Benchmark indices Nifty and Sensex opened in the red on July 17, as investors remained cautious despite a strong close on Wall Street. Mixed cues from Asian markets and lingering worries over weak Q1 earnings and tariff uncertainties kept sentiment under pressure.
At about 9:40 am, the Sensex was down 69.33 points or 0.08 percent at 82,565.15, and the Nifty was down 22.70 points or 0.09 percent at 25,189.35. About 1841 shares advanced, 1053 shares declined, and 175 shares remained unchanged.
Follow our LIVE blog for all the latest market updates
Investors are treading a fine line between optimism and caution during the current relief rally, as they closely watch Q1FY26 corporate earnings. With valuations running high, an upgrade in earnings is crucial to justify the premium. Meanwhile, global sentiment remains uncertain, weighed down by ongoing tariff concerns, Vinod Nair of Geojit Investments Limited said. However, India’s macroeconomic outlook remains robust, underpinned by a steady decline in inflation, easing interest rates, a favourable monsoon, and cooling oil prices. The market has drawn support from eight consecutive months of falling inflation, boosting investor confidence.
At market open on Thursday, July 17, sectoral indices were trading mixed, reflecting a cautious start to the session. The Nifty Pharma index led the gains, rising 0.71 percent, followed by Nifty Realty and Nifty Metal, which were up 0.66 percent and 0.30 percent, respectively. Consumer durables, FMCG, energy, and auto indices also saw mild gains. On the flip side, selling pressure was visible in banking and IT stocks, with Nifty PSU Bank falling 0.44 percent and Nifty IT down 0.23 percent. India VIX remained steady at 11.22, indicating continued low volatility in the market.
Among individual stocks, information and technology player Tech Mahindra Ltd (TechM) shares fell by over a percent after the Mahindra Group company posted its earnings results for the three months ended June 30, 2025. Brokerages remained mixed on their outlook for the firm following strong deal wins during the quarter, while the revenue came in under estimates.
Emcure Pharmaceuticals rose 2 percent after it signed a deal with Sanofi India to distribute and promote Sanofi’s oral anti-diabetic drugs, including Amaryl and Cetapin, across India. The collaboration aims to expand access to trusted diabetes therapies through Emcure’s strong national network.
As for key levels, Nifty is exhibiting early signs of a potential pullback, with persistent buying interest emerging at lower levels, signalling a tug-of-war between bulls and bears. The index has consistently closed above its previous day’s low, indicating a gradual build-up of momentum and the formation of a strong base near the psychologically significant 25,000 level, which also aligns with the 50% Fibonacci retracement, acting as a crucial support. However, the index continues to oscillate below its immediate hurdle at 25,350. Until a breakout occurs, upward moves may remain capped.
Hindalco, Sun Pharma, Apollo Hospitals, Adani Enterprises, and Tata Motors were the top gainers on the Nifty. Laggards on the index included Tech Mahindra, ICICI Bank, HDFC Life Insurance, SBI Life Insurance, and Eternal.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
