Sensex likely to miss 16,105 mark today

The Indian market is likely to open higher today as the SGX Nifty rose by 84 points to 16,105. On Wednesday, Sensex extended its decline for the third consecutive session, falling over 300 points amid a sell-off in IT stocks. Sensex lost 303.35 points or 0.56 per cent to end at 53,749. Nifty was down by 99.35 points or 0.62 per cent to close at 16,025. Prashanth Tapse, Vice President Research Mehta Equities, said Markets are likely to open on a positive note on the back of firm global cues. Overnight, the Fed minutes were released where all participants agreed for a 50 basis point interest rate hike and laid out plans for aggressive quantitative tightening to begin in June. Our call of the day suggests that any intraday bull ride will likely last only for a short period and eventually pave the path for the bear to a sleepover. The Nifty is likely to witness mostly downward fluctuation due to growth and inflation bets that continue to dominate investors' sentiment negatively. The index could slide to 15671 mark if the support of Nifty is at 15971 mark and below that is the line in the sand. The Nifty will gain strength only above 16411 mark on a closing basis with 200 DMA at 17261 mark. The Indian market is likely to open higher today as the SGX Nifty rose by 84 points to 16,105. The opening of the Indian market is believed to be the first indication of the Singapore Stock Exchange.

Sensex fell 300 points for the third day in a row due to a sell-off in IT stocks. Sensex dropped by 303.35 points or 0.56 per cent to 53,749. Nifty was down by 99.35 points or 0.62 per cent to close at 16,025.