Market Headstart: Nifty50 seen opening higher; HCL Tech, Hero MotoCorp eyed

The Nifty50 is expected to open higher on October 24, following positive trend seen in other Asian markets, but Brexit uncertainties kept overall sentiment in check.

Crude oil prices have inched higher and is now trading above $60/bbl which may act as a headwind for Indian markets.

Trends on SGX Nifty indicate a positive opening for the broader index in India, with a 27.5 points gain or 0.24 percent. Nifty futures were trading around 11,666-level on the Singaporean Exchange.

The S&P BSE Sensex rose 94 points to 39,058 while the Nifty50 closed 15 points higher at 11,604 on October 23.

The Indian rupee ended marginally higher at 70.91 per dollar against Tuesday's close of 70.94.

On the institutional front, FPIs were net sellers in Indian markets for Rs 213 cr while the DIIs were net also net sellers to the tune of Rs 137 cr, provisional data showed.

Stocks in news

The country's largest two-wheeler maker Hero MotoCorp on October 23 registered a 10.4 percent year-on-year (YoY0 decline in September quarter profit at Rs 874.8 crore, dented by subdued volumes amid weak demand.

The country's fourth-largest IT company HCL Technologies reported healthy growth in earnings driven by IBM deal, with September quarter profit rising 19.4 percent sequentially and an upward revision in full-year revenue guidance.

Biotechnology major Biocon on October 23 reported a net profit of Rs 215.7 crore for the quarter ended September 30. The company posted a net profit of Rs 354.7 crore for the corresponding period of the previous fiscal.

Technical Recommendations

We spoke to Bonanza Portfolio and here’s what they have to recommend:

Blue Star Ltd: Buy | LTP: Rs 858.05 | Target: Rs 930 | Stop Loss: Rs 815 | Upside 8 percent

ICICI Lombard: Buy | LTP: Rs 1,311 | Target: Rs 1,403 | Stop Loss: Rs 1,250 | Upside 7 percent

GE Power India Ltd: Sell | LTP: Rs.710 | Target: Rs 655 | Stop Loss: Rs.735 | Downside 7 percent

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