Sensex, Nifty likely to open higher amid positive global cues

Indian benchmark indices are likely to open higher today as SGX Nifty quoted at 17,035 (up 85 points) at 8:30 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.

Benchmark indices ended the session on a negative note on Monday as Asian markets sinked following Chinese property developer Evergrande's warning that it may run out of money.  A rise in the number of positive cases of Omicron variant to 21 in India led to a crash in equity market for the second consecutive session.

Sensex plunged 1,009 points to 56,687 in the last 15 minutes of trade and Nifty lost 305 points to 16,891. Later, Sensex recovered minor losses to end 949 points lower at 56,747 and Nifty closed 284 points lower at 16,912.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, "There was no respite for the markets as investors continued to dump stocks at will due to uncertainty over the current threat of the omicron variant of coronavirus. Weakness in other Asian markets also further worsened the sentiment. After last Friday's sharp fall, the Nifty quickly broke the 17,100 support level. The index has formed a long bearish candle and closed below the 17000 mark which is broadly negative for the market.

Foreign institutional investors (FIIs) sold shares worth Rs 3,361.28 crore on December 6, and domestic institutional investors (DIIs) bought shares worth Rs 1,701.56 crore, as per provisional data available on NSE.