The Nifty50 is likely to open higher on Thursday tracking Asian market which were trading near 8-month high. The index closed 69 points lower at 11,643 on Wednesday.
A positive opening is likely as Nifty Futures on Singaporean Exchange were trading over 28 points higher. The futures traded around 11,740-odd levels.
US stocks edged higher on Wednesday, extending a strong start to the quarter as a rally among chipmaker shares provided a boost to the broader market on growing hopes of a trade deal between Washington and Beijing, said a Reuters report.
Asian shares paused near an eight-month peak on Thursday as investors awaited developments on trade talks between the United States and China, who appear closer to signing a deal, nudging bond yields higher globally and softening the safe-haven yen, it said.
The rupee surged by 33 paise to close at 68.41 against the US dollar Wednesday amid the greenback's weakness against key rivals overseas, even as oil prices firmed up on supply concerns.
Stocks in news:
Realty firm Godrej Properties Ltd on Wednesday said it has entered into a joint venture (JV) with a developer to construct luxury housing project in Mumbai.
Cash-starved Jet Airways on Wednesday deferred the March salary payment to its employees, citing "complexities" involved in the finalisation of the debt-recast plan, under which the SBI-led consortium of lenders has taken over the management control of the airline.
Diversified group Raymond on April 3 announced a foray into the real estate sector and launched its first housing project in Mumbai with expected revenue of Rs 3,500 crore.
Technical Recommendations:
We spoke to Bonanza Portfolio and here’s what they have to recommend:
Dabur India Ltd: Buy| LTP: Rs.403.45 | Target: Rs 432|Stop Loss: Rs 394|Upside 8%
BPCL: Sell| LTP: Rs.363.20 | Target: Rs 340| Stop Loss: Rs 376| Upside 6%
HCL Technologies: Buy| LTP: Rs 1120.60| Target: Rs 1177|Stop Loss Rs.1092| Upside 5%
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Source: Moneycontrol
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