The Indian equity market is likely to open in the red today as SGX Nifty was trading 38 points lower at 17,709. Market ended higher in the first session of the new fiscal on Friday. Sensex rose 708 points to 59,276 and Nifty ended 205 points higher at 17,670. NTPC, PowerGrid, IndusInd Bank, SBI, HDFC and M&M were the top gainers, rising up to 5.93% today. Tech Mahindra, Sun Pharma, Dr Reddy's, Titan and Infosys were the sole Sensex losers, falling up to 0.80%.