Indian benchmark indices opened on a flat note on Wednesday as global trade uncertainties weighed on investor sentiment. Automobile stocks were the major laggards in early trade.
At 9:25 AM, the Nifty was up 22 points or 0.09 per cent at 24,843, while the Sensex gained 64 points or 0.08 per cent to trade at 81,402.
Broader markets were trading marginally higher. The BSE MidCap index rose by 0.09 per cent, and the BSE SmallCap advanced 0.33 per cent.
Among sectoral indices, Nifty Auto led the losses, slipping 0.54 per cent. Realty, oil & gas sectors also witnessed some pressure, each losing around 0.30 per cent. On the other hand, media and metal stocks traded in the green, each gaining approximately 0.30 per cent.
On the technical front, analysts observed that the Nifty has taken support at its 100-day EMA and managed to close above the key 24,800 level. The formation of a bullish candlestick pattern, supported by strong volumes, indicates buying interest at lower levels.
“If the index sustains above 24,800, a rally towards 25,000 and 25,200 can be expected in the near term. However, 24,600 acts as immediate support. A decisive break below this level may trigger a deeper correction,” said Hardik Matalia, technical analyst at Choice Broking.
He further added that fresh long positions should be considered only if the Nifty sustains above the 25,150 level. Overall, market sentiment remains cautiously bullish, with investors advised to monitor global developments and key breakout levels closely.
In the Nifty pack, Larsen & Toubro led the gainers with a 3.70 per cent rise. Bharat Electronics was up 1.27 per cent, while Jio Financial, Tata Steel, and Hindalco also posted gains.
Among the top losers, Tata Motors declined 3.31 per cent, followed by Asian Paints, Dr. Reddy’s Laboratories, Bajaj Auto, and Infosys.
Overnight, US markets ended in negative territory. The Dow Jones Industrial Average fell 0.46 per cent, the Nasdaq Composite declined 0.38 per cent, and the S&P 500 slipped 0.30 per cent.
Commenting on the global outlook, VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “The FOMC decision today is unlikely to trigger any major impact on markets. A rate cut by the Fed is not expected at this point. However, commentary on the evolving economic outlook will be closely watched.”
Asian markets showed a mixed trend. China’s markets rose 0.52 per cent, while South Korea’s Kospi advanced 0.83 per cent. Japan’s Nikkei 225 ended nearly flat with a minor gain of 0.02 per cent. Meanwhile, Hong Kong’s Hang Seng Index dropped 0.37 per cent.
Trade tensions resurfaced after US Commerce Secretary Howard Lutnick reiterated that President Donald Trump would proceed with plans to impose tariffs on key trading partners by the upcoming Friday deadline.
On July 29, foreign institutional investors (FIIs) remained net sellers, offloading equities worth ₹4,636 crore — marking their sixth consecutive session of selling. In contrast, domestic institutional investors (DIIs) continued to support the market, making net purchases worth ₹6,146 crore on the same day.
—IANS