Stock Market Opening: Nifty, Sensex Continue Bearish Momentum On July 28; What’s Dragging Nifty, Sensex Today?

Stock Market Opening: The Indian stock market continued its downward trajectory on Monday, as banking and financial institutions joined hands with IT stocks to drag Nifty and Sensex lower. Nifty 50 opened 54 points lower at 24,782 points, whereas BSE Sensex was down close to 163 points at 81,300 points.

Banking and financial sector stocks underperformed during Monday's opening session as Kotak Mahindra Bank, Bajaj Finance, Jio Finance, etc, remained in the red today. Information and Technology sector stocks (IT Stocks) also remained under pressure. Recently, Tata Consultancy Services (TCS), announced that it has planned to reduce its workforce by over 2%, which means laying off around 2,000 professionals in financial year 2025-26.

Indian Stock Market Opening

The Indian stock market opened on a dull note, as the investors maintained their 'wait and watch' strategy amid multiple Q1 result disappointments. With Nifty50's weak opening, Bank Financials stocks remained under pressure. Nifty Bank was down around 0.16%, and Nifty IT was down around 0.42%.

Broadmarket indices recovered in the first thirty minutes of the stock market opening and nearly all of the indices were trading in green. Nifty Midcap 50, Nifty 500, Nifty Midcap 150, Nifty Smallcap 400, etc were trading nearly more than 0.50%.

Top Gainers, Top Losers

Tata Motors, Shriram Finance, Bajaj Auto, Ultra Cement Company, Bajaj Finserve, Adani Enterprises, Hero Motocorp were among the top gainers on NSE. Whereas, Kotak Mahindra Bank, TCS, Wipro, Infosys, Bharti Airtel, Eternal, Titan, JioFinance, etc were among the top laggards on Nifty 50 today.

How Will Nifty 50 Perform During The Day?

"Nifty is expected to open on a flattish note and likely to witness range bound move during the day. On technical grounds, Nifty has an immediate support at 24770. If Nifty closes below that, further downside can be expected towards 24700-24640 mark. On the flip side 24940-25000 will act as strong resistance levels," noted Nirmal Bang in its report released on Monday.

For Bank Nifty, the brokerage added, "Bank Nifty's next immediate support is around 56340 levels on the downside and on a decisive close below expect a fall to 56100-55840. There is an immediate resistance at 56800-57000 levels."

Despite a weak start of the Indian stock market today, the benchmark indices showcased an overall positive sentiment with a healthy advance-to-decline ratio. Nearly 1,840 stocks were advancing against a decline of 1,429 stocks on BSE till 10 am. Till now, nearly 84 stocks had touched upper circuit, whereas around 83 stocks had dipped to their lower circuit mark on BSE.

Global Stock Market Today

The global stock market indicated an overall positive sentiment, with most of the United States stock market indices ending in green on Friday. The Dow Jones Industrial Average ended 0.47% higher at 44,901 points, whereas, S&P500 closed 0.4% higher. Meanwhile, Nasdaq was up around 0.24% at 21,108 points on Friday.

The Asian stock markets showcased a mixed sentiment earlier on Monday. Hang Seng index was up around 0.4% at 25,490 points. Whereas, SSE Composite was down around 0.17% at 3587 points. Meanwhile, Nikkei 225 was down around 1% at 41,017 points at 10 am on Monday.

Disclaimer: The write-up is just for information purposes, and is not a recommendation to buy, sell or hold. We have not done fundamental or technical analysis and have no opinion on article mentioned. Neither, the author nor Greynium Information Technologies should be held liable for any losses. Please consult a professional advisor.