The Indian stock market opened flat on Thursday as IT companies came under selling pressure amid mixed global cues.
At 9:28 a.m., the Sensex slipped 110 points or 0.13 per cent to 82,615, and the Nifty declined 13 points or 0.05 per cent to 25,206.
Sectorally, the Nifty IT index underperformed with a loss of 1.17 per cent. All other sectors showed marginal dips or moderate gains. Bank stocks registered moderate losses of up to 0.20 per cent.
Midcap and smallcap stocks also faced selling pressure. The Nifty Midcap 100 index was down 0.39 per cent at 59,148, while the Nifty Smallcap 100 index declined 0.07 per cent to 18,879.
In the Nifty pack, Dr. Reddy’s Laboratories led the gainers with a 3.07 per cent rise, followed by Tata Motors at 1.51 per cent. Tata Consumer Products, Eicher Motors, JSW Steel, and Tata Steel were also among the top gainers. Trent, Kotak Mahindra Bank, and Bajaj Finance were among the early losers.
“Market sentiment remains cautiously optimistic amid heightened volatility and mixed global cues. Nifty 50’s rebound highlights buyer strength at lower levels. A sustained move above 25,250 could potentially open the path toward the 25,330 mark. On the downside, immediate support is placed at 25,125, followed by 25,000,” said Hardik Matalia of Choice Equity Broking Private Limited.
The Bank Nifty outperformed the broader index, rising 454 points and forming a bullish candlestick, indicating renewed buying interest, he added.
Both Asian and U.S. indices posted strong overnight gains, lending a positive backdrop for Indian markets at the open.
In the U.S., the Dow Jones Industrial Average advanced 1.14 per cent, the Nasdaq rose 0.61 per cent, and the S&P 500 added 0.78 per cent.
According to analysts, the U.S. striking trade deals with various countries is gradually easing concerns over tariff wars. Strong corporate earnings in the U.S. are also providing fundamental support to the market.
In Asian markets, the Nikkei 225 continued its strong rally for the second consecutive day, gaining 1.97 per cent, while Indonesia’s Jakarta Composite climbed 1.70 per cent. Hong Kong, Shanghai, and Seoul were also trading in the green.
On July 23, foreign institutional investors (FIIs) were net sellers for the fifth consecutive session, offloading stocks worth Rs 4,209 crore. In contrast, domestic institutional investors (DIIs) remained strong buyers for the 12th straight day, purchasing shares worth Rs 4,358 crore.
IANS
