Stock Market Today: Sensex, Nifty End Flat on July 22 Amid Volatile Trade; Media and PSU Bank Lead Losses

Indian benchmark indices Sensex and Nifty 50 closed almost flat after a highly volatile trading session on Tuesday, July 22. The slight dip came after strong gains the previous day, as weak global cues weighed on investor sentiment.

The Sensex fell by 13.53 points, or 0.02%, to close at 82,186.81, while the Nifty 50 ended by falling 29.80 points, or 0.12%, to settle at 25,060.90. Out of 4,198 stocks traded on the BSE on Tuesday, 1,783 stocks rose, 2,236 fell, and 179 remained unchanged, showing a mostly balanced market sentiment.

Top Gainers and Losers:

On the Nifty, top gainers included Eternal, Grasim, Wipro, Jio Finance, BEL and Asian Paints. Major losers were Indusind Bank, Dr Reddy, Tech Mahindra, SBI Life, Sun Pharma and Maruti. Eternal shares jumped over 10% after reporting strong revenue growth from Blinkit's performance in Q1.

Mid and small-cap indices underperformed the benchmarks. The BSE Midcap index fell 0.62%, while the Smallcap index declined 0.17%. The Nifty Midcap 100 closed 0.61% lower, and the Nifty Smallcap 100 fell by 0.34%. Nifty Midcap 150 also dropped 0.5%, dragged down by AU Small Finance Bank and Vodafone Idea.

Most sectoral indices ended in the red. Nifty Media was the biggest loser, down 2.5%, led by Zee Entertainment and Hathway Cable. Nifty PSU Bank, Pharma, Realty, Auto, IT, FMCG, and Oil & Gas also closed lower.

253 stocks hit the upper circuit, while 209 stocks were on the lower circuit on the BSE.

Why Indian Stock Market Traded Flat?

"Markets' attention is on quarterly earnings, which slowed lately after some traction from banking stocks. Positivity noticed on Friday and Monday tapered ahead the critical August 1st deadline of U.S. trade agreement. Upside in Q1 earnings will be the critical point to sustain the current premium valuations.

Continued profit booking by the FIIs exerts downward pressure, while steady inflows from DIIs could support for a range-bound movement with a positive bias towards Q1 results and trade deal," said Vinod Nair, Head of Research, Geojit Investments.

Key Highlights:

• Eternal surged 15% to hit a record high after strong Q1 performance by Blinkit.
• Oberoi Realty dropped 3% after reporting a 28% YoY fall in Q1 profit.
• Afcons Infra gained 4% after becoming the lowest bidder for a ₹6,800 crore railway project in Croatia.
• MCX and BSE shares rose up to 2% after SEBI lifted the trading ban on Jane Street, with conditions.

Market Outlook:

"The Nifty has remained mostly range-bound, facing resistance at the 21-EMA during the initial trades. On the hourly chart, the index failed to move above the 50-EMA. Overall, consolidation may continue in the coming days, as the index is not showing any signs of a breakout from the current trading zone.

On the lower end, 24,900 continues to act as strong support, while resistance is placed at 25,260 - a breakout above which could lead to increased strength in the market," said Rupak De, Senior Technical Analyst at LKP Securities.

Rupee VS Dollar:

The Indian rupee closed lower at 86.36 against the US dollar on Tuesday, compared to 86.29 on Monday.

"Rupee traded lower by 0.08% at 86.36 as domestic capital markets remained weak and the dollar index held flat to slightly positive near 97.86. Market participants now shift focus to Fed Chair Powell's upcoming speech, which could influence global currency sentiment. Rupee is expected to remain within a range of 85.75-86.60," Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.

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