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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 Wednesday, Indian equity market fell today after a single-session pause led by losses in IT, auto, consumer goods and capital goods shares. Sensex ended 323 points lower at 58,340 and Nifty fell 88 points to 17,415.

Sensex, Nifty likely to open lower amid weak global cues Sensex, Nifty likely to open lower amid weak global cues

Indian benchmark indices are likely to open lower today as SGX Nifty quoted at 17,385 amid mixed global cues at 8:15 am. 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, Indian equity market fell today after a single-session pause led by losses in IT, auto, consumer goods and capital goods shares. Sensex ended 323 points lower at 58,340 and Nifty fell 88 points to 17,415. Maruti, Infosys, ITC, Reliance Industries, L&T and Tech Mahindra were the top Sensex losers, falling up to 2.62%.

On the other hand, Kotak Bank, NTPC,and ICICI Bank were the top Sensex gainers, rising up to 1.45%.

Nagaraj Shetti, Technical Research Analyst at HDFC Securities said," After a downside breakout of the trend line support at 17,800 levels recently, the market failing to show any sustainable upside bounce so far signals a sell on rise opportunity in the market. Any upside bounce from the lows could be considered as a pullback rally of a down trend."

"Further weakness from here could test the key lower weekly support of 20 week EMA around 17200 levels as per weekly timeframe chart, before showing another round of upside bounce from the lows," added Shetti.

Foreign institutional investors (FIIs) sold shares worth Rs 5,122.65 crore on November 24, and domestic institutional investors (DIIs) bought shares worth Rs 3,809.62 crore, as per provisional data available on NSE.