Metals, real estate, and healthcare stocks led early gains.
Indian equity markets opened on a positive note, tracking the positive global sentiment, with the Nifty index rising above 24,500.
On the macro front, July inflation came in at an eight-year low of 1.5%, driven by a continued decline in food prices. It is now below the RBI’s comfort level (2-6% flexible inflation target range) for the first time since January 2019.
At 09:40 a.m. IST, the Nifty 50 traded 89 points higher at 24,577, while the Sensex gained 216 points at 80,452. Broader markets outperformed, with the Nifty Midcap gaining 0.6% and the Smallcap index rising 0.4%.
The retail sentiment on Stocktwits for Nifty remained ‘bullish’ amid ‘high’ message volumes at market open.
Stock Watch
Sectorally, barring minor weakness in FMCG and technology, the rest of the indices traded in the green. Metals, real estate, and healthcare saw buying action.
Honasa Consumer shares surged 12% on earnings beat, while Nykaa rose 3% after its profit surged 79.4% to ₹24.5 crore in Q1.
Apollo Hospitals gained 5% and was the top Nifty gainer on a strong show in the June quarter earnings, with profit rising 41.8% to ₹432.8 crore.
On the other hand, Suzlon Energy fell 4% and Allcargo fell 6% as the street parsed its earnings performance.
Paytm rose 5% as the Reserve Bank of India granted ‘in-principle’ authorisation to Paytm Payments Services to operate as an online payment aggregator.
Motilal Oswal shares rose 2% on the back of its ₹400 crore investment in Zepto.
Meanwhile, Maruti was among the top Nifty losers. Reports suggest that it is looking to launch a new SUV in September.
Watch out for BPCL, United Spirits, Godrej Industries, Hindustan Copper, IRCTC, Jubilant Food, Samvardhana Motherson, Muthoot Finance, Nuvama Wealth, Pfizer, Texmaco Rail & Engineering, TVS Electronics, and Vishal Mega Mart, among others, as they report quarterly earnings today.
Stock Calls
Analyst Financial Sarthis shared a few stocks to add to the investors’ watchlist.
DMart is consolidating at the golden ratio zone (0.618). A breakout above ₹4,280 could ignite a rally toward ₹4,650, with support at ₹4,150.
Indigo is testing a triangle breakout at ₹5,920. It needs a volume boost to sustain the gains. If the stock moves above ₹5,950, it could target ₹6,100 and higher.
Jindal Steel is forming a bullish inverse head and shoulder pattern on its chart with a neckline at ₹1,003. Watch for volume-backed breakout to ₹1,050 and higher.
Muthoot Finance slipped below channel support at ₹2,540. It needs moderate sell volumes to confirm pressure. Watch for ₹2,500 as the next support. Weakness may persist unless bulls reclaim ₹2,540 soon.
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 over ₹3,000 crore in the cash market and added fresh net index short positions in F&O, signaling continued bearish bias.
He added that any short covering rally should be seen as a selling opportunity ahead of the crucial August 15 meeting between the US and Russia, as the outcome could significantly impact the India–US trade deal and broader sentiment. Patel advised traders to avoid chasing rallies and use them to build cautious short positions.
Pradeep Carpenter said that the first hour of trade is likely to see strong follow-through buying, with rate-sensitive sectors (banks, autos, real estate) seeing action. If Nifty sustains above the gap-up zone for 30–45 mins, a trend day on the upside is possible.
Prabhat Mittal identified Nifty support at 24,380 with resistance at 24,720. For the Bank Nifty, he sees support at 54,800 and resistance at 55,600.
Global Cues
Globally, Asian markets traded higher, while crude oil prices fell ahead of the inventory report from the U.S. Energy Information Administration.
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