Key inflation data and earnings from major companies such as HAL, ONGC, and Suzlon are expected to set the near-term tone.
Indian equity markets opened on a cautious note, a day after recording a sharp recovery that snapped a six-week losing streak. The Nifty holds above 24,500 even as trade remains range-bound. Investors will be eyeing the crucial CPI inflation print due later in the day.
At 09:40 a.m. IST, the Nifty 50 traded 43 points higher at 24,628, while the Sensex gained 164 points at 80,768. Broader markets underperformed, with the Nifty Midcap falling 0.1% and the Smallcap index trading flat.
The retail sentiment on Stocktwits for Nifty remained ‘bullish’ amid ‘high’ message volumes at market open.
Stock Watch
Sectorally, barring private banks and real estate, the rest of the indices traded in the green, with media, technology, and energy leading the pack.
Hindalco opened 2% lower on subdued June quarter (Q1 FY26) earnings show. Astral fell 6%, Praj Industries fell 7% on disappointing Q1. On the other hand, Tilaknagar surged 6%, Awfis rallied 9%, following strong earnings.
Pfizer India gained 2% on launching the pneumococcal conjugate vaccine (PCV20) in India.
Indian Hotels rose over 1% after the board approved the acquisition of controlling stakes in ANK Hotels and Pride Hospitality for up to ₹204 crore.
And Medi Assist surged over 5% following a large block deal. Reports suggest that the promoter was looking to offload 4% stake.
Watch out for Hindustan Aeronautics, Apollo Hospitals, Honasa Consumer, Alkem Laboratories, Cochin Shipyard, Bharat Dynamics, ONGC, Jindal Steel & Power, FSN E-Commerce, Zydus Lifesciences, and Suzlon, among others, as they report quarterly earnings today.
Markets: The Road Ahead
From a technical standpoint, SEBI-registered analysts on Stocktwits shared the trade setup.
Varunkumar Patel noted that Foreign Institutional Investors (FIIs) sold nearly ₹1,200 crore worth of equities in the cash market. In the F&O segment, they trimmed some index short positions, but overall positioning still leans cautious. He expects Nifty to trade in a broad range of 23,850–24,900 until there are fresh triggers. Short-term moves are likely to remain choppy. Overall, the Put-Call ratio (PCR) is now standing at 1.0, which indicates markets are not out of oversold territory.
All eyes are on the US inflation data and India’s CPI data today. He believes that both could set the tone for the next move in global and domestic markets. Macro events and news flow till August 15 may keep volatility high. He advised traders to avoid over-leveraging and chase only high-conviction setups.
Prabhat Mittal identified Nifty support at 24,380 with resistance at 24,720. For the Bank Nifty, he sees support at 55,100 and resistance at 55,900.
Global Cues
Globally, Asian markets traded mixed even as the US-China trade truce was extended by 90 days, while crude oil prices edged higher as investors awaited the outcome of U.S.-Russia talks aimed at resolving the Ukraine conflict, scheduled for August 15.
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