Indian stock market opens lower amid mixed global cues

Mumbai, July 9 (IANS) The Indian benchmark indices opened lower on Wednesday amid mixed global cues as selling was seen in the IT, PSU bank and financial service sectors.

At around 9.34 am, Sensex was trading 181.63 points or 0.22 per cent down at 83,530.88 while the Nifty declined 44.25 points or 0.17 per cent at 25,478.25.

"After a flat to negative opening, Nifty can find support at 25,500 followed by 25,400 and 25,300. On the higher side, 25,600 can be an immediate resistance, followed by 25,700 and 25,800,” said Hardik Matalia from Choice Broking.

According to analysts, a significant takeaway from the recent global market trends is that the markets are largely ignoring the noise from the tariff front and are waiting for clarity to emerge.

US President Trump called for up to 200 per cent tariffs on pharmaceuticals and 50 per cent tariffs on copper products. Copper futures jumped over 17 per cent before pulling back slightly. The copper tariffs look more imminent, with Trump indicating that the drug tariffs were still a ways off, said Vikram Kasat, Head-Advisory, PL Capital.

The markets are waiting for clarity to emerge on the trade front, said analysts.

Nifty Bank was down 196.25 points or 0.34 per cent at 57,060.05 in early trade. The Nifty Midcap 100 index was trading at 59,487.45 after adding 72 points or 0.12 per cent. Nifty Smallcap 100 index was at 18,979.75 after adding 84.55 points or 0.45 per cent.

Meanwhile, in the Sensex pack, HCL Tech, Infosys, Tata Steel, L&T, ICICI Bank, Tata Motors, UltraTech Cement, M&M, Eternal and Trent were the top losers. Whereas, Hindustan Unilever Limited, Bajaj Finance, Maruti Suzuki, NTPC and Power Grid were the top gainers.

On the institutional front, foreign institutional investors (FIIs) sold equities worth Rs 26.12 crore on July 8, whereas domestic institutional investors (DIIs) bought equities worth Rs 1,366.82 crore on the same day.

In the Asian markets, Bangkok and Hong Kong were trading in red, whereas Japan, Seoul, China and Jakarta were trading in green.

In the last trading session, Dow Jones in the US closed at 44,240.76, down 165.60 points, or 0.37 per cent. The S&P 500 ended with a loss of 4.46 points, or 0.07 per cent at 6,225.52 and the Nasdaq closed at 20,418.46, up 5.95 points, or 0.03 per cent.

--IANS

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