The Nifty50 is likely to open flat on Friday following a mixed trend seen in other Asian markets. Investors across the globe got nervous on growing worries about Middle East tensions, after Iran shot down a U.S. military drone, raising fears of a military confrontation between Tehran and Washington.
The S&P 500 hit a record high on Thursday after this week’s Federal Reserve meeting boosted expectations that the central bank will cut interest rates as soon as next month to keep the U.S.-China trade war from stalling economic growth, said a Reuters report.
Trends on SGX Nifty indicate a flat opening for the benchmark index in India, a fall of 7 points or 0.06 percent. The Nifty futures were trading around 11,857-level on the Singaporean Exchange.
The rupee Thursday surged 24 paise to close at a one-week high of Rs 69.44 against the US currency on the back of a rally in equities and losses in the dollar after the US Federal Reserve hinted at a possible rate cut in near future.
On the provisional front, FPIs were net sellers in Indian markets for Rs 438 cr while the DIIs were net buyers to the tune of Rs 1241 cr, provisional data showed.
Stocks in news:
OMC stocks will be in focus as Crude Oil rose by more than 3 percent to above $63 a barrel on Thursday after Iran shot down a US military drone, raising fears of a military confrontation between Tehran and Washington. Crude oil has risen by about 5% from its low of $59.97 recorded on 12 June.
Maruti Suzuki India on June 20 said it has increased the price of its popular compact sedan Dzire by up to Rs 12,690 on account of compliance with new safety and emission norms.
IT stocks will be in focus after the Trump administration has no plans to cap H-1B work visas for nations that force foreign companies to store data locally, the State Department said on Thursday.
We spoke to ICICIdirect.com and here’s what they have to recommend:
Bharat Electronics: Buy| Target: Rs 127| Stop Loss: Rs 99| Upside – 18%| Time Frame 6 months
KSB: Buy| Target: Rs 824| Stop Loss: Rs 638| Upside 17% Time Frame 6 Months
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