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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 Wednesday, benchmark indices closed at record highs for the second consecutive session as banking stocks rose, buoyed by a rally post SBI's Q1 earnings.

Sensex ended 546 points higher at 54,369 and Nifty climbed 128 points to 16,258 Sensex ended 546 points higher at 54,369 and Nifty climbed 128 points to 16,258

Indian benchmark indices were likely to open higher today as SGX Nifty rose 22 points or 0.14 per cent to 16,282.

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 Wednesday, benchmark indices closed at record highs for the second consecutive session as banking stocks rose, buoyed by a rally post SBI's Q1 earnings.

Sensex ended 546 points higher at 54,369 and Nifty climbed 128 points to 16,258. Top Sensex gainers were HDFC, Kotak Bank, ICICI Bank and SBI, rising up to 4.77%.

Commenting on the outlook of Nifty, Ruchit Jain, Senior Analyst - Technical and Derivatives, Angel Broking said,"Immediate support for Nifty is placed around 16,175 and 16,000 while 16,300-16,400 are the levels to watch out for on the higher side. In next couple of sessions, events such as weekly expiry and then the RBI Policy outcome could lead to some volatility. Hence, traders are advised to trade with a proper risk management and keep booking timely profits."

Foreign institutional investors (FIIs) emerged as net buyers as they bought shares worth Rs 2,828.57 crore on August 4 and DIIs sold shares worth Rs 411.36 crore, as per provisional data available on the NSE.

Global markets

S&P 500 fell 20.49 points to 4,402.66. Dow Jones Industrial Average dropped 323.73 points, or 0.9%, to 34,792.67. Nasdaq composite added 19.24 points, or 0.1%, to 14,780.53.

 In Asia, Hang Seng was up 0.40% to 26,525 and Shanghai Composite gained 0.15%.