Sensex, Nifty likely to open lower amid weak global cues

Indian benchmark indices are likely to open on a negative note today as SGX Nifty quoted at 16,891 (down 124 points) at 8:30 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 ended the session on a negative note on Friday amid an across-the-board selloff and a negative trend in the global markets. Sensex closed 889.40 points or 1.54 per cent lower at 57,011 and Nifty plunged 263.20 points or 1.53 per cent to 16,985.20.

Parth Nyati, Founder, Tradingo said, "Indian market witnessed a sharp cut on the back of weak global cues, FIIs' selling, and concerns about omicron. Indian market is facing relentless selling by FIIs that is also hurting the sentiments while rising worries of a new variant of Covid-19 is another cause of concern."

"Technically, Nifty is witnessing sharp selling pressure after a pullback where it formed a red marubozu candlestick formation and has slipped below the psychological support of 17000. However, 16900 is an immediate and important support level on a closing basis; below this, Nifty may head towards 16700-16400 zone which is a crucial demand zone. On the upside, 17200-17250 will act as critical resistance zone at any pullback.," Nyati added.   

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.