Indian Stock Market Opens Lower As HUL And Bajaj Finance Lead Decliners

India’s major stock indices experienced a bearish start on Wednesday, with heavyweight stocks such as Hindustan Unilever (HUL) and Bajaj Finance among the top decliners.

By 9:52 AM, the Sensex had dropped 280 points, or 0.35%, settling at 80,174. The Nifty was down 72 points, or 0.30%.

Despite the downturn in the frontline indices, there was noticeable buying interest in the broader market.

On the National Stock Exchange (NSE), 1,712 shares advanced while 477 shares declined.

Midcap and smallcap stocks outperformed their large-cap counterparts.

The Nifty Midcap 100 index rose by 384 points, or 0.68%, to 56,669, while the Nifty Smallcap 100 index increased by 248 points, or 1.35%, to 18,649.

Sectoral indices showed mixed performances. Information Technology (IT), Public Sector Banks (PSU Banks), Financial Services, Pharmaceuticals, Metals, and Media sectors were among the top gainers.

Conversely, the Auto and Realty sectors lagged behind.

Key gainers in the Sensex pack included ITC, Titan, Tata Motors, NTPC, Tech Mahindra, Wipro, Kotak Mahindra Bank, Tata Steel, State Bank of India (SBI), Asian Paints, and ICICI Bank.

On the flip side, HUL, Bajaj Finance, Nestle, UltraTech Cement, HCL Technologies, and Mahindra & Mahindra (M&M) faced significant losses.

Foreign Institutional Investors (FIIs) turned net sellers on 23 July, offloading equities worth Rs 2,975 crore.

In contrast, Domestic Institutional Investors (DIIs) bought equities worth Rs 1,418 crore on the same day.

Deven Mehata, a Research Analyst at Choice Broking, noted, “The Nifty is expected to find support around 24,400, followed by 24,350 and 24,300. On the upside, immediate resistance may be encountered at 24,550, with further resistance at 24,650 and 24,700.”

Asian markets largely traded lower, with Tokyo, Hong Kong, Jakarta, Bangkok, and Seoul all in decline. Only the Shanghai market showed a bullish trend. The US markets had also closed lower on Tuesday, contributing to the cautious sentiment in global markets.

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