According to the SGX Nifty, Indian stock markets are projected to start lower today. On Tuesday, US markets finished mostly flat, but Asian markets stayed in the red. Back home, the Sensex and Nifty closed down for the second consecutive day on Tuesday.
The Sensex closed at 59,727, down 183 points, for the second day in a row. The Nifty-50 finished 46 points lower at 17,660. “The trend is likely to remain bullish to sideways in the near term, as the bullish breakout of a falling channel pattern remains valid.” The bullish pattern is valid above 17,500 levels, which may be regarded as immediate support for the index,” said Rohan Patil of SAMCO Securities.
Foreign institutional investors dropped Indian stocks for the second day in a row on Tuesday. According to exchange statistics, FIIs sold shares worth Rs 810 crore in cash markets, compared to Rs 533 crore in the previous trading session. DIIs continued to buy shares worth Rs 401 crore, according to preliminary data from exchanges.
ICICI Lombard, Tata Coffee, Piramal Pharma, and Bank of India are among the top stocks to watch today.