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Sensex, Nifty likely to open higher despite weak global cues

Sensex, Nifty likely to open higher despite weak global cues

On September 14, Sensex ended 69.33 points higher at 58,247 and Nifty advanced 24.70 points to its fresh closing record of 17,380

IndusInd Bank was the top Sensex gainer, rising 4.07 per cent, followed by HCL Tech, Bajaj Auto, Tech Mahindra, L&T and Kotak Bank. IndusInd Bank was the top Sensex gainer, rising 4.07 per cent, followed by HCL Tech, Bajaj Auto, Tech Mahindra, L&T and Kotak Bank.

Indian benchmark indices were likely to open higher today as SGX Nifty rose 39 points to 17,430 amid weak 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 14, benchmark indices closed higher led by gains in IT, bank and engineering shares amid mixed global cues.

Sensex ended 69.33 points higher at 58,247 and Nifty advanced 24.70 points to its fresh closing record of 17,380. IndusInd Bank was the top Sensex gainer, rising 4.07 per cent, followed by HCL Tech, Bajaj Auto, Tech Mahindra, L&T and Kotak Bank.

Nestle India, UltraTech Cement, HUL, HDFC, Tata Steel and Bajaj Finserv were among the top Sensex losers.  

Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services said,"The market might consolidate for some time on account of fragile global cues. Valuations too have moved beyond comfort zones and hence could lead to bouts of profit booking and increase in volatility. But the overall sentiment in the domestic market remains positive, supported by improving economic data and positive earnings expectation. Good 1QFY22 earnings delivery has boosted hopes for a solid FY22 with 30% plus projected Nifty earnings growth, on the back of a strong 15% earnings growth in FY21."

Foreign institutional investors (FIIs) bought shares worth Rs 1,649 crore on September 14, and domestic institutional investors (DIIs) sold shares worth Rs 310 crore, as per provisional data available on NSE.

Global markets

Tokyo's Nikkei 225 fell 160 points to 30,510. In Hong Kong, Hang Seng was down 196 points to 25,309, while the Shanghai Composite index was flat at 3,656.

In the US, S&P 500 lost 25 points to 4,443 on Tuesday. The Dow Jones Industrial Average crashed 292 points to 34,577, and the Nasdaq slid 67 points to 15,037.