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Market Headstart: SGX Nifty indicates a weak opening; 3 stocks which could give 7-13% return

Trends on SGX Nifty indicate a flat to negative opening for the broader index in India, a fall of 11.5 points or 0.1 percent.
Jul 17, 2019 / 08:24 AM IST

Benchmark indices including the Nifty is expected to flat to negative on Wednesday following weak sentiment in other Asian markets after a lacklustre performance by Wall Street, while the dollar got a lift from robust US retail data and a Brexit-driven dive in the pound.

On Tuesday, US markets edged lower as quarterly results from banks added to concerns about lower interest rates dampening their profits, while comments from US President Donald Trump on trade also dragged down Wall Street’s major indexes.

Trends on SGX Nifty indicate a flat to negative opening for the broader index in India, a fall of 11.5 points or 0.1 percent. Nifty futures were trading around 11,635-level on the Singaporean Exchange.

The S&P BSE Sensex rose 234 points to Rs 39,131 while the Nifty50 closed 74 points higher at 11,662 on Tuesday.

The rupee on July 16 depreciated by 17 paise to close at 68.71 against the US dollar due to rising crude oil prices and foreign fund outflows. At the interbank foreign exchange (forex) market, the domestic currency opened lower at 68.59 per dollar, and further lost ground to touch the day's low of 69.76.

On the institutional front, Foreign Institutional Investors (FIIs) sold shares worth Rs 444.99 crore, but Domestic Institutional Investors (DIIs) bought Rs 637.71 crore worth of shares in the Indian equity market on July 16, as per provisional data available on the NSE.

Stocks in News

5paisa Capital Q1: Consolidated loss at Rs 0.52 crore versus loss Rs 6.09 crore; revenue jumps to Rs 22.86 crore versus Rs 8.97 crore YoY.

DCB Bank Q1: Profit grows 16.6 percent to Rs 81.1 crore versus Rs 69.5 crore and NII rises 11.7 percent to Rs 304.7 crore versus Rs 272.9 crore YoY; gross NPA at 1.96 percent versus 1.84 percent and net NPA at 0.81 percent versus 0.65 percent QoQ.

MCX Q1: Consolidated net profit jumps to Rs 43.7 crore versus Rs 7.3 crore (There was an exceptional loss of Rs 23.8 crore in Q1FY19), revenue rises 9.1 percent to Rs 79.4 crore versus Rs 72.8 crore YoY.

Technical Recommendations:

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

Gujarat State Petronet: Buy| Target: Rs 236| Stop Loss: Rs 193| Upside 13%

ACC: Buy| Target: Rs 1720| Stop Loss: Rs 1530|Upside 7%

Manappuram Finance: Buy| Target: Rs 148| Stop Loss: Rs 127|Upside 9%

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