Sell Adani Power Ltd with a target of Rs 41:
Adani Power LtdBSE 0.21 % is a 'SELL' call with a target of Rs 41 and a stop loss of Rs 50.
Sensex, Nifty open flat; HDFC gains, TCS & SBI early losers
It was a soft opening on Dalal Street. The Sensex is up 32.70 points at 22376.74, and the Nifty is down 5.70 points at 6654.15. About 268 shares have advanced, 115 shares declined, and 22 shares are unchanged. HDFC, BHEL, Tata Power, ONGC and Tata Motors are gainers in the Sensex. Among the losers are Dr Reddy's Labs, TCS, Tata Steel, Cipla and SBI. The Indian rupee opened flat at 60.06 per dollar versus 60.06 Thursday. The euro rose against the dollar trading not far from recent two-month highs and buoyed by a rise in overnight money market rates driven by dwindling excess cash in the euro zone. The currency has gained over 4 percent in the past six months. Pramit Brahmbhatt of Veracity India said that, "Rupee is expected to trade weak today as overnight US equities traded weak. Uncertainty over election outcome and dollar demand from oil importers will help dollar trade strong. The range for the day is seen between 59.70-60.50/dollar." In the US, stocks mostly declined, with the S&P 500 retreating after rising to within two points of its record close and the Nasdaq composite extending losses into a third day, as investors sorted through a mixed bag of earnings. In commodities, Nymex crude fell driven by a drop in commercial crude stocks that topped out at a key technical level, while Brent fell as the market awaited developments in the Ukraine conflict. From precious metals space, gold slipped further extending its declines, after ECB president Mario Draghi's comments that the bank may act to stem falling inflation at its June meeting knocked the euro.
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