Market Headstart: Nifty likely to open flat; IndusInd Bank, ICICI Lombard top buys

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 22.5 points or 0.21 percent. Nifty futures were trading around 10,825-level on the Singaporean Exchange.

The Nifty50 is likely to open flat on Tuesday following mixed trend seen in other Asian markets. The index closed 71 points higher at 10,863 on Friday.

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 22.5 points or 0.21 percent. Nifty futures were trading around 10,825-level on the Singaporean Exchange.

Wall Street’s major indexes fell on Monday, weighed down by a weak US construction spending report and declines in healthcare shares, as an initial rally on optimism over a US-China trade deal faded, said a Reuters report.

Asian shares stepped back on Tuesday after China cut its economic growth target and pledged measures to support the economy amid growing challenges from rising debt and a dispute over trade and technology with the United States, it said.

The rupee weakened by 20 paise to close at 70.92 against the US dollar Friday amid strengthening of the American currency and rising crude oil prices.

Stocks in news:

Jet Airways: An additional four aircraft have been grounded due to non-payment of amounts outstanding to lessors under their respective lease agreements.

JSW Steel on March 2 said it has inked a 5-year advance payment and supply agreement with Duferco International Trading Holding for $700 million.

The Reserve Bank has imposed a monetary penalty of Rs 2 crore on Dena Bank and Rs 1 crore on IDBI Bank for non-compliance with various directions, regulatory filings said.

Two-wheeler market leader Hero MotoCorp on Friday reported a 1.96 percent decline in total sales at 6,17,215 units in February. The company had sold 6,29,597 units in the same month last year, Hero MotoCorp said in a statement.

Technical Recommendations:

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

IndusInd Bank: Buy| LTP: Rs 1514.10| Target: Rs 1600| Stop Loss: Rs 1465| Time 14-21 sessions| Upside 6%

ICICI Lombard General Insurance: Buy| LTP: Rs 950.25| Target: Rs 1050| Stop Loss: Rs 892| Time 14-21 sessions| Upside 10.50%

Disclaimer:-The views and investment tips expressed by investment experts are their own. Ripples Advisory advises users to check with certified experts before taking any investment decisions.

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