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Last Updated : Oct 23, 2019 11:16 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty50 seen opening flat; Axis Bank, RBL Bank in focus

Trends on SGX Nifty indicate a flat to positive opening for the broader index in India, with a 7.5 points gain or 0.06 percent. Nifty futures were trading around 11,625-level on the Singaporean Exchange.


The Nifty50 is expected to open flat on October 23, following Asian markets after British lawmakers rejected the government’s proposed timetable for passing legislation to ratify its deal to exit the European Union.

“The defeat in parliament made it unlikely that Britain would finalize its exit by Prime Minister Boris Johnson’s Oct. 31 target. Johnson said it was up to the EU to decide whether it wanted to delay Brexit and for how long,” said a Reuters report.

Trends on SGX Nifty indicate a flat to positive opening for the broader index in India, with a 7.5 point-gain, or 0.06 percent. Nifty futures were trading around 11,625-level on the Singaporean Exchange.

Close

The S&P BSE Sensex fell 334 points to 38,963 while the Nifty50 closed 73 points down at 11,588 on October 22.

The Indian rupee on October 22 closed higher for the fourth consecutive session to hit a one-week high against the US dollar on the back of recent gains in domestic equity markets.

On the institutional front, FPIs were net sellers in Indian markets for Rs 557 cr while the DIIs were also net sellers to the tune of Rs 985 cr, provisional data showed.

Aggressive new short was seen in stocks like Infosys, Apollo Tyres, Indigo, Bajaj Finance, Bajaj Finserv, and Bharti Airtel, according to data from StockEdge.

Aggressive new long positions were seen in stocks like Jubilant FoodWorks, Voltas, Ujjivan Financial, Peronet LNG, ICICI Bank, HPCL, Nestle, according to data from StockEdge.

Stocks in news

Private sector lender RBL Bank's July-September quarter profit fell sharply by 73.4 percent year-on-year (YoY) due to a sharp spike in provisions and asset quality also deteriorated sequentially.

JPMorgan: Underweight | Target cut to Rs 280 from Rs 33 earlier

Drug firm Lupin on October 22 said it had received approval from the US health regulator to market its generic Divalproex Sodium extended-release tablets in the American market.

Axis Bank on October 22 reported a net loss of Rs 112.1 crore, posting below expectation September quarter numbers for the financial year 2020 on October 22.
Credit Suisse: Outperform | Target: Rs 850

Citi: Buy | Target: Rs 930

Technical Recommendations

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

Dr. Reddy's Laboratories Ltd: Buy | LTP: Rs 2,812 | Target: Rs 3,050 | Stop Loss: Rs 2,620 | Upside 8.4 percent

Tata Global Beverages Ltd: Buy | LTP: Rs 281 | Target: Rs 307 | Stop Loss: Rs 265 | Upside 9 percent

Housing Development Finance Corporation Ltd: Buy | LTP: Rs 2,115 | Target: Rs 2,300 | Stop Loss: Rs 1,980 | Upside 8.7 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 23, 2019 08:46 am
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