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Sensex, Nifty likely to open higher amid mixed global cues

Sensex, Nifty likely to open higher amid mixed global cues

On Tuesday, Indian market snapped four-day losing streak, backed by gains in metals and PSU bank stocks.

Sensex ended 198.44 points higher at 58,664.33 and Nifty rose 86.80 points to 17,503.30. Sensex ended 198.44 points higher at 58,664.33 and Nifty rose 86.80 points to 17,503.30.

Indian benchmark indices are likely to open higher today as SGX Nifty rose 131 points to 17,620 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 Tuesday, Indian market snapped four-day losing streak, backed by gains in metals and PSU bank stocks. Sensex ended 198.44 points higher at 58,664.33 and Nifty rose 86.80 points to 17,503.30. Power Grid was the top Sensex gainer, rising 4 per cent, followed by NTPC, Tata Steel, Bharti Airtel, Sun Pharma and Bajaj Finserv.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said," The short-term formation is still on the weaker side, but due to the extremely oversold situation, the market registered a technical bounce back. It has also formed a bullish candle, indicating further upside from current levels. For day traders, 17,400 would be the key level to watch out for. Above the same, a pullback rally can continue up to 17,600-17,650 levels. On the flip side, below 17,400, there is a strong possibility of one more leg of correction till 17,330-17,280."

Foreign institutional investors (FIIs) sold shares worth Rs 4,477 crore on November 23, and domestic institutional investors (DIIs) bought shares worth Rs 1,412 crore, as per provisional data available on NSE.

Global markets

Australia's S&P/ASX 200 was trading flat at 7,409. Nikkei  fell 337 points to 29,436 and Shanghai Composite was trading 10 points lower at 3,579. Hang Seng index declined 70 points to 24,580.

On Wall Street, the S&P 500 ended 7 points higher at 4,690, the Nasdaq fell 79 points to 15,775 and the Dow Jones rose 194 points to 35,813.