Mumbai, July 24
The Indian stock market opened flat on Thursday as IT companies experienced selling pressure amid mixed global cues.
At 9.28 am, Sensex slipped 110 points or 0.13 per cent to 82,615 and Nifty slipped 13 points or 0.05 per cent to 25,206.
Sectorally, Nifty IT underperformed with a loss of 1.17 per cent. All other sectors show marginal dips to moderate gains. Bank stocks showed moderate losses up to 0.20 per cent.
Midcap and smallcap stocks saw selling pressure. Nifty midcap 100 index was down 0.39 per cent at 59,148 and Nifty smallcap 100 index was down 0.07 per cent at 18,879.
In the Nifty pack, Dr. Reddy's Laboratories led the gainers (3.07 per cent), followed by Tata Motors (1.51 per cent). Tata Consumer Products, Eicher Motors, JSW Steel and Tata Steel were other major gainers. Trent, Kotak Mahindra Bank, and Bajaj Finance were among losers in early trade.
"Market sentiment remains cautiously optimistic amid heightened volatility and mixed global cues. Nifty 50's rebound highlights buyer strength at lower levels. A sustained move above 25,250 could potentially open the path toward the 25,330 mark. On the downside, immediate support is placed at 25,125, followed by 25,000," said Hardik Matalia from Choice Equity Broking Private Limited.
The Bank Nifty outperformed the broader index, rising 454 points and forming a bullish candlestick, indicating renewed buying interest, he added.