Sensex, Nifty likely to open higher amid positive global cues

Indian benchmark indices are likely to open higher today as SGX Nifty gained 69 points to 18,223 level amid positive 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.

Benchmark indices ended higher on Monday, tracking gains in index majors ICICI Bank, Axis Bank and SBI amid a largely positive trend in global markets.

Sensex closed 145.43 points higher at 60,967 and Nifty advanced 10.50 points to 18,125.40.

ICICI Bank was the top Sensex gainer, soaring nearly 11 per cent, followed by Axis Bank, Dr Reddy's, SBI, M&M and Tech Mahindra.

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan said,"Nifty managed to hold on to the crucial support of 18,000 on a closing basis. The hourly lower Bollinger Band has become flat, which is expected to provide support on the downside. Also, the hourly momentum indicator has developed a positive divergence, which is suggesting that a bounce is around the corner. The Nifty can take a leap towards 18300-18360. Overall, the Nifty is expected to continue with the short term consolidation."

Foreign institutional investors (FIIs) sold shares worth Rs 2,459 crore on October 25, and domestic institutional investors (DIIs) bought shares worth Rs 2,390 crore, as per provisional data available on NSE.

Global markets

Australia's S&P/ASX 200 was trading flat at 7,446. Nikkei zoomed 500 points to 29,100 and Kospi rose 19 points to 3,040. Hang Seng was down 35 points to 26,096. On Wall Street, the S&P 500 ended 21 points higher at 4,566, the Nasdaq gained 136 points to 15,226 and the Dow Jones added 64 points to 35,741.