The Nifty50 is likely to open lower on Wednesday following muted trend seen in other Asian markets. The index closed 107 points lower at 10,656 on Tuesday.
Trends on SGX Nifty indicate a flat to negative opening for the broader index in India, a fall of 9.5 points or 0.09 percent. Nifty futures were trading around 10,660-level on the Singaporean Exchange.
US stocks sold off for a second day on Tuesday as energy shares dropped with oil prices, and retailers including Target and Kohl’s sank after weak earnings and forecasts, fueling worries about economic growth, said a Reuters report.
Asian stocks fell on Wednesday, weighed by a renewed bout of selling on Wall Street, and crude oil struggled after a sharp slide as economic growth concerns gripped global markets, it said.
The rupee rose by 21 paise to end at 71.46 against the US dollar on November 20 on increased selling of the greenback by exporters amid softening crude oil prices, and persistent foreign fund inflows.
HDFC Bank: The bank acquired 4 percent equity stake in Clearing Corporation of India from Bank of Baroda for Rs 124 crore. It is proposed to increase the stake in CCIL from the current 5 percent to 9 percent from an investment perspective.
NBCC: Company has submitted the Expression of Interest (EoI) for submitting Resolution Plan for Jaypee Infratech (JIL) and the company has been provisionally shortlisted by Resolution Professional of JIL as Prospective Resolution Applicant.
Minda Corporation: Company has entered into definitive agreements with its joint venture partner, Furukawa Group of Japan, for change in equity structure of Minda Furukawa Electric Private Limited (JVCO).
Technical Recommendations:
We spoke to SMC Global Securities and here’s what they have to recommend:
Dredging Corporation of India Limited: Buy| Target: Rs 415| Stop Loss: Rs 342| Return 12%
Filatex India Ltd: Buy| Target: Rs 59| Stop Loss: Rs 49| Return 11%
Raymond Ltd: Buy| Target: Rs 860| Stop Loss: Rs 730| Return 10%
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.
Discover the latest business news, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!