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Sensex, Nifty likely to open higher amid positive global cues

Sensex, Nifty likely to open higher amid positive global cues

On September 16, Sensex closed above the 59,000 mark for the first time, led by gains in banking stocks. Nifty too ended above 17,600 level, with 28 of 50 components ending in the green

IndusInd Bank was the top Sensex gainer, rising 7.34 per cent, followed by gain in ITC, SBI, RIL, Kotak Bank, and ICICI Bank. IndusInd Bank was the top Sensex gainer, rising 7.34 per cent, followed by gain in ITC, SBI, RIL, Kotak Bank, and ICICI Bank.

Indian benchmark indices were likely to open higher today as SGX Nifty rose 88 points to 17,693 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 September 16, Sensex closed above the 59,000 mark for the first time, led by gains in banking stocks. Nifty too ended above 17,600 level, with 28 of 50 components ending in the green.

During the day, Sensex touched an all-time high of 59,204 and Nifty reached an all-time peak of 17,644. Later, Sensex ended 417 points higher at 59,141 and Nifty advanced 110 points to 17,629.

Market capitalisation of BSE-listed firms reached a record high of Rs 260.80 lakh crore. IndusInd Bank was the top Sensex gainer, rising 7.34 per cent, followed by gain in ITC, SBI, RIL, Kotak Bank, and ICICI Bank.

Shrikant Chouhan, Executive Vice-President, Equity Technical Research, Kotak Securities said, "Technically, the index has formed a robust breakout continuation formation and the short-term trend is extremely strong. For the day traders, 17540-17580 levels would be the key support level to watch out for. Above the same, the uptrend formation will continue up to 17690-17750 levels. On the flip side, Nifty would be vulnerable if it slips below 17540."

Foreign institutional investors (FIIs) bought shares worth Rs 1,621 crore on September 16, and domestic institutional investors (DIIs) sold shares worth Rs 795.13 crore, as per provisional data available on NSE.

Global markets

Tokyo's Nikkei 225 rose 161 points to 30,485. In Hong Kong, Hang Seng rose 31 points to 24,698, while the Shanghai Composite index was flat at 3,606. In the US, S&P 500 fell 7 points to 4,473 on Thursday. The Dow Jones Industrial Average lost 63 points to 34,751, and the Nasdaq gained 20 points to 15,181.