The Nifty50 is expected to open higher on Thursday following Asian markets which were trading with positive bias as apparent progress in the political crises in Britain and Hong Kong gave investors confidence.
However, escalating tensions around the trade war are likely to cap the upside. “The U.S. Commerce Department said on Wednesday it imposed duties on Chinese and Mexican structural steel,” said a Reuters report.
“The department said it imposed duties of up to 141% on Chinese structural steel and up to 31% on Mexican structural steel and will begin collecting cash deposits for imports based on those rates,” it said.
Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 34 points gain or 0.31 percent. Nifty futures were trading around 10,891-level on the Singaporean Exchange.
The Indian rupee clawed back some lost ground on September 4, gaining 27 paise to settle at 72.12 against the US dollar in line with a recovery in domestic equities.
On the institutional front, FPIs were net sellers in Indian markets for Rs 1738 cr while DIIs were net buyers to the tune of Rs 1304 cr, provisional data showed.
Stocks in news:
Global rating agency Moody’s on September 4 upgraded the outlook on Punjab National Bank (PNB), which will merge OBC and United Bank of India with itself, to ‘positive’ from ‘stable’.
The second-largest private sector lender ICICI Bank has cut its lending rates by 0.10 percent across all maturities, sources said on September 4.
Wipro has bagged a seven-year contract worth $300 million from ICICI Bank. Under the deal, which is expected to be completed by September 30, the IT major will offer a range of services through its artificial intelligence platform Wipro HOLMES.
IDBI Bank, the lender announced plans to sell its stake in its insurance joint venture IDBI Federal Life Insurance Co.
We spoke to Bonanza Portfolio and here’s what they have to recommend:
Asian Paints: Buy| LTP: Rs 1,535.15 | Target: Rs 1,654 |Stop Loss: Rs.1,485|Upside 7.75%
Kotak Mahindra Bank: Sell| LTP: Rs 1,426.45 | Target: Rs 1,310 |Stop Loss: Rs 1,500|Downside 7.74%
Maruti Suzuki India: Sell| LTP: Rs 5,830.75 | Target: Rs 5,250 |Stop Loss: Rs.6,400|Downside 10%