The market is expected to open in the red as trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 21 points.
The BSE Sensex rose 257 points to 59,031, and the Nifty 50 jumped 87 points to 17,577, while the Nifty Midcap and Smallcap 100 indices gained more than 1 percent each, but the volatility remained on higher side, with India VIX rising by 0.06 percent to 19.05 levels.
As per the pivot charts, the key support level for the Nifty is placed at 17,407, followed by 17,236. If the index moves up, the key resistance levels to watch out for are 17,687 and 17,796.
Wall Street ended down on Tuesday as investors focused on data showing a slowing economy ahead of a US Federal Reserve gathering later this week. The S&P 500 dipped after data showed private-sector business activity in the United States contracted for a second straight month in August, with particular softness in the services sector as demand weakened in the face of inflation and tighter financial conditions.
The S&P 500 declined 0.22 percent to end the session at 4,128.73 points. Unchanged at 12,381.30 points, while the Industrial Average declined 0.47 percent to 32,909.59 points.
Trends in SGX Nifty indicate a negative opening for the broader index in India with a loss of 21 points. The Nifty futures were trading around 17,586 levels.