The Nifty50 is expected to open higher on Wednesday following positive trend is seen in the Asian market and strong handover from Wall Street. The Nifty closed 20 points higher at 10,548 on Tuesday.
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 41 points or 0.39 percent. Nifty futures were trading around 10,596-level on the SingaporeStock Exchange.
US stock indexes rallied on Tuesday on broad-based gains while Netflix and UnitedHealth earnings impressed investors and boosted optimism about the U.S. corporate reporting season.
The Dow Jones Industrial Average rose 213.59 points, or 0.87 percent, to 24,786.63, the S&P 500 gained 28.55 points, or 1.07 percent, to 2,706.39 and the Nasdaq Composite added 124.81 points, or 1.74 percent, to 7,281.10, Reuters reported.
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Asian shares crept ahead on Wednesday after Wall Street took heart from upbeat corporate earnings, though nagging concerns about trade barriers and the global growth outlook kept currencies and bonds subdued.
MSCIs broadest index of Asia-Pacific shares outside Japan edged up 0.2 percent in early trade. Japans Nikkei added 0.6 percent, Reuters reported.
Stocks in news:
Indian Hume Pipe: It has bagged order of Rs 108.19 crore from Narmada Water Resources, Water Supply & Kalpsar Dept, Gujarat.
Indian Hotels: Company enters Saudi with first Taj hotel in Makkah
NHPC: Company’s 50 MW solar project synced with grid, Hindu Business Line reported.
Chinas Fosun enters race to buy Fortis Healthcare
Aditya Birla Group in talks to raise USD 1 billion for Idea Cellular, Mint reported.
Lupin: Company receives tentative US FDA approval for generic AndroGel.
AstraZeneca: Company to invest USD 90 million over the next five years in India.
Andhra Bank: Exposure to SSK Trading of Rs 30 crore is non performing asset, Bloomberg reported.
Tata Sponge Q4 up two-folds to Rs 47 cr
We spoke to SMC Global Securities and heres what they have to recommend:
NOCIL: BUY| Target Rs260| Stop Loss Rs205| Return 15%
NRB Bearings Ltd: BUY| Target Rs188| Stop Loss Rs154| Return 13%
Supreme Industries Ltd: BUY| Target Rs1450| Stop Loss Rs1180| Return 13%
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