Sensex, Nifty likely to open flat amid weak global cues

Indian benchmark indices are likely to open on a flat note today as SGX Nifty quoted at 17,201.50 at 8:40 am.

Singapore Nifty (SGX Nifty) is the Indian Nifty index that is traded in the Singapore Stock Exchange and is considered to be the first indication of the opening of the Indian market.

Benchmark indices closed higher for the second straight session on Tuesday, led by gains in consumer durables, capital goods and IT stocks. Sensex closed 477 points higher at 57,897, and Nifty ended 147 points higher at 17,233.

"US markets ended lower yesterday after 4 consecutive green sessions. Asian markets were also weak and trading lower in early Wednesday trade. There was some selling in US tech stocks yesterday and due to which we can witness some profit booking or pressure in IT related stocks today," Mohit Nigam, Head - PMS, Hem Securities told BusinessToday.in.

"Some stock specific actions can be witnessed in stocks such as Cipla (To launch to treat mild to moderate covid-19 after receiving DCGI approval), GR Infraprojects (Emerged as L-1 bidder in financial bid for a tender invited by Noida Metro Rail Corporation), Vakrangee (Tied up with Nayara Energy Ltd)," he said.

"On the technical front immediate support and resistance in Nifty 50 are 17,000 and 17,500 respectively. Bank Nifty immediate support and resistance are 34,600 and 35,700 respectively," he added.

Foreign institutional investors (FIIs) bought shares worth Rs 207.31 crore on December 28, and domestic institutional investors (DIIs) bought shares worth Rs 567.47 crore, as per provisional data available on NSE.