Indian equity indices opened flat on Thursday (July 17) as investors adopted a wait-and-watch approach in the absence of fresh market drivers.
At 9:20 AM, the BSE Sensex was down 15 points at 82,619, while the NSE Nifty slipped 2 points to 25,210.
The opening suggests continued consolidation within a narrow range as traders seek new cues to determine market direction.
Despite the lukewarm performance of benchmark indices, the broader market witnessed renewed interest.
The Nifty Midcap 100 index rose by 123 points (0.18%) to 59,741, while the Nifty Smallcap 100 gained 70 points (0.37%) to reach 19,210.
This positive momentum in the mid- and small-cap segments provided underlying support to the overall market sentiment.
Sector-wise performance was varied. Auto, pharma, FMCG, metals, realty, energy, infrastructure, and public sector enterprises (PSEs) recorded moderate gains, indicating selective buying.
However, IT, PSU banks, financial services, and media stocks witnessed pressure and were the day’s laggards in early trade.
Top Gainers and Losers
Among the Sensex constituents, notable gainers included Sun Pharma, M&M, Trent, Kotak Mahindra Bank, Tata Motors, NTPC, BEL, Titan, and Power Grid.
On the other hand, Tech Mahindra, ICICI Bank, Axis Bank, Infosys, and Hindustan Unilever Ltd (HUL) led the list of early losers, dragging on the index.
Analysts suggest that hopes surrounding an interim India–US trade agreement have largely been priced in by the market, thus limiting the potential for a sharp rally unless there is a surprise element.
“A lower-than-expected tariff rate—say 15% instead of the anticipated 20%—could act as a positive surprise and break the current range,” said Dr VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Asian markets showed mixed performance. While Tokyo, Shanghai, Bangkok, and Jakarta traded in the green, Hong Kong and Seoul were in the red.
US markets closed higher on Wednesday, driven by upbeat sentiment.
On the institutional front, foreign institutional investors (FIIs) continued their selling streak, offloading equities worth ₹1,858 crore on July 16.
In contrast, domestic institutional investors (DIIs) remained net buyers for the eighth consecutive session, investing ₹1,223 crore and providing much-needed support to the domestic market.
While the immediate trend remains range-bound, analysts maintain a cautiously optimistic view, noting that the market could resume upward momentum if key support levels hold and external catalysts turn favourable.
Also Read: Sensex & Nifty Open In The Red On Mixed Global Signals
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