Mumbai, July 28
The Indian stock market opened in the red on Monday as information technology (IT) stocks saw selling pressure.
At 9.29 am, Sensex slipped 242 points or 0.30 per cent at 81,220 and Nifty declined 63 points or 0.26 per cent at 24,773.
The Nifty Bank fell 0.28 per cent to 56,384. The Nifty IT index and Nifty realty were the worst performer among sectoral peers, shedding 0.61 per cent and 2.75 per cent respectively.
Last week, on Friday, the Nifty 50 extended its decline, slipping below the immediate support level of 24,900 and settling at 24,837. The fall was largely driven by weak global signals and disappointing corporate earnings.
"For any meaningful upside to resume, the index needs to decisively close above the 25,150 mark. A breakout above this level could pave the way for higher targets at 25,500 and 25,700 in the upcoming sessions. Until then, the broader outlook remains sideways to bearish," said Mandar Bhojane from Choice Equity Broking Private Limited.
Nifty midcap 100 index up 0.26 per cent and Nifty midcap 100 stayed unchanged.