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Sensex, Nifty likely to open lower amid mixed global cues

Sensex, Nifty likely to open lower amid mixed global cues

On August 16, Sensex ended 145 points higher at a new peak of 55,582 and Nifty advanced 34 points to a fresh high of 16,563

 Markets likely to trade on a cautious note Markets likely to trade on a cautious note

Indian benchmark indices were likely to open lower today as SGX Nifty fell 24 points to 16,539, amid mixed 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 August 16, Sensex ended 145 points higher at a new peak of 55,582 and Nifty advanced 34 points to a fresh high of 16,563.

Tata Steel was the top Sensex gainer, rallying nearly 4 per cent, followed by Bajaj Finance, M&M, Bajaj Finserv and Reliance Industries.

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan said, "Nifty had broken out on the upside recently following a brief consolidation. The hourly momentum indicator is showing weakness. It has turned its trajectory down from the overbought zone. Thus the index can step into a minor consolidation before heading higher. The consolidation can take place near 16,450-16,600 post which Nifty can head towards 16800 in the short term."

Foreign institutional investors (FIIs) emerged as net sellers offloading shares worth Rs 1,088 crore on August 16 and DIIs bought shares worth Rs 506 crore, as per provisional data available on NSE.

Global markets

Overnight, S&P 500 rose 11.71 points to 4,479.71. Dow Jones added 110.02 points to 35,625.40. Nasdaq fell 29.14 points to 14,793.76. The Russell 2000 lost 19.69 points to 2,203.41.

 However, Asian markets were trading on a cautious note. While Nikkei rose 37 points to 27,560, Hang Seng was down 37 points to  26,144. Taiwan's T Sec index fell 66 points to 16,791.

Published on: Aug 17, 2021, 8:25 AM IST
Posted by: Aseem Thapliyal, Aug 17, 2021, 8:19 AM IST