Indian benchmark indices were likely to open higher today as SGX Nifty rose 48 points to 16,649 despite 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.
On August 17, benchmark indices ended at record highs, tracking gains in index majors Tech Mahindra, TCS, Titan and Infosys despite weak global markets. Sensex closed 209 points higher at 55,792 and Nifty advanced 51 points to 16,614.
During the session, Sensex scaled a lifetime high of 55,854 and Nifty logged a record of 16,628.
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan said, “The hourly chart shows that Nifty found support near the 20 hour moving average and took a leap toward the hourly upper Bollinger Band. The daily upper Bollinger Band continues to stretch higher, which is making room for the index on the upside.
Nifty has crossed the level of 16,600 on a closing basis and is on the course towards 16,800 on the upside. On the other hand, 16,500-16,450 has been providing cushion on the downside for the last couple of sessions and is expected to continue with its role of a support zone.”
Foreign institutional investors (FIIs) sold shares worth Rs 343.73 crore on August 17 and DIIs lapped up shares worth Rs 266.43 crore, as per provisional data available on NSE.
Global markets
The S&P 500 fell 31.63 points to 4,448.08. The Dow lost 282.12 points, or 0.8%, to 35,343.28. The blue-chip index was briefly down 505 points. The tech-heavy Nasdaq composite dropped 137.58 points, or 0.9%, to 14,656.18.
In Asia, Nikkei was down 617 points to 29,714 and Taiwan T Sec 50 index fell 30 points to 16629. However, Hang Seng rose 143 points to 25,886.
