Sensex, Nifty likely to open higher amid positive global cues

Indian benchmark indices are likely to open higher today as SGX Nifty gained 78 points to 18,566 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.

Equity market extended its winning streak to the seventh session on Monday, tracking heavy buying in banking, IT and metal stocks despite a weak trend in global markets.

Sensex ended 459.64 points or 0.75 per cent higher at its new closing record of 61,765.59 and Nifty surged 138.50 points or 0.76 per cent to its all-time closing high 18,477.05.

During the session, Sensex touched a lifetime high of 61,963.07 and Nifty hit a record high of 18,543.15.

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan said, "Though the short-term target is 19,000 on the upside, 18,500 is a crucial intermediate level. The index can consolidate its gains here before extending higher. Also, as a result of the steep rally in the last few sessions, the short term momentum indicators have been pushed into the overbought zone and they need to cool off to create further room on the upside. Hence, the index can witness a brief pause near 18,500 before marching towards 19,000. On the other hand, immediate support zone is placed at the recent gap area of 18,445 - 18,350."

Foreign institutional investors (FIIs) bought shares worth Rs 512 crore on October 18, and domestic institutional investors (DIIs) offloaded shares worth Rs 1,703 crore, as per provisional data available on NSE.

Global markets

Australia's S&P/ASX 200 gained 13 points to 7,394. Nikkei gained 187.58 points to 29,213 and Kospi rose 21 points at 3,027. Hang Seng climbed 343 points to 25,749.

On Wall Street, the S&P 500 rose 15 points to 4,486, the Nasdaq gained 124 points to 15,021 and the Dow Jones slipped 36 points to 35,258.