Nifty, Sensex open cautiously; banking, pharma stocks weigh

The Sensex, which had closed Monday’s session at 77,708.52, opened at 77,649.63 and was trading at 77,720.47, up 11.95 points or 0.02 per cent, as of 9.19 am. The Nifty50, which ended the previous session at 24,238.50, opened at 24,216.05 and was last seen at 24,256.30, up 17.80 points or 0.07 per cent.
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Benchmark equity indices opened on a cautious note on Tuesday morning, with the Sensex and Nifty50 trading marginally in the green after Monday’s losses, as investors weighed mixed global cues and continued to track first-quarter corporate earnings.

The Sensex, which had closed Monday’s session at 77,708.52, opened at 77,649.63 and was trading at 77,720.47, up 11.95 points or 0.02 per cent, as of 9.19 am. The Nifty50, which ended the previous session at 24,238.50, opened at 24,216.05 and was last seen at 24,256.30, up 17.80 points or 0.07 per cent.

Monday’s session saw both indices end lower, the Nifty falling 95.80 points, or 0.39 per cent, dragged primarily by selling in private banking, financial services, and auto stocks following first-quarter earnings announcements. Gift Nifty had indicated a negative start for Tuesday, pointing to a gap-down open, though markets managed to recover some ground in early trade.

Among the early gainers on the Nifty50, Shriram Finance led with a 0.98 per cent rise, trading at ₹1,045.50 against a previous close of ₹1,035.40. UltraTech Cement followed, up 0.90 per cent at ₹12,010, while Eicher Motors gained 0.83 per cent to trade at ₹7,626. In the technology space, Tech Mahindra rose 0.82 per cent to ₹1,589.30, and Nestle India added 0.80 per cent to reach ₹1,457.90, reflecting buying interest in FMCG.

On the losing side, HDFC Bank and Sun Pharma were the top drags, each declining 0.67 per cent. HDFC Bank slipped to ₹772.40 from a previous close of ₹777.60, while Sun Pharma fell to ₹1,943.30 against ₹1,956.40. Eternal declined 0.66 per cent to ₹285.05, Maruti Suzuki shed 0.64 per cent to trade at ₹13,428 against a previous close of ₹13,514, and Dr. Reddy’s Laboratories fell 0.61 per cent to ₹1,215.70.

The early morning weakness was broad-based, reflecting lingering concerns over geopolitical tensions in West Asia, elevated crude oil prices, and a cautious rupee. “Indian equity markets are expected to open on a cautious note amid mixed global cues, with investors likely to remain watchful ahead of fresh global triggers,” said Sachin Gupta, VP – Research at Choice Broking. “… The overall undertone remains neutral, and the benchmark indices are expected to witness a range-bound session with stock-specific action dominating trade.”

Monday’s session saw Foreign Institutional Investors (FIIs) remain net sellers at ₹1,305 crore, though Domestic Institutional Investors (DIIs) absorbed much of that pressure with net purchases of ₹1,409 crore, providing a stabilising floor to the market.

The automobile sector, represented in the losers by Maruti Suzuki, continued to face selling pressure alongside private banking names. Meanwhile, the infrastructure and cement space saw support, with UltraTech Cement among the gainers. “Sectorally, PSU banks stole the show [on Monday], rallying 2.75 per cent, while defensive pockets such as Pharma and FMCG also witnessed healthy buying interest, highlighting a shift towards quality and defensive names,” noted Shrikant Chouhan, Head of Equity Research at Kotak Securities.

Crude oil prices remained a key concern for energy-importing sectors. “Even though the softening of Brent crude to about $88 is a positive sign, the uncertainty is so huge that there is an upside risk to crude price,” said Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments. “… This will weigh on markets.

American markets ended lower on Monday, with the S&P 500, Nasdaq, and Dow Jones declining 0.2 per cent, 0.1 per cent, and 0.6 per cent, respectively, as higher energy prices stoked fresh inflation concerns. Asian markets, however, were trading higher at the time of the Indian open.

Analysts flagged the ongoing earnings season as the primary driver of near-term stock-specific movement. “Until there is greater clarity on the geopolitical front, broader market sentiment is likely to remain subdued despite selective opportunities emerging from corporate earnings,” said Ponmudi R, CEO of Enrich Money. Gaurav Udani, Founder of Thincredbu Securities, added: “… Until the index delivers a decisive breakout above resistance or below support, a disciplined, level-based approach remains the preferred strategy.”

Key technical levels for traders to watch remain 24,000–24,050 as immediate support and 24,300–24,400 as resistance on the Nifty, with a sustained close above the upper band needed to confirm a bullish trend reversal.

Published on July 21, 2026