Sensex, Nifty likely to open higher amid mixed global cues

Indian benchmark indices were likely to open higher today as SGX Nifty rose 47 points to 16,667 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 August 24, benchmark indices ended higher for the second straight session amid positive global cues. Sensex ended 403 points higher at 55,958 and Nifty gained 128 points to end at its record closing peak of 16,624.

Bajaj Finserv was the top Sensex gainer, climbing 7.91 per cent after the company received in-principle approval from Sebi for sponsoring a mutual fund.

Tech Mahindra, Tata Steel, Bajaj Finance, HDFC Bank, SBI and ICICI Bank were the other gainers, rising up to 3.41 per cent.

Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking said,"On Tuesday, almost all recent draggers rebounded sharply, leading to a smart rally as we are inching closer to the monthly expiry. If the banking space extends this move then there is high possibility of Nifty hitting new high in coming two sessions. As far as levels are concerned, 16700 would be seen as immediate barrier; whereas the support zone is clearly visible at 16550 - 16500. Traders are advised to keep a close eye on stocks that have corrected recently and are poised for a bounce back from their key supports."

Foreign institutional investors (FIIs) sold shares worth Rs 1,644 crore on August 24 and DIIs lapped up shares worth Rs 2,380 crore, as per provisional data available on NSE.

Global markets

The S&P 500 rose 6.70 points to 4,486.23. It was the index's fourth-straight gain and its first record high since early last week. The Dow Jones Industrial Average gained 30.55 points, or 0.1%, to 35,366.26. The Nasdaq composite climbed 77.15 points, or 0.5%, to 15,019.80. The tech-heavy index also finished at a record high on Monday.

In Asia, Nikkei rose 1 point to 27,733 and Hang Seng was down 65 points to 25,657.

Taiwan's T Sec 50 gained 121 points to 16,940.