Indian benchmark indices are likely to open higher today as the SGX Nifty quoted at 17,035 up 85 points at 8: 30 am.
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 opening of the Indian markets.
On Monday, the Benchmark indices ended on a negative note as Asian markets fell after Chinese property developer Evergrande warned that it may run out of money. A rise in the number of positive cases of Omicron variant to 21 in India resulted in a crash in the equity market for the second consecutive session.
In the last 15 minutes of trade, Sensex lost 305 points to 16,891 after losing 1,009 points to 56,687. Later, Sensex recovered minor losses to end 949 points lower at 56,747 and Nifty closed 284 points lower at 16,912.
Shrikant Chouhan, Head of Equity Research Retail Kotak Securities said there was no respite for the markets as investors continued to dump stocks at will due to uncertainty over the current threat of the omicron variant of coronaviruses. Weakness in other Asian markets worsened the sentiment. The Nifty broke the 17,100 support level after the sharp fall last Friday. The index has formed a long bearish candle and closed below the 17000 mark, which is negative for the market.
Foreign institutional investors FIIs sold shares worth Rs 3,361. Domestic institutional investors DIIs bought shares worth 1,701. There was a total of 28 crore on December 6. A provisional data on the NSE shows 56 crore.