Indices open with marginal gains; NIFTY50 holds 25,500 level, Sensex up 89 points; Kotak Mahindra Bank top contributor

The Indian stock market opened flat on Tuesday, July 8, as investors remained cautious after President Donald Trump said the US is close to making a trade deal with India.

The broader market was trading marginally higher in the opening session, with Nifty Midcap 100 and Nifty Smallcap 100 rising 0.09% and 0.33%, respectively.

According to exchange data, on Monday, the foreign institutional investors (FIIs) bought equities worth ₹321.16 crore on a net basis, while the domestic institutional investors (DIIs) purchased ₹1,853.39 crore worth of equities.

President Trump on Monday set a 25% tax on goods imported from Japan and South Korea, as well as new tariff rates on a dozen other nations that would go into effect on August 1.

On the global front, Asian stocks were trading mixed after Trump said that he was open to negotiations after imposing new tariff rates on partners, including Japan and South Korea.

Japan's Nikkei was trading up 0.37% at 39,734.62 levels, while Hong Kong's Hang Seng was seen at the 24,116.97 level, gaining 0.81%.

 The Shanghai Composite also traded higher by 0.56% at 3,492.53 levels. South Korea’s Kospi index soared 1.23% at 3,097.13 levels.

Meanwhile, stocks on Wall Street closed lower on Monday after higher tariff announcements by the US on goods from Japan, South Korea, and other countries.

The Dow Jones Industrial Average declined 422.17 points, or 0.94%, to close at 44,406.36, while the S&P 500 tumbled 49.37 points, or 0.79%, to end at 6,229.98. The Nasdaq Composite settled at 20,412.52, falling 188.59 points, or 0.91%.

As many as 2,415 stocks traded on the NSE during the early session, among which 1,806 were trading in the green, 551 were trading in the red, and 58 shares remained unchanged.

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

Meanwhile, 29 stocks hit their one-year highs in the early trade, while only 20 stocks touched their 52-week lows.

Further, 37 stocks hit their upper circuits, while 16 hit their lower circuits.

India VIX, the volatility gauge, was trading 0.47% lower at 12.50 levels.

Kotak Mahindra Bank was the top contributor in the early session, jumping 3.65%, followed by Eternal (1.97%), Bharat Electronics (1.19%), Tata Motors (0.86%), and ONGC (0.86%).

On the flip side, Titan (-4.46%), Dr. Reddy’s (-1.56%), Cipla (-1.22%), Sun Pharma (-0.45%), and Apollo Hospitals (-0.39%) were the biggest laggards on the 50-share index.

Among sectors, Nifty Consumer Durable (-2.01%), Nifty Pharma (-0.65%), and Nifty Realty (-0.51%) were the top losers, while Nifty Private Bank (0.81%), Nifty Oil and Gas (0.23%), and Nifty FMCG (0.06%) were the gainers.