The Indian equity market is likely to open lower today as the SGX Nifty fell 25 points to 18,027. There will be a rise in Covid 19 and Omicron cases in India and the world this year, according to experts.
Here's a look at the market action on the BSE and NSE today.
Mohit Nigam, Head PMS, Hem Securities said that Benchmark indices are expected to open on a negative note, as suggested by trends on the SGX Nifty. Both the European and the US markets closed in red. Asian markets are trading in red. India continues to witness an increase in new covid cases, but the hope of a stupendous earnings season and positive sentiment regarding the forthcoming budget continues to drive the market in upward trajectory. Benchmark indices may face some resistance around 18150 and 18200 and can witness a minor corrective fall. Yesterday, AMFI data showed domestic mutual funds' contribution to Total Institutional Equity Portfolio has gone up to 17%, a rise in the engrossment of Indian households for Indian equity markets. Kospi was trading 7 points lower in Asia, at 2,920. Nikkei fell 247 points to 28,231 and the Hang Seng index was flat at 23,744. The S&P 500 fell 6 points to 4,670 on Wall Street. The Dow fell 162 points to 36,068. The Nasdaq composite gained 7 points to 14,942 points.
Domestic institutional investors DIIs bought shares worth Rs 481 crore as per provisional data available on the NSE, and foreign institutional investors FIIs sold shares worth Rs 124 crore on January 10.
For the second consecutive session on Monday, the Benchmark indices closed higher as participants showed interest in IT and financial shares ahead of the Q 3 earnings season.
Sensex closed at 60,395 points higher and Nifty climbed 190.60 points to end at 18,003. Titan, Maruti, SBI, L&T, HDFC and Kotak Bank were the top Sensex gainers, rising to 3.29%.
Wipro, Nestle India, Asian Paints and PowerGrid were among the top Sensex losers, falling to 2.47%.