The Indian stock market kicked off Thursday with a flat opening, showing little movement amid mixed global signals. IT stocks faced significant selling pressure, pulling sectoral indices down while other sectors showed marginal swings.
At 9:28 am, the Sensex was down 110 points, or 0.13%, settling at 82,615. The Nifty followed a similar trend, slipping 13 points or 0.05% to 25,206. Investors seemed hesitant, waiting for clearer signals before making bold moves.
Sectoral performance was a mixed bag. IT stocks were the biggest laggards, with the Nifty IT index dropping 1.17%. Banking stocks also saw modest declines, with losses of up to 0.20%. Meanwhile, midcap and smallcap stocks weren’t spared—Nifty midcap 100 dipped 0.39%, and smallcap 100 dipped 0.07%.
Not all was gloomy, though. Dr. Reddy’s Laboratories led the gainers on the Nifty, climbing 3.07%, followed by Tata Motors at 1.51%. Other stocks like Tata Consumer Products, Eicher Motors, and JSW Steel also managed gains. On the flip side, Trent, Kotak Mahindra Bank, and Bajaj Finance faced early losses.
Market analysts pointed to cautious optimism prevailing among investors. “The Nifty 50 rebound shows buyer strength at lower levels,” said Hardik Matalia from Choice Equity Broking. He noted that sustaining above 25,250 could push the index toward 25,330, while 25,125 and 25,000 act as key support levels.
The Bank Nifty, however, bucked the trend, rising 454 points and forming a bullish candlestick pattern. This signals fresh buying interest despite broader market sluggishness.
Global markets provided a somewhat positive backdrop. Asian and US indices had posted strong rallies earlier, with the Dow Jones up 1.14%, the Nasdaq rising 0.61%, and the S&P 500 gaining 0.78%. Analysts attributed the US market strength to solid corporate earnings and easing trade war fears.
In Asia, Japan’s Nikkei 225 surged 1.97%, extending gains from the previous session. Indonesia’s Jakarta Composite jumped 1.70%, while Hong Kong, Shanghai, and Seoul also edged higher.
Institutional activity showed a clear divide—foreign investors continued selling for the fifth straight day, offloading Rs 4,209 crore worth of stocks. Domestic investors, however, stayed bullish, buying shares worth Rs 4,358 crore, marking their 12th consecutive day of net purchases.
With IT stocks under pressure and global markets offering mixed cues, traders are keeping a close eye on key resistance and support levels. The session’s muted start suggests investors are treading carefully, waiting for fresh triggers.