Sensex, Nifty likely to open lower amid weak global cues

Indian benchmark indices are likely to open lower today as SGX Nifty quoted at 17,409 amid weak 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.

Indian market closed higher on Thursday, backed by gains in index heavyweight Reliance Industries amid a positive trend in global markets. Sensex ended 454.10 points higher at 58,795 and Nifty rose 121 points to 17,536.

Reliance Industries was the top Sensex gainer, soaring over 6 per cent, followed by ITC, Infosys, Tech Mahindra, Titan, Bharti Airtel and PowerGrid.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, "On the last day of the November F&O series, markets rebounded sharply, largely supported by gains in Reliance Industries Ltd. Technically, Nifty has formed a strong bullish candle and at the same time, it is consistently taking support between 17,400 to 17,350 levels. We are of the view that the intraday support has now shifted to 17450 from 17350 and as long as it's trading above 17450 the uptrend wave will persist up to 17600-17700. On the flip side, below 17450, the uptrend would be vulnerable."

Foreign institutional investors (FIIs) sold shares worth Rs 2,300.65 crore on November 25, and domestic institutional investors (DIIs) bought shares worth Rs 1,367.80 crore, as per provisional data available on NSE.