Stock Market Alert: Nifty, Sensex Start Flat; Bank Nifty Down 118 Points; Will It Continue To Fall On July 29?

Nifty and Sensex started on a flat note on Tuesday as the stock market investors continued their 'wait and watch' strategy, as the benchmark indices continued to hover around their one-month low mark. Nifty 50 started 43 points lower at 24,637 points, whereas BSE Sensex opened 140 points lower at 80,750 points.

Nifty Bank also remained under pressure as it started with a 118-point loss at 55966 amid the weaker-than-expected performance of banking and financial sector stocks like Kotak Mahindra Bank, etc.

Stock Market Opening Recap

BSE Sensex was trading 66 points lower at 80,860 points in the first 15 minutes of the stock market opening. Despite a weaker stock market opening, the overall market breather remained positive due to an improved advance-to-decline ratio. Nearly 1491 stocks advanced against 1,001 stocks declining on the BSE on Tuesday at 9:25 am.

Nifty Bank and Financial Services remained under pressure during the early trading session, whereas, broadmarket indices showed a mixed performance. Nifty 100, 200, 500 were trading lower, whereas Nifty Midcap indices were trading in green. Coming to thematic indices, Nifty Auto, Metal, FMCG, Realty, Bank, Healthcare, etc were surging ahead. Meanwhile, there was some selling pressure seen in financials, IT and consumer durables.

Stock Market Today: Top Gainers, Top Losers

Eternal, Infosys, Bharat Electicals Limited (BEL), Asian Paints, Wipro, etc were among the top losers, whereas JSW Steel, IndusInd bank, Jio Finance, Reliance, ONGC, Shriram Finance, were were among the top gainers on NSE.

The Indian stock market opening today came after Gift Nifty had indicated a weak start for the Nifty and Sensex on Tuesday. The benchmark indices of Nifty and Sensex are declining continuously amid unhindered selling pressure due to multiple factors, including tepid Q1 earnings season, uncertainty around India-US trade deal, and apprehensions related to Trump tariff deadline ahead of 1 August deadline.

Sensex was down significantly to 80,891.02 points, whereas Nifty 50 was down around 156 points to 24,681 points on Monday. The dismal stock market performance on July 28 was led by weakness in private banking and realty stocks after disappointing earnings from Kotak Mahindra Bank and Macrotech Developers (Lodha).

Stock Market Outlook

"We expect the market to remain under pressure amid mixed Q1 earnings, continued FII selling (Rs13,553cr cumulative outflow last week) and lack of progress on the India-US trade deal ahead of the nearing Aug'1 deadline," noted Siddhartha Khemka of Motilal Oswal.

For Nifty, brokerage Nirmal Bang noted, "Nifty is expected to open on a flattish note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate support at 24570. If Nifty closes below that, further downside can be expected towards 24500-24440 mark. On the flip side 24740-24800 will act as strong resistance levels."

"Bank Nifty's next immediate support is around 55940 levels on the downside and on a decisive close below expect a fall to 55700-55470. There is an immediate resistance at 56540-56770 levels," the report added.

Disclaimer: The write-up is just for information purposes, and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on article mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.