The Nifty50 is likely to open lower on Tuesday ahead of Monetary Policy Committee (MPC) outcome on Thursday. Asian markets were trading mixed as deeper concerns about growth have capped broader improvements in risk sentiment.
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 48 points or 0.40 percent. Nifty futures were trading around 12,070-level on the Singaporean Exchange.
Overnight, the three major U.S. stock indexes declined on Monday and Nasdaq confirmed it was in a correction, dragged down by Alphabet, Facebook and Amazon.com on fears the companies are the targets of U.S. government antitrust regulators, said a Reuters report.
The S&P BSE Sensex rose 553 points to 40,267 while the Nifty50 closed 165 points up at 12088 on Monday to end at fresh record closing high.
The Indian rupee June 3 appreciated by another 44 paise to close at 69.26 to the US dollar in line with an intense rally in domestic equities amid hopes of a rate cut by the Reserve Bank.
Stocks in news:
L&T Technology Services: Promoter L&T to sell up to 4 million shares of company via offer for sale on June 4 and 5, floor price set at Rs 1,650 per share.
GE Power India: Company received order worth Rs 738 crore.
Wipro: Company has fixed June 21 as the record date for the purpose of determining the entitlement and the names of equity shareholders who are eligible to participate in the buyback.
We spoke to YES Securities and here’s what they have to recommend:
Voltas Limited: Buy| Target: Rs 665| Stop Loss: Rs 565| Upside 13%
Avenue Supermarts Ltd: Buy| Target: Rs 1450| Stop Loss: Rs 1300| Upside 8%
Aditya Birla Capital Ltd: Buy| Target: Rs 115| Stop Loss: Rs 98| Upside 13%
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.