The Indian stock market began Thursday’s trade on a flat note, weighed down by selling pressure in IT stocks and cautious investor sentiment despite upbeat global markets.
At 9:28 AM, the BSE Sensex slipped 110 points (0.13%) to 82,615 while the NSE Nifty edged down 13 points (0.05%) to 25,206.
Among sectors, Nifty IT was the weakest performer with a loss of 1.17%, reflecting subdued investor interest in technology stocks.
Bank stocks also saw moderate losses, with Bank Nifty declining up to 0.20%. Other sectors were mostly flat, with some showing marginal gains.
Midcap and smallcap indices followed a downward trend. The Nifty Midcap 100 fell 0.39% to 59,148, while the Nifty Smallcap 100 dropped 0.07% to 18,879, indicating broader market weakness.
Top Gainers and Losers
In early trade, Dr Reddy’s Laboratories led the gainers’ pack with a 3.07% rise, followed by Tata Motors (up 1.51%).
Tata Consumer Products, Eicher Motors, JSW Steel and Tata Steel were also among the early performers. On the flip side, Trent, Kotak Mahindra Bank and Bajaj Finance were among the major laggards.
“Market sentiment remains cautiously optimistic amid heightened volatility and mixed global cues. A sustained move above 25,250 on the Nifty could pave the way for a rally toward the 25,330 mark. Immediate support is seen at 25,125 and 25,000,” said Hardik Matalia of Choice Equity Broking Pvt Ltd.
Interestingly, the Bank Nifty showed strength, gaining 454 points and forming a bullish candlestick pattern—signalling potential renewed buying in financials.
Global markets offered a positive backdrop. The US markets closed higher overnight with the Dow Jones up 1.14%, the Nasdaq gaining 0.61%, and the S&P 500 rising 0.78%.
Analysts attribute this to strong corporate earnings and easing concerns over trade tensions, following the US striking trade agreements with various countries.
Asian markets echoed the optimism, with Japan’s Nikkei 225 rising 1.97% and Indonesia’s Jakarta Composite climbing 1.70%. Other key indices in Hong Kong, Shanghai and Seoul also opened in the green.
On July 23, foreign institutional investors (FIIs) remained net sellers for the fifth straight session, offloading equities worth ₹4,209 crore.
Conversely, domestic institutional investors (DIIs) continued their buying streak, purchasing shares worth ₹4,358 crore, marking their 12th consecutive day of net buying.
With global trends staying largely positive, investors are expected to monitor earnings announcements and economic data closely in the coming sessions.
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