Sensex, Nifty likely to open in the red amid muted global cues

Sensex and Nifty ended the session lower on Tuesday for the second straight session.

Indian stock markets today are expected to witness a weak opening as signalled by the SGX Nifty. US markets on Tuesday ended largely flat, whereas markets in Asia remained in the red. Back home, both Sensex and Nifty ended the session lower on Tuesday for the second straight session.

The Sensex ended lower for the second straight session at 59,727, down 183 points. The Nifty-50 ended lower by 46 points at 17,660. “Over the near term, the trend is likely to remain in a bullish to sideways tone as the bullish breakout of a falling channel pattern is still valid. The validity of the bullish pattern stands above 17,500 levels which can be considered an immediate support for the index,” said Rohan Patil of SAMCO Securities.
Foreign Institutional Investors too sold Indian equities for the second straight session on Tuesday. According to data available on exchanges, FIIs sold shares worth Rs 810 crore in the cash markets, against Rs 533 crore worth of shares sold in yesterday’s trading session. Flows from DIIs remained positive as they bought shares worth Rs 401 crore, provisional data from exchanges showed.
Top stocks to watch today are ICICI Lombard, Tata Coffee, Piramal Pharma, Bank of India, besides others.

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