Indian stock markets today are likely to witness a weak opening as signalled by the SGX Nifty. US markets overnight ended largely in the red after the Federal Reserve announced a 25 bps rate hike in its policy announcement. Back home, both Sensex and Nifty ended the session lower on Wednesday amid profit booking.
The Sensex ended lower by 161 points at 61,193, while the Nifty ended at 18,089, down 57 points. “Open Interest data suggesting sideways action for now, 18,100 and 18,200 are major hurdles, and 18,000 important support selling options for range as of now. Nifty has now offset the bearish implication of Engulfing pattern formed on the weekly chart in the previous week,” said Rohan Patil of SAMCO Securities.
Foreign Institutional Investors continued to add Indian equities for the fifth straight session on Wednesday. According to data available on exchanges, FIIs bought shares worth Rs 1,338 crore in the cash markets, against Rs 1,997 crore worth of shares bought in Tuesday’s trading session. On the other hand, flows from DIIs remained negative as they sold shares worth Rs 583 crore, provisional data from exchanges showed.
Top stocks to watch today are Titan, Sula Vineyards, ABB India, Tata Chemicals, besides others.