NIFTY50 opens below 25,000 level, Sensex down 26 points after heavyweights earnings; IndusInd Bank and RIL top losers

The Indian stock market opened with cuts on Monday, July 21, mostly dragged down by heavyweights like Wipro, Reliance Industries (RIL), and Axis Bank as quarterly earnings keep investors worried.

Market participants are also eyeing the outcome of India-US trade talks and global cues. The India and US teams concluded the fifth round of talks for the proposed bilateral trade agreement (BTA) in Washington on July 17.

The broader market was trading lower, with both Nifty Midcap 100 and Nifty Smallcap 100 losing 0.21% and 0.40%, respectively.

According to exchange data, on Friday, the foreign institutional investors (FIIs) and the domestic institutional investors (DIIs) have bought equities worth ₹374.74 crore and ₹2,103.51 crore on a net basis, respectively.

After three months of fund infusion, foreign investors turned net sellers with withdrawals of ₹5,524 crore so far in July, amid the ongoing trade tensions between the US and India and mixed corporate results.

Globally, the indices on the Asian markets were trading mixed on Monday as investors remained cautious ahead of China's rate decision.

Hong Kong's Hang Seng was seen at the 24,891.47 level, rising 0.34%. The Shanghai Composite also traded higher by 0.44% at 3,549.89 levels, while South Korea’s Kospi index gained 0.53% to trade at 3,205.03 levels.

On Friday, the US indices ended little changed amid reports indicating President Donald Trump is pushing for steep new tariffs on European Union products.

The S&P 500 declined 0.57 points, or 0.01%, to close at 6,296.79, while the Nasdaq Composite rose 10.01 points, or 0.05%, to end at 20,895.66. The Dow Jones Industrial Average slipped 142.30 points, or 0.32%, to settle at 44,342.19.

As many as 2,592 stocks traded on the NSE during the early session, among which 958 were trading in the green, 1,559 were trading in the red, and 75 shares remained unchanged.

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

Meanwhile, 50 stocks hit their one-year highs in the early trade, while only 15 stocks touched their 52-week lows.

Further, 47 stocks hit their upper circuits, while 38 hit their lower circuits.

India VIX, the volatility gauge, was trading 1.66% higher at 11.58 levels.

IndusInd Bank was the biggest losing stock, tumbling 3.06% in the early session, followed by Wipro (-2.23%), RIL (-2.04%), Axis Bank (-2.02%), and JSW Steel (-1.38%).

On the flip side, Tata Steel (1.56%), HDFC Bank (1.36%), ICICI Bank (1.19%), Eternal (0.97%), and Hindalco Industries (0.95%) were the top gainers on the 50-share index.