Indian benchmark indices are likely to open higher today as SGX Nifty rose 239 points to 17,850 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.

Indian equity market resumed its rally on Thursday after a day’s pause, in line with global markets. Sensex rallied 488.10 points or 0.82 per cent to end at 59,677.83 and Nifty zoomed 144.35 points or 0.82 per cent to 17,790.35.

Titan was the top Sensex gainer, zooming 10.69 per cent, after the firm reported strong demand recovery in the July-September quarter.

Other Sensex gainers were M&M, Maruti, IndusInd Bank, Sun Pharma, Asian Paints, HCL, TCS, Tech Mahindra and ICICI Bank, rising up to 5.32 per cent.

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan said, “Structurally, the consolidation over the last few sessions has taken form a triangular pattern. With Thursday’s bounce, the Nifty has once again tested upper end of the pattern and formed distribution over there throughout the day. Hereon the index is expected to slide down towards the lower end of the pattern, which is near 17,550. On the flip side, the resistance zone of 17900-17950 will continue to maintain pressure on the higher side.”

Foreign institutional investors (FIIs) sold shares worth Rs 1,764 crore on October 7, and domestic institutional investors (DIIs) bought shares worth Rs 2,528 crore, as per provisional data available on NSE.

Global markets

In Hong Kong, the Hang Seng index zoomed 46 points to 24,748. Australia’s S&P/ASX 200 gained 58 points to 7,315. Nikkei rallied 597 points to 27,990. On Wall Street, the S&P 500 rose 36 points to 4,399, the Nasdaq gained 152 points to 14,654 and the Dow zoomed 337 points to 34,754.


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