On Thursday, Indian stock markets opened on a flat note, with notable gains in the IT and pharmaceutical sectors.
The BSE Sensex rose 0.15 per cent, closing at 80,657 points, while the Nifty 50 inched up 21 points to 24,638, marking a 0.08 per cent increase.
Among broader market indices, BSE SmallCap recorded a 0.12 per cent gain, and BSE MidCap climbed 0.30 per cent.
Sector-wise, Nifty Metal declined 1.05 per cent, whereas Nifty IT and Nifty Pharma led the rise, gaining 0.76 per cent and 0.93 per cent, respectively. Most other indices showed mixed performance.
In the Nifty 50 pack, Infosys emerged as the top gainer, up 1.29 per cent, followed by HDFC Life, Wipro, Adani Ports, and Apollo Hospitals.
On the other hand, Tata Steel dropped 1.22 per cent, while ONGC, Kotak Mahindra Bank, and Hindalco also faced losses.
Analysts said markets remained cautious ahead of the Donald Trump-Vladimir Putin summit and Prime Minister Narendra Modi’s Independence Day address.
From a technical standpoint, Dr VK Vijayakumar, Chief Investment Strategist at Geojit Investments Ltd, noted that the market is oversold with high short positions, suggesting that any positive news could trigger short-covering and a rally.
Hardik Matalia from Choice Broking added, “On the downside, immediate support for Nifty is placed at 24,500, followed by the 24,400–24,300 zone. As long as the index manages to hold above these support levels, extended selling pressure is unlikely. On the upside, 24,700 will act as the immediate resistance.”
Meanwhile, India’s consumer price inflation (CPI) eased to 1.55 per cent in July, the lowest year-on-year retail inflation since June 2017, supported by falling food prices.
Analysts said that despite global uncertainties, including Trump’s trade stance, India’s growth-inflation scenario remains favourable for FY26, with only a minor downgrade based on tariff updates.
Global Market Trends
Globally, Asia-Pacific markets showed mixed trends as investors speculated on a potential US Federal Reserve rate cut next month.
US markets closed higher on Wednesday, with the Dow Jones up 1.04 per cent, S&P 500 gaining 0.32 per cent, and Nasdaq Composite rising 0.14 per cent.
In Asia, Japan’s Nikkei fell 1.36 per cent after hitting recent highs, while Shanghai Composite gained 0.2 per cent.
Shenzhen Component eased 0.15 per cent, Hong Kong’s Hang Seng dipped 0.09 per cent, and South Korea’s Kospi declined 0.28 per cent.
On the domestic front, foreign institutional investors (FIIs) continued their selling streak, offloading equities worth Rs 3,644 crore, while domestic institutional investors (DIIs) remained net buyers, acquiring equities worth Rs 5,623 crore.
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