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Sensex, Nifty likely to open higher; log fresh record highs

Sensex, Nifty likely to open higher; log fresh record highs

On Tuesday, benchmark indices closed at their life-time highs, led by a rally in banking, auto and IT stocks.

Foreign institutional investors (FIIs) emerged as net buyers as they bought shares worth Rs 2116.6 crore on August 3 and DIIs sold shares worth Rs 298.54 crore, as per provisional data available on the NSE. Foreign institutional investors (FIIs) emerged as net buyers as they bought shares worth Rs 2116.6 crore on August 3 and DIIs sold shares worth Rs 298.54 crore, as per provisional data available on the NSE.

Indian benchmark indices were likely to open higher today as SGX Nifty rose 75 points or 0.47 per cent to 16,240.

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 Tuesday, benchmark indices closed at their life-time highs, powered by a rally in banking, auto and IT stocks.

Sensex logged its biggest gain in two months and ended 872 points higher at 53,823. Nifty climbed 245 points to 16,130.

Titan was the top Sensex gainer, rising 3.89 per cent, followed by HDFC, Nestle  India, IndusInd Bank, Ultratech Cement, Bharti Airtel and SBI.

Commenting on the technical outlook of Nifty, Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities said, "The daily intraday charts suggest the market is consolidating near the important resistance level of 15,900. The strong breakout formation is not ruled out, if the index succeeds to trade above 20 day SMA or 15,800. Above the same, the uptrend texture is likely to continue up to 15,930-15,975 levels. On the flip side, a close below 20 day SMA may increase further selling pressure till 15,745-15,700."

Foreign institutional investors (FIIs) emerged as net buyers as they bought shares worth Rs 2116.6 crore on August 3 and DIIs sold shares worth Rs 298.54 crore, as per provisional data available on the NSE.

Global markets

S&P 500 rose 35.99 points to 4,423.15. Dow Jones Industrial Average gained 278.24 points, or 0.8%, to 35,116.40. and Nasdaq composite index picked up 80.23 points, or 0.6%, to 14,761.29.