Indices open lower for fourth session, NIFTY50, Sensex trade flat; Eternal top loser

The Indian stock market opened lower for the fourth straight session on Tuesday, July 29, tracking its Asian peers amid continuous foreign fund outflows. But later it gained momentum, and were trading in green.

The broader market was also seen trading mixed in the early session, with the Nifty Midcap 100 rising marginally by 0.10% while the Nifty Smallcap lost 0.45%.

Among sectors, Nifty IT (-0.43%) and Nifty Consumer Durables (-0.12%) were the only losers, while Nifty Metal (0.55%), Nifty Realty (0.66%), and Nifty Oil and Gas (0.69%) were the top gainers.

According to exchange data, on Monday, the foreign institutional investors (FIIs) sold equities worth ₹6,082.47 crore on a net basis, while the domestic institutional investors (DIIs) purchased ₹6,764.55 crore worth of equities.

Globally, Asian stocks were seen subdued on Tuesday morning as trade deal sentiment was seen fading away and investors turned their eyes towards upcoming economic data and corporate earnings.

Japan's Nikkei was trading down 0.80% at 40,672 levels, Hong Kong's Hang Seng was seen at the 25,233 level, losing 1.29%, and the Shanghai Composite also traded lower by 0.08% at 3,595.19 levels. South Korea’s Kospi index rose 0.57% to 3,227.87.

Meanwhile, on Wall Street, the S&P 500 edged higher to end at a record high for a sixth straight session on Monday following a choppy trade following the US-EU trade deal.

The S&P 500 jumped 1.13 points, or 0.02%, to end at 6,389.77, and the Nasdaq Composite also rose 70.27 points, or 0.33%, to close at 21,178.58. However, the Dow Jones Industrial Average declined 64.36 points, or 0.14%, to settle at the 44,837.56 level.

As many as 2,405 stocks traded on the NSE during the early session, among which 1,278 were trading in the green, 1,036 were trading in the red, and 91 shares remained unchanged.

This indicates that the market breadth was in favour of positive.

Meanwhile, 16 stocks hit their one-year highs in the early trade, while only 31 stocks touched their 52-week lows.

Twenty-two stocks also hit their lower circuits, while 29 stocks hit their upper circuits.

India VIX, the volatility gauge, was trading 0.51% higher at 12.13 levels.

Shares of Eternal led the pack of losers, falling 1.72%, followed by SBI Life Insurance (-0.86%), Infosys (-0.84%), Bharat Electronics (-0.76%), and Wipro (-0.56%).

On the flip side, JSW Steel (1.7%), IndusInd Bank (1.3%), Jio Financial Services (1.19%), Reliance Industries (0.82%), and Tata Motors (0.80%) were the top gainers on the 50-share index.