Sensex, Nifty likely to open higher today

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Sensex, Nifty likely to open higher today

The Indian market is likely to open higher today as the SGX Nifty went up 89 points to 16,265. The market snapped its three-session losing streak on May 26 in a highly volatile session. Sensex rose 503 points to 54,252 and Nifty gained 144 points to 16,170. Tata Steel SBI, HDFC Bank and Axis Bank were among the top Sensex gainers, rising to 5.27 percent. Sun Pharma, RIL, HUL, and L&T were the top Sensex losers, falling up to 1.16 percent.

Market data shows the weakness in the US market is coming to an end, said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. The Fed minutes suggest pausing by the end of the year after front loading rate hikes. There are indications that the US economy is slowing down, which will allow the Fed to be less hawkish than the market discounted. FPI selling, the main trigger for market weakness in India, is showing signs of exhaustion. DII and retail buying and overwhelming FPI selling together with short covering can trigger a near-term rally. He said that leading banks are safe bets.

Piramal Enterprises Ltd reported a net profit of Rs 150.53 crore in the fourth quarter ended March 31, 2022. The company posted a net loss of Rs 510.39 crore in the year-go period. The stock is trading 7 per cent lower at Rs 1727 against the previous close of Rs 1855.90 on the BSE.

Mohit Nigam, Head PMS, Hem Securities said that Indian markets ended up a volatile session higher on Thursday, the last day of the May series of derivatives. The headline indices were higher because of gains across most sectors, helping them halt a three-day long losing streak. Today, benchmark indices are likely to make an optimistic start to tracking strength across global markets. The Reserve Bank will go ahead with a larger, 0.50 per cent hike in key rates at its next monetary policy review in June to protect medium term economic stability in light of the uncomfortable inflation situation, according to a private report by traders. The ministry of road transport and highways revised base premium rates for third-party insurance of vehicles for the first time since the onset of Covid 19 and will cause some reaction in auto and insurance industry stocks. The US markets ended up up higher on Thursday after optimistic retail earnings outlooks and waning concerns about overly aggressive interest rate hikes by the Federal ReserveFederal Reserve put investors in a buying mood. Asian markets are trading in green on Friday thanks to strong results from regional tech firms and US retailers. Sensex has gained 457 points to 54,709 and Nifty gains 126 points to 16,296.

On daily charts, Nifty has formed a long leg Hammer formation which supports an upward trend from the current levels, said Shrikant Chouhan, Head of Equity Research Retail Kotak Securities. The following traders, 16,050 -- 16,000 would act as a key support zone. The index could rally up to 16300 -- 16375 by trading above the same. Uptrends would be vulnerable if the price was below 16000. There is a chance that bulls will prefer to exit from the trading long positions. The index could retest the level of 15,900 -- 15850 if it was below 16000. 8: 30 am: SGX Nifty

The Indian market is likely to open higher today as SGX Nifty rose 89 points to 16,265. The Singapore Stock Exchange is considered to be the first indication of the opening of the Indian market.

The Indian market snapped its three-session losing streak on May 26 in a highly volatile session. Sensex went 503 points to 54,252 and Nifty gained 144 points to 16,170. Tata Steel, HDFC Bank and Axis Bank were the top Sensex gainers, rising to 5.27 percent. Sun Pharma, RIL, HUL, and L&T were the top Sensex losers, falling to 1.16 percent.