Indian stock markets opened marginally lower on Tuesday, reflecting mixed global sentiment and recent domestic economic data. The BSE Sensex began trading at 79,576.14, down 72.78 points or 0.09%, while the Nifty opened at 24,320.35, dropping 26.65 points or 0.11%.
At 10:30 am, the Sensex was trading at 79,506.06, down 142.86 points or 0.18% lower. Nifty was at 24,278.65, down 68.35 points or 0.28 per cent.
The top gainers on the NSE included Apollo Hospitals Enterprise, Hero MotoCorp, Britannia, HCL Tech and Bharti Airtel. HDFC Bank, Bharat Petroleum Corporation, Shriram Finance, Grasim and HDFC Life Insurance were among the top losers.
Avdhut Bagkar, Technical and Derivatives Analyst at StoxBox, commented, “The preservation of support above the 50-day moving average holds significance, and the maintenance of levels above 24250-24000 on a closing basis is imperative to engender bullish momentum.”
As the truncated trading week begins, market participants will closely monitor global cues and upcoming economic data for further direction.
Today’s cautious start follows a volatile session on Monday, where the Nifty ended nearly flat after erasing earlier losses. The index formed a high wave candle pattern, indicating uncertainty in the market.
Recent economic data showed India’s retail inflation easing to 3.54% in July, down from 5.08% in June. However, industrial production growth slowed to a five-month low of 4.2% in June.
Global markets remain mixed as investors await key US inflation data. US stocks closed mixed on Monday, with oil prices hitting $80 and bonds gaining amid geopolitical tensions.
Deepak Jasani, Head of Retail Research at HDFC Securities, noted, “Nifty remains in a broad range. On up-moves, the 24472-24686 band remains a stiff resistance in the near term, while 23893 could offer support.”
Asian markets showed a varied performance, with Japan’s Nikkei recovering losses from last week’s volatility.
