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Last Updated : Jun 25, 2019 08:35 AM IST | Source: Moneycontrol.com

Market Headstart: Nifty likely to open flat; LIC Housing, L&T top buys

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 9 points or 0.08 percent. Nifty futures were trading around 11,725-level on the Singaporean Exchange.

Moneycontrol News @moneycontrolcom

The Nifty50 is likely to open flat on Tuesday following a mixed trend seen in other Asian markets as investors await any concrete measure out of Sino-U.S. trade talks later this week.

US markets edged lower on Monday as losses by healthcare companies overshadowed gains in the technology sector, while investors awaited U.S. President Donald Trump’s meeting with Chinese President Xi Jinping at the G20 summit this week, said a Reuters report.

Dovish talk from the Federal Reserve pushed down Treasury yields and the dollar, while lifting gold to six-year peaks, said the report.

Close

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 9 points or 0.08 percent. Nifty futures were trading around 11,725-level on the Singaporean Exchange.

The S&P BSE Sensex fell 71 points while the Nifty50 closed 24 points lower at 11,699 on Monday.

After opening on a weak note, the rupee recovered the lost ground and finally settled 23 paise higher at 69.35 to the US dollar amid a weakening of the greenback against major currencies.

On the provisional front, FPIs were net buyers in Indian markets for Rs 207 crore while DIIs were also net buyers to the tune of Rs 984 crore, provisional data showed.

Stocks in news:

L&T Technology Services: L&T to sell up to 2 lakh shares of company via offer for sale on June 25-26, floor price fixed at Rs 1,650 per share.

State-run power major NTPC June 24 said it has signed an agreement with Power Grid Corporation to form a 50:50 joint venture to enter electricity distribution business and other related activity.

IT services major Tata Consultancy Services (TCS) June 24 said it is increasing its holding to 66 percent in TCS Japan Ltd - its joint venture with Mitsubishi Corporation (MC) - with an investment of 3.5 billion yen ($32.6 million or Rs 226.2 crore).

Technical Recommendations:

We spoke to Religare Broking Ltd and here’s what they have to recommend:

LIC Housing Finance Ltd: Buy| Target: Rs 575| Stop-Loss: Rs 530| Upside 5.5%

Larsen & Toubro Ltd: Buy June Futures| Target: Rs 1610| Stop-Loss: Rs 1505| Upside 4.5%

Tata Steel Ltd: Sell June Futures| Target: Rs 460| Stop-Loss: Rs 505| Downside 6.1%

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 25, 2019 08:31 am
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