Sensex, Nifty likely to open lower amid weak global cues

 

Indian benchmark indices are likely to open lower today as SGX Nifty fell 176 points to 17,435 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.

Benchmark indices fell for the third straight session on September 30 amid losses in market heavyweights Reliance Industries, Infosys and ICICI Bank as monthly derivatives expired.

After a volatile session, Sensex ended 286.91 points or 0.48 per cent lower at 59,126.36. Nifty declined 93.15 points or 0.53 per cent to 17,618.15.

PowerGrid was the top Sensex loser, shedding 2.67 per cent, followed by Asian Paints, Axis Bank, Kotak Bank, Bajaj Auto, SBI and M&M.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, "The medium-term structure is still positive. The intraday trading setup suggests 17,700 could act as a strong resistance level, and below the same, the correction could continue up to 17,500-17,450 levels. On the flip side, beyond 17,700, the immediate hurdle would be the 17,750 level. On the contrary, any revival could lift the index up to 17,800."

Foreign institutional investors (FIIs) sold shares worth Rs 2,225 crore on September 30, and domestic institutional investors (DIIs) bought shares worth Rs 97.18 crore, as per provisional data available on NSE.

In Hong Kong, the Hang Seng index fell 87 points to 24,575. The Shanghai Composite index was higher at 3,568. Australia's S&P/ASX 200 declined 168 points to 7,164. Nikkei lost 590 points to 28,861.   

On Wall Street, the S&P 500 slipped 52 points to 4,307, the Nasdaq dropped 63 points to 14,448 and the Dow crashed 546 points to 33,843.

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