Stock Market Today: Sensex, Nifty Open Flat As IT Stocks Gain

Domestic equity benchmarks opened on a subdued note on Thursday as gains in information technology and pharmaceutical stocks offset weakness in banking and realty shares amid mixed global cues.

The BSE Sensex opened at 77,638.86, down 15.74 points or 0.02 per cent, while the NSE Nifty began the session at 24,249.55, lower by 0.65 points.

Among the sectoral indices, Nifty IT emerged as the top performer, rising 1.39 per cent.

Nifty Pharma, Nifty Healthcare, Nifty MidSmall IT & Telecom and Nifty Auto also traded higher, gaining up to 0.54 per cent.

On the downside, Nifty Realty declined 0.80 per cent, followed by Nifty Chemicals, which slipped 0.45 per cent, and Nifty Private Bank, down 0.42 per cent.

Market experts said Indian equities continue to indicate the potential for a breakout, although global headwinds have limited the upside. They noted that the recent surge in Brent crude prices to nearly 90 dollars per barrel, triggered by escalating US-Iran tensions, remains a key concern for investors.

Analysts said the US Federal Reserve’s decision to keep interest rates unchanged weighed on sentiment after three policymakers backed a rate hike to curb inflation. They expect the Indian market to remain resilient, supported by sustained foreign portfolio investor (FPI) inflows during July.

Brent crude fell 1.75 per cent to 89.15 dollars per barrel, while US West Texas Intermediate (WTI) crude declined 1.47 per cent to 83.21 dollars per barrel.

Asian markets traded mixed, with Japan’s Nikkei gaining 0.72 per cent, Hong Kong’s Hang Seng edging down 0.02 per cent and South Korea’s KOSPI falling 0.57 per cent.

Overnight, US markets closed lower, with the S&P 500 declining 1.52 per cent and the Nasdaq shedding 1.74 per cent.

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