Sensex, Nifty likely to open higher amid mixed global cues

Indian benchmark indices are likely to open on a positive note today as SGX Nifty quoted at 16,789 (up 160 points) 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 tumbled in the first trading session of this week as rising Omicron cases posed a threat to the global economic recovery.

Sensex slumped 1189 points to end at 55,822 and Nifty fell 371 points to 16,613. Tata Steel, IndusInd Bank, Bajaj Finance, SBI, HDFC Bank and NTPC were the top Sensex losers, falling up to 5.21 per cent.

Sensex crashed over 1,600 points to hit an intraday low of 55,333.71 on Monday. Similarly, the Nifty tanked over 500 points to 16,470.10.

Pritesh Mehta, Lead Technical Analyst- Institutional Equities, at YES Securities said, "The structure of the benchmark indices has changed since November 2021. It is no longer a Buy on Dip market. With Nifty underperforming golds and bonds from the third week of October, recovery moves have been short-lived. Even within sectoral indices; except IT, relative strength is amiss. Breadth of broader markets (i.e. in Nifty midcap 100, smallcaps 100 & 500 indices) is diminishing.

Foreign institutional investors (FIIs) sold shares worth Rs 2,069.90 crore on December 17, and domestic institutional investors (DIIs) bought shares worth Rs 1,478.52 crore, as per provisional data available on NSE.