Indian benchmark indices were likely to open lower today as SGX Nifty fell 185 points to 16,387, 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.
On August 18, Sensex snapped its four-day record breaking run amid mixed global cues. Sensex closed 162 points lower at 55,629 and Nifty dropped 45 points to 16,568.
During the day, Sensex scaled a lifetime high of 56,118 and Nifty touched a record of 16,701.
Kotak Bank was the top loser, shedding 2.09 per cent, followed by ICICI Bank, PowerGrid, HDFC, IndusInd Bank and Axis Bank.
Nagaraj Shetti, Technical Research┬а Analyst, HDFC Securities said, “The market seems to have started tiring at the new highs of 16700. But, there is no indication of any reversal pattern unfolding at the higher levels. Any decline from here down to the support of 16,400 (20 day EMA on a daily chart) could be a buy on dips opportunity in the near term. We expect upside bounce from the lows in the coming sessions.┬а The upside target for Nifty remains at 16,900 levels.”
Foreign institutional investors (FIIs) sold shares worth Rs 595.32 crore on August 18 and DIIs offloaded shares worth Rs 729.49 crore, as per provisional data available on NSE.
┬аGlobal markets
US markets fell for the second straight session. S&P 500 index slipped 47.81 points to 4,400.27. The Dow Jones Industrial Average slid 382.59 points, or 1.1%, to 34,960.69. The Nasdaq composite lost 130.27 points, or 0.9%, to 14,525.91.
┬аIn Asia, Nikkei was down 191 points to 27,394 and Shanghai Composite Index fell 31.45 points to 3,453. Taiwan┬а T Sec index lost 318 points to 16,516.
