Sensex, Nifty likely to open flat amid positive global cues

Indian benchmark indices were likely to open flat today as SGX Nifty was trading 5 points lower at 16,374, amid positive 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 August 12, Indian equity indices ended at fresh record highs today led by gains in capital goods and IT stocks. Sensex rose 318 points to end at lifetime high of 54,843 and Nifty advanced 82 points to a record of 16,325.

During the day, Sensex zoomed to a lifetime high of 54,874 and Nifty hit a record of 16,375.

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan said, "Structurally, the rally is developing as an impulse on the upside and is expected to continue with the upward trajectory. On the higher side, 16,400-16,450 will be the initial area to watch out for with the potential to head higher to 16,800. On the other hand, 16,200-16,160 will continue to act as a crucial support zone."

Foreign institutional investors (FIIs) sold shares worth Rs 212.11 crore on August 11 and DIIs lapped up shares worth Rs 307.75 crore, as per provisional data available on NSE.

Global markets

S&P 500 rose 13.13 points to 4,460.83. Dow Jones Industrial Average also recovered from an early slide to gain 14.88 points to 35,499.85. The blue-chip index also set its third record high in three days.

Nasdaq added 51.13 points to 14,816.26.