Sensex, Nifty Remains Flat In Morning Trade

The Indian markets opened flat with negative bias following major declines in banking stocks on Monday, July 26. 

At 9:40AM, the BSE Sensex was down 13.53 points at 52,962.27, while the Nifty-50 was at 15,855.15, down 0.90 points. At 10:04 AM BSE was up at 53,007.44 points, a gain of 31.64 points.

The 30-share pack Sensex saw 17 advances and 13 declines in the morning trade. Shares of ITC made to the top position, advancing over a per cent each after the company reported a profit of Rs 3,013.5 crore, up 29 per cent in their Q1. Tata Steel, Reliance, and Larsen were other top gainers at the market opening.

On the flipside, shares of SBI, Axis Bank, Maruti Suzuki, and HDFC were the top drags for the index, shedding nearly a per cent each.

Among the sectors, the Auto, Banks, and Energy sector were in the red territory, while other sectors saw moderate buying momentum. The technology sector was the top gainer among all other sectors led by shares of COFORGE, Mindtree, and Infosys as they gained nearly a per cent each.

Experts believe that the markets throughout the day will remain muted and profit booking will be seen in the markets. Reliance Industries, ITC, ICICI Bank, and Ambuja Cements will be the top stocks in focus for the trading session on Monday post their Q1 earnings.

Later today, companies like Axis Bank, Kotak Mahindra Bank, L&T, Tata Motors, Sun Pharma, and SBI Life Insurance are set to announce their quarter earnings for the quarter ended June 30, 2021.

However, the sustained selling from FIIs in the cash segment of Indian equity markets is causing some bad movements, said experts. The FIIs were net sellers of shares worth Rs 163.31 crore in the trading session on Friday, July 23, while the DIIs bought shares worth Rs 2,187.80 crore.

The overall advance decline ratio supported bulls as 998 scrips were trading higer and 719 stocks were under pressure in the NSE at the time of filing.