Equity markets dip at open; banks, IT, realty drag
On Monday, July 28, the Nifty closed 0.63% lower at 24,680.90 while the Sensex dropped nearly 570 points to settle at 80,891.02. Selling pressure was seen across banking, realty, and IT stocks, with Kotak Mahindra Bank's disappointing Q1 results leading the decline. Market sentiment further weakened as the indices closed near the lowest point of the day, a bearish signal ahead of the monthly expiry of Sensex contracts.
Today morning, the GIFT Nifty indicated a flat-to-negative start, and the indices opened accordingly. Nifty opened around 24,650 and quickly slipped further to 24,609.65 by 9:15 a.m., down about 0.29% from the previous close. The Sensex opened roughly 100 points lower at 80,780 and continued to trade weak. Broader markets also saw pressure, with both mid-cap and small-cap indices down marginally.
The market is currently weighed down by several factors: continued selling by foreign institutional investors, who offloaded over ₹6,000 crore worth of shares on Monday; stalled India–U.S. trade talks ahead of the August 1 deadline for tariff discussions; and poor quarterly earnings from key companies including Kotak Mahindra Bank, Lodha, and IndusInd Bank. The global risk-off mood and fears of retaliatory tariffs are further dampening investor appetite.
Technically, both the Nifty and Sensex are showing signs of weakness, forming a pattern of lower highs and lower lows. Analysts point to key support for the Nifty around 24,550–24,500, with further downside possible toward 24,400 if this range is broken. Resistance is expected near the 24,800–25,000 zone.
The session is also significant from a derivatives standpoint as it marks the monthly expiry for Sensex contracts, which may lead to heightened intraday volatility. Key events to watch include earnings reports from NTPC Green Energy, IndusInd Bank, Amber Enterprises, and UPL, as well as macroeconomic data like June's industrial production figures.
In summary, markets opened lower on July 29, reflecting ongoing bearish momentum driven by global and domestic headwinds. Unless positive triggers emerge from corporate results or trade developments, the downside risks are expected to persist in the near term.
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