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Sensex, Nifty likely to open higher amid positive global cues

Sensex, Nifty likely to open higher amid positive global cues

Benchmark indices closed lower on October 7, after two sessions of gains amid a selloff in global markets. Sensex ended 555.15 points or 0.93 per cent lower at 59,189.73 and Nifty tumbled 176.30 points or 0.99 per cent to 17,646

 IndusInd Bank was the top Sensex loser, falling 3.38 per cent, followed by Tata Steel, Bajaj Auto, HCL Tech, Sun Pharma and Tech Mahindra. IndusInd Bank was the top Sensex loser, falling 3.38 per cent, followed by Tata Steel, Bajaj Auto, HCL Tech, Sun Pharma and Tech Mahindra.

Indian benchmark indices are likely to open higher today as SGX Nifty rose 158 points to 17,769 level 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.

Benchmark indices closed lower on October 6, after two sessions of gains amid a selloff in global markets. Sensex ended 555.15 points or 0.93 per cent lower at 59,189.73 and Nifty tumbled 176.30 points or 0.99 per cent to 17,646.

IndusInd Bank was the top Sensex loser, falling 3.38 per cent, followed by Tata Steel, Bajaj Auto, HCL Tech, Sun Pharma and Tech Mahindra.

On the other hand, HDFC twins, Bajaj Finance were the only gainers on Sensex, rising  up to 1.24%.

Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan said, "Bears have taken charge once again and the short term consolidation is expected to continue further. Structurally, the index can take form of a triangular pattern, which would also mean consolidation in the next few sessions. On the downside, the index is expected to test the support zone of 17500-17450. On the other hand, 17700-17750 will act as an immediate resistance zone."

Foreign institutional investors (FIIs) sold shares worth Rs 802 crore on October 6, and domestic institutional investors (DIIs) offloaded shares worth Rs 998 crore, as per provisional data available on NSE.

Global markets

In Hong Kong, the Hang Seng index zoomed 600 points to 24,565. Australia's S&P/ASX 200 gained 39 points to 7,246. Nikkei rallied 461 points to 27,990. On Wall Street, the S&P 500 rose 17 points to 4,363, the Nasdaq gained 68 points to 14,501 and the Dow zoomed 102 points to 34,416.