The Nifty50 is likely to open the first day of June series on a positive note on Friday even as most of the Asian markets were trading mixed.
Asian markets were trading mostly lower as investors feared U.S. President Donald Trump’s shock move to slap tariffs on Mexico risked tipping the United States, and maybe the whole world, into recession, said a Reuters note.
Trends on SGX Nifty indicate a flat to positive opening for the broader index in India, gains of 22 points or 0.19 percent. The Nifty futures were trading around 11,998-level on the Singaporean Exchange.
The rupee May 30 fell marginally by 4 paise to close at 69.87 against the US currency, extending its decline for a third straight day, due to a stronger dollar and investors awaiting the allocation of key portfolios in the newly elected government.
On the institutional front, FPIs were net buyers in Indian markets for Rs 1664 crore while the DIIs were net sellers to the tune of Rs 1122 crore, provisional data showed.
Stocks in news:
Mining major Coal India Ltd May 30 reported a consolidated net profit of Rs 6024.23 crore for the fourth quarter ended March 2019, a jump of 362 per cent over Rs 1302.63 crore, the post-tax profit of the corresponding period last year.
Hospitality major EIH, which runs hotels and resorts under Oberoi and Trident brands, May 30 reported a 77.25 per cent decline in standalone net profit to Rs 12.77 crore for the quarter ended March 2019 due to an exceptional item.
GMR Infrastructure suffered a loss of Rs 2,341.25 crore on a consolidated basis in the March 2019 quarter, owing to impairment losses of some of the power assets, the airport-to-energy conglomerate said in a filing with bourses Thursday.
Technical Recommendations:
We spoke to IIFL and here’s what they have to recommend:
TCS: Buy| Target: Rs 2253| Stop Loss: Rs 2093| Upside 5%
Bajaj Finserv: Buy| Target: Rs 8638| Stop Loss: Rs 8026| Upside 5%
HDFC Life: Buy| Target: Rs 461| Stop Loss: Rs 422| Upside 6%
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