cited the mistreatment of Uighur Muslims in China in its decision to add 20 Chinese public security bureaus and eight companies to a trade blacklist, it said.
U.S. President Donald Trump has said tariffs on Chinese imports will rise on Oct. 15 if no progress is made in the negotiations.
The S&P BSE Sensex fell 141 points to 37,531 while the Nifty50 closed 48 points lower at 11,126 on Monday.
Trends on SGX Nifty indicate a negative opening for the broader index in India, with a 41 points loss compared to Monday’s close of 11,167. The Nifty futures were trading around 11,126-level on the Singaporean Exchange on Wednesday.
The rupee depreciated by 14 paise to close at 71.02 against the US dollar on Monday as profit booking in domestic equities and unabated foreign fund outflows kept investors edgy.
On the institutional front, FPIs were net sellers in Indian markets for Rs 494 cr while the DIIs were net buyers to the tune of Rs 904 cr, provisional data showed.
Stocks in news:
Jaguar Land Rover (JLR), the UK subsidiary of Tata Motors, on Monday, reported a marginal decline of 0.7 percent year-on-year (y-o-y) in its retail sales at 128,953 units in the July-September quarter, hit by weak demand in US, UK and overseas market.
Reeling under a prolonged slowdown, Maruti Suzuki India (MSI) reduced its production by 17.48 percent in September, making it the eighth straight month when the country's largest carmaker lowered its output.
IL&FS Engineering and Construction Company on October 7 said it has defaulted on the redemption of preference shares worth Rs 39.5 crore in favour of Vistra ITCL (India) Ltd. The due date of redemption was September 30.
We spoke to HDFC Securities and here’s what they have to recommend:
Muthoot Finance: Buy| LTP: Rs 670| Target: Rs 720| Stop-Loss: Rs 635| Upside 7.5%
Lupin: Sell| LTP: Rs 668| Target: Rs 610| Stop-Loss: Rs 709| Downside 9%
Bank of Baroda: Sell| LTP: Rs 87.25| Target: Rs 80| Stop-Loss: Rs 92| Downside 8%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.The Great Diwali Discount!
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