Market Headstart: Nifty likely to open flat; ICICI Lombard, KEC International top buys

The Nifty50 is likely to open flat on Friday tracking mixed trend seen in other Asian markets. The S&P BSE Sensex closed 15 points lower at 39,741 while the Nifty50 ended 7 points higher at 11,914 on Thursday.

Overnight, U.S. stocks rose on Thursday after two days of declines, as energy shares rebounded with oil on concerns of a supply disruption following attacks on two tankers in the Gulf of Oman, said a Reuters report.

In commodities, Brent crude futures slipped 0.29 percent to $61.13 per barrel after rallying 2.3 percent the previous day. Brent surged on Thursday after two oil tankers were attacked in the Gulf of Oman, one Norwegian-owned and the other Japanese-owned, added the report.

Trends on SGX Nifty indicate a flat to negative opening for the broader index in India, a fall of 17.5 points or 0.15 percent. Nifty futures were trading around 11,902-level on the Singaporean Exchange.

Snapping its two-session gaining streak, the rupee dived 16 paise to close at 69.50 against the US dollar June 13 amid a sharp rise in crude oil prices.

Stocks in news:

HDFC may offload 4.2 percent stake in Gruh Finance on June 14, according to CNBC-TV18. The stake sale may be done at a floor price of Rs 290 per share. The base deal size is expected to be around three crore shares with an upsize option.

The US Food and Drug Administration has pointed out data integrity lapses at Aurobindo Pharma Limited finished dosages plant at Bachupallynear here.

The National Company Law Tribunal (NCLT) on June 13 adjourned the hearing on Jet Airways insolvency case to June 20. Remember, the stock fell by 16% on Thursday.

Technical Recommendations:

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

ICICI Lombard: Buy| LTP: Rs 1149| Target: Rs 1211| Stop Loss: Rs 1124| Upside 5%

KEC International Ltd: Buy| LTP: Rs 323| Target: Rs 346| Stop Loss: Rs 313| Upside 7%

Maruti Suzuki Jun Futs: Sell| LTP: Rs 6792| Target: Rs 6588| Stop Loss: Rs 6893| Downside 3%

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