Sensex, Nifty likely to open flat amid mixed global cues

Indian benchmark indices were likely to open on a flat note today as SGX Nifty was down 27 points to 16,247, amid lower global markets.

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 9, benchmark indices closed higher in the first trading session of the week, led by gains in banking stocks. Sensex rose 125 points to end at 54,402 and Nifty advanced 20 points to 16,258.

On Sensex, M&M was the top gainer, rising over 2 per cent, followed by Axis Bank, Tech Mahindra, Bajaj Finserv, IndusInd Bank, Titan and Dr Reddy's.

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan said, "Nifty witnessed continuation in consolidation on August 9. Structurally, with this consolidation, the bulls seem to be warming up for the next leg up. Multiple parameters are there on the downside to provide support near 16,200-16,150. The Nifty is expected to form a base near these support parameters and start the next up move. Short-term target on the upside is pegged at 16,400."

Foreign institutional investors (FIIs) emerged as net buyers as they bought shares worth Rs 211.91 crore on August 9 and DIIs offloaded shares worth Rs 716.15 crore, as per provisional data available on NSE.

Global markets

S&P 500 fell 4.17 points to 4,432.35. Dow Jones dropped 106.66 points, or 0.3%, to 35,101.85. Nasdaq added 24.42 points, or 0.2%, to 14,860.18. In Asia, Hang Seng was up 0.01% to 26,284 and Shanghai Composite was down 0.24%.Taiwan T Sec 50 index was trading 0.62% lower at 17,384.