Moneycontrol
Last Updated : Jun 06, 2018 12:24 PM IST | Source: Moneycontrol.com

Markets@Moneycontrol: Nifty likely to open flat; outcome of RBI policy eyed

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 20 points or 0.19 percent. Nifty futures were trading around 10,587-level on the Singaporean Exchange.

Moneycontrol News @moneycontrolcom

The Nifty50 is expected to open flat on Wednesday following muted trend seen in other Asian markets. The Nifty50 closed 35 points lower at 10,593 levels.

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 20 points or 0.19 percent. Nifty futures were trading around 10,587-level on the Singaporean Exchange.

US stocks mostly edged higher on Tuesday as technology shares extended recent gains while US Treasury yields fell on safe-haven buying after Italy’s new prime minister outlined new economic policies that could add to the nation’s debt, said a Reuters report.

Asian stocks edged up on Wednesday after tech sector strength lifted Wall Street shares, while concerns about Italy’s debt prompted investors to move into lower-risk government debt elsewhere, pushing US Treasury yields down from recent highs.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1 percent, while Japan's Nikkei edged down 0.1 percent. Australian stocks rose 0.3 percent.

The Reserve Bank of India's Monetary Policy Committee (MPC) is meeting for its second bi-monthly policy review in FY19. This is the first time the committee is meeting for three days instead of the regular two days.

Some experts expect the MPC to revise the benchmark repo rate upwards. Repo rate is the rate at which banks borrow short-term funds from the RBI.

Stocks in news:

Corporation Bank to consider raising of capital by way of issuance of fresh equity shares and/or by issuance of additional Tier – I or Tier – II capital

Gujarat Ambuja Exports clarifies about NGT order for closure of its units

CG Power bags a large order of Rs 3190 million from Indian Railways

Bank of Baroda: The lender has raised lending rates by 5 bps.

Everest Industries clarifies that comapny is not involved in any infringement proceedings initiated by Ultratech Cement

Electrosteel Steels spells out steps for completion of acquisition by Vedanta

NACL Industries enters into an MoU with ATGC Biotech

Confidence Petroleum allots 1.5 cr equity shares at Rs 52 on a preferential basis through private placement

NMDC: The company’s iron ore output at 4.5 MT in 2 months of FY19

Bandhan Bank appoints Harun Rasid Khan as non-executive, part time chairman of the Bank

Technical Recommendations:

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

Sanofi India Ltd: BUY | Close: 5068.35 | Target: Rs 5335 | Stop loss: Rs 4880 | Return: 10.89%

Axis Bank Ltd: SELL | Close: 530.90 | Target: Rs 510 | Stop loss: Rs 551 | Return: 4.85%

Disclaimer: The views and investment tips expressed by investment expert 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.
First Published on Jun 6, 2018 08:37 am
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