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Sensex, Nifty likely to open flat amid mixed global cues

Sensex, Nifty likely to open flat amid mixed global cues

On Monday, Indian market closed higher in volatile trade, backed by gains in Reliance Industries, Kotak Bank and HCL Tech.

Sensex ended 153 points higher at 57,260 and Nifty gained 27 points to 17,053. Sensex ended 153 points higher at 57,260 and Nifty gained 27 points to 17,053.

Indian benchmark indices are likely to open on a flat note today as SGX Nifty rose 4 points to 17,090 level amid mixed global cues. Singapore Nifty (SGX Nifty) is the Indian Nifty index that is traded in Singapore Stock Exchange and considered to be the first indication of the Indian markets opening.

On Monday, Indian market closed higher in volatile trade, backed by gains in Reliance Industries, Kotak Bank and HCL Tech. Sensex ended 153 points higher at 57,260 and Nifty gained 27 points to 17,053. Kotak Bank was the top Sensex gainer, soaring 2.92 per cent, followed by HCL Tech, TCS, Titan, Bajaj Finance and Reliance Industries.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said," Investors are trading with caution, especially after reports of a rising threat of a new South African coronavirus variant. For day traders, Nifty has support at 16,950, and above the same, a pullback rally could lift the index up to 100 day simple moving average or 17115. If the move continues, the index may rise up to 17200. On the flip side, the dismissal of 16950 could possibly open one more correction leg up to 16,830-16,780 levels."

Foreign institutional investors (FIIs) sold shares worth Rs 3,332 crore on November 29, and domestic institutional investors (DIIs) bought shares worth Rs 4,611 crore, as per provisional data available on NSE.

Global markets

Australia's S&P/ASX 200 was trading 77 points higher at 7,316. Nikkei  rose 210 points to 28,493 and Shanghai Composite was trading 5 points higher at 3,568. Hang Seng index declined 297 points to 23,555. On Wall Street, the S&P 500 ended 60 points higher at 4,655, the Nasdaq gained 291 points to 15,782 and the Dow Jones rose 236 points to 35,135.