Market Headstart: Nifty seen opening flat; HDFC AMC, D-Mart top buys

The Nifty50 is expected to open flat on Friday tracking Asian markets which were trading mixed as conflicting messages on the Sino-U.S. trade war only added to worries for the global economy.

“U.S. President Donald Trump said on Thursday he believed China wanted to make a trade deal and that the dispute would be fairly short,” said a Reuters report. “Beijing on Thursday vowed to counter the latest tariffs on $300 billion of Chinese goods but called on the United States to meet it halfway on a potential trade deal,” it said.

Overnight, the S&P 500 and the Dow gained ground in a late rally. The Dow Jones Industrial Average rose 99.97 points, the S&P 500 gained 7 points, and the Nasdaq Composite dropped 7.32 points to 7,766.62.

Indian markets remain shut on Thursday on account of a public holiday.

The S&P BSE Sensex rose 353 points to 37,311 while the Nifty50 closed 103 points higher at 11,029 on Wednesday.

Trends on SGX Nifty indicate a positive opening for the broader index in India, a with 0.37 percent gain or 40 points. Nifty futures were trading around 10,937-level on the Singaporean Exchange.

Crude oil prices rose on Friday after two days of declines. It was trading above $58/bbl, after falling over 3 percent on Wednesday.

Rebounding from six-month lows, the rupee advanced 13 paise to close at 71.27 against the US dollar on August 14 amid easing oil prices and gains in the domestic equity market.

On the institutional front, FPI were net buyers in Indian markets for Rs 1,614 cr while DIIs were also net buyers to the tune of Rs 1,619 cr, provisional data showed.

Stocks in news:

State-owned mining and metals firm MMTC on August 14 reported doubling of its consolidated net profit to Rs 27.69 crore in April-June quarter on the back of an increase in revenue from fertiliser and precious metals segments.

Realty firm Omaxe Ltd on Wednesday reported an 83 percent rise in consolidated net profit at Rs 16.22 crore for the first quarter ended June 30, 2019, on a sharp jump in sales.

Yes Bank August 14 closed the qualified institutional placement (QIP) totalling Rs 1,930.4 crore at an issue price of Rs 83.55 per share (including a share premium of Rs 81.55 per share).

Technical Recommendations:

We spoke to Sanctum Wealth Management and here’s what they have to recommend:

HDFC AMC: Buy| LTP: 2,200| Stop Loss: Rs 2,130| Target: Rs 2,450| Upside 11%

Pidilite Industries Ltd: Buy| LTP: Rs 1346| Stop Loss: Rs 1300|Target: Rs 1,500| Upside 11%

Avenue Supermarts: Buy| LTP: Rs 1,490| Stop Loss: Rs 1,405| Target: Rs 1,610| Upside 8%

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