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Sensex, Nifty likely to open lower amid negative global cues

Sensex, Nifty likely to open lower amid negative global cues

Benchmark indices plunged nearly 2% on Thursday, following an across-the-board selloff, as monthly derivatives expired amid a weak trend in global markets.

ITC was the top Sensex loser tumbling over 5 per cent, followed by ICICI Bank, Kotak Bank, Axis Bank, SBI and HDFC Bank ITC was the top Sensex loser tumbling over 5 per cent, followed by ICICI Bank, Kotak Bank, Axis Bank, SBI and HDFC Bank

Indian benchmark indices are likely to open lower today as SGX Nifty fell 24 points to 17,877 level amid negative 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.

Benchmark indices plunged nearly 2% on Thursday, following an across-the-board selloff, as monthly derivatives expired amid a weak trend in global markets.

Sensex tanked 1,158 points or 1.89% to close at 59,984 and Nifty plummeted 353.70 points or 1.94 per cent to 17,857.25. ITC was the top Sensex loser tumbling over 5 per cent, followed by ICICI Bank, Kotak Bank, Axis Bank, SBI and HDFC Bank.

IndusInd Bank, L&T, UltraTech Cement and Asian Paints were among the top Sensex gainers, rising up to 2.94%.

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan said," On the way down, Nifty has broken the crucial 18,000 mark and has now reached the lower end of a falling channel on the hourly chart. Going ahead, 17,750-17,700 is a key support zone, which can attract buying support. The overall structure shows that the short-term range for Nifty has shifted lower and it is now expected to trade in the range of 17,700-18,200 over the next few sessions."

Foreign institutional investors (FIIs) sold shares worth Rs 3,818 crore on October 28, and domestic institutional investors (DIIs) bought shares worth Rs 836 crore, as per provisional data available on NSE.

Global markets

Australia's S&P/ASX 200 was trading 60 points lower at 7,370. Nikkei lost 27 points to 28,792 and Shanghai Composite was flat at 3,518. Hang Seng was down 178 points to 25,375. On Wall Street, the S&P 500 ended 44 points higher at 4,596, the Nasdaq rose 212 points at 15,448 and the Dow Jones climbed 239 points to 35,730.