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The Indian market is likely to open higher today as SGX Nifty rose 92 points to 17,300. However, the global markets are likely to be affected by the ongoing tensions between the US and China.
The market closed marginally higher in a volatile session on Tuesday amid gains in auto, banking and consumer durables stocks.
Continuing its gains for the fifth straight session, Sensex closed 20.86 points higher at 58,136. Nifty ended at 17,345.45, up 5.40 points.
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Here’s a look at live market updates today.
9:09 am: Expert take
Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities
“Strong Asian market cues are expected to help key benchmarks advance further in early trade Wednesday, despite a fall in the US markets in overnight trades. Nifty is likely to trade on the front foot amidst renewed optimism in the backdrop of the return of foreign investors in Indian equities, with FIIs buying equities to the tune of Rs 825 crore on Tuesday. Technically, the biggest intraday make-or-break support for Nifty is seen at 17189 mark. While the gap between the 2-year and 10-year note US bond yields is the widest in over two decades, tensions between the US and China over Taiwan are the latest catalyst for stock markets across the globe.”
8:34 am: Expert take
Tirthankar Das, Head of Technical Research, Ashika Group
“The psychological level of 17,000 which further coincides with the 200 DMA would be the immediate short term trend deciding level for the market. On the upside the elevated target level for Nifty is around 17,500 (being 80% retracement of two-month decline (18,100-15,183). Improving market breadth measured by percentage of stocks above 50 & 200 DMA within Nifty 500 universe augurs well for durability of ongoing up move. Hence, intraday dip towards 17,190-17,222 can be used creating a long position for the target of 17,500.”
8:20 am: SGX Nifty
The Indian market is likely to open higher today as SGX Nifty rose 92 points to 17,300. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.
8:15 am: Market on Tuesday
Indian market closed marginally higher in a volatile session on Tuesday amid gains in auto, banking and consumer durables stocks.
Continuing its gains for the fifth straight session, Sensex closed 20.86 points higher at 58,136. Nifty ended at 17,345.45, up 5.40 points.
Of 30 Sensex stocks, 16 ended in the red. IndusInd Bank, Asian Paints, NTPC, Maruti Suzuki, Hindustan Unilever, State Bank of India, Mahindra & Mahindra and Power Grid were the top gainers, rising up to 2.59 per cent.
Tech Mahindra, HDFC, Larsen & Toubro, Tata Steel and HDFC Bank were the biggest Sensex losers, falling up to 1.63 per cent.
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