The Indian benchmark indices opened flat on Thursday amid mixed global cues, with selling pressure seen in the auto and IT sectors during early trade.
At around 9:29 am, the Sensex was trading 40.96 points or 0.05 per cent lower at 83,495.12, while the Nifty declined 17.70 points or 0.07 per cent to 25,458.40.
Nifty Bank was up 29.50 points or 0.05 per cent at 57,243.05 in early trade. The Nifty Midcap 100 index was trading at 59,448, adding 108.40 points or 0.18 per cent. The Nifty Smallcap 100 index stood at 19,057.75, up by 50.35 points or 0.26 per cent.
According to analysts, with trade and tariff news becoming more routine, the market is now focusing on the upcoming earnings season.
“The big banks, including JPMorgan Chase, Citigroup, and Wells Fargo, will start reporting next Tuesday. As of now, analysts expect 5.8 per cent earnings growth for the S&P 500 in the second quarter,” said Vikram Kasat, Head-Advisory, PL Capital.
Expectations from the IT sector remain muted; however, midcap IT companies are likely to post good results along with positive commentary, experts added.
“Banks, despite strong balance sheets and ample liquidity, are struggling with low credit growth. Outperformers in the banking segment will be those that report healthy credit growth. In autos, M&M and Eicher have the potential to outperform,” they noted.
Among Sensex constituents, Tata Steel, Axis Bank, Power Grid, Bajaj Finance, M&M, ICICI Bank, and Titan were the top gainers. On the other hand, Tata Motors, Infosys, Sun Pharma, Bharti Airtel, TCS, Asian Paints, NTPC, and HDFC Bank were among the top losers.
On the institutional front, foreign institutional investors (FIIs) were net buyers of equities worth Rs 77 crore on July 9, while domestic institutional investors (DIIs) were also net buyers, investing Rs 920 crore on the same day.
In Asian markets, Hong Kong, Seoul, China, and Jakarta were trading in the green, while Japan was trading in the red.
In the previous session, the Dow Jones in the US closed at 44,458.30, up 217.54 points or 0.49 per cent. The S&P 500 gained 37.74 points or 0.61 per cent to end at 6,263.26, while the Nasdaq closed at 20,611.34, up 192.87 points or 0.94 per cent.
–IANS