Mumbai:The Indian stock market was trading flat after early losses on Tuesday amid mixed global cues. At 9.29 am, Sensex was nearly unchanged adding just 1.69 points at 80,892 points. Nifty was up 16 points or 0.06 per cent at 24,696.
Amid mixed global cues, the Indian indices at the opening bell opened lower with Nifty around 24,600. “After a negative opening, Nifty can find support at 24,600 followed by 24,500 and 24,300. On the higher side, 24,800 can be an immediate resistance, followed by 24,900 and 25,000,” said Hardik Matalia from Choice Equity Broking.
A sustained move above 25,000 is crucial for any meaningful pause in the ongoing selling pressure. As long as the index trades below the 25,000 mark, the short-term outlook remains weak, and a ‘sell-on-rise’ strategy is advisable, he added. In the opening trading session, Nifty realty were leading the market, while Nifty IT declined 0.32 per cent.
Nifty Bank ended almost flat down 0.01 per cent. In the Nifty pack, JSW Steel, Jio Financial, IndusInd Bank, Reliance Industries, and Shriram Finance emerged as the top gainers. On the contrary, Eternal fell with 1.64 per cent drop, followed by Infosys, SBI Life Insurance, Wipro, and Bharat Electronics.
Analysts said that the major issue weighing on markets is that the expected trade deal between India and the US has not happened so far and the probability of a deal before the August 1 deadline is becoming lower. In US markets, while the Dow Jones slipped 0.14per cent, the Nasdaq edged up 0.33 per cent. The S&P 500 ended nearly flat with a marginal gain of 0.02 per cent.
In Asia, sentiment remained broadly subdued as investors awaited the outcome of the ongoing U.S.-China trade talks. Japan’s Nikkei 225 fell 0.91 per cent, and Hong Kong’s Hang Seng Index declined 0.93 per cent. South Korea’s Kospi advanced 0.59 per cent. China’s markets were nearly flat in the morning session.
Foreign Institutional Investors (FIIs) continued their selling streak for the sixth day, signaling persistent pressure on the broader market sentiment. FIIs sold equities worth Rs 6,082 crore yesterday, while Domestic institutional investors (DIIs) bought equities worth Rs 6,764 crore.
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