After a sharp pullback in the previous session, Indian stock market ended largely flat on July 28, as gains in IT, auto, and realty stocks were offset by weakness in energy, FMCG, metal, and banking counters.

Key Highlights

• Sensex and Nifty ended largely flat as IT gains balanced losses across banking, energy and FMCG. 
• IT, realty and auto stocks advanced while metals, banks and energy sectors limited broader market gains.

The market opened on a muted note amid a weak trend across Asian markets following selling in semiconductor-related stocks, and remained range-bound throughout the session. At close, the Sensex was down 69.86 points, or 0.09%, at 76,765.92, and the Nifty was down 10.60 points, or 0.04%, at 23,985.35. The broader market ended on a mixed note, with the Nifty Midcap 100 index edging up 0.1%, while the Nifty Smallcap 100 index slipped 0.2%.

Top Gainers and Losers

TCS emerged as the top gainer, rising 4.466%, followed by Eternal (4.23%), Tech Mahindra (3.82%), Nestle India (3%), and Cipla (2.5%). On the downside, Hindustan Unilever (HUL) was the biggest laggard, falling 7% after its Q1 results. It was followed by Bharat Electronics (BEL) (-4.24%), Coal India (-4%), Tata Consumer Products (-2.2%), and NTPC (-2%).

Sectoral Performance

Sectoral performance was mixed, with Nifty IT emerging as the top performer, rising 3.2%, followed by Nifty Realty (2%) and Nifty Consumer Durables (1.08%). Nifty Auto also ended higher, gaining 0.69%, while Nifty Pharma added 0.2%.

On the downside, Nifty Energy was the worst-performing sector, declining 1.7%, followed by Nifty FMCG (-1.4%) and Nifty PSU Bank (-0.9%). Nifty Metal slipped 0.6%, while Nifty Bank fell 0.58%. Nifty Infra (-0.5%), Nifty Private Bank (-0.4%), and Nifty Media (-0.34%) also ended lower.

Also Read: Sensex and Nifty Fall for 5th Day as Brent Crude Oil Tops $100

More than 100 stocks touched 52-week highs, including Ramkrishna Forgings, Laurus Labs, Titan Company, Emcure Pharmaceuticals, Federal Bank, Sun Pharma, Pidilite Industries, Divis Labs, and Lenskart Solutions, among others.

The Indian rupee erased most of its intraday gains to end nearly flat on July 28, settling at 95.86 per US dollar, compared with its previous close of 95.89.

Among individual stocks, Coal India fell 4% after the state-run miner reported muted June-quarter profit growth. Bharat Electronics (BEL) declined 4% despite posting an 8.7% year-on-year increase in Q1 profit, while Tata Chemicals slipped 3% after reporting a quarterly loss. Godfrey Phillips India tumbled 8% as its June-quarter profit plunged 44.3% year-on-year, and Hindustan Unilever (HUL) dropped 7% after its Q1 earnings disappointed investors.

Sudeep Shah, Head - Technical and Derivatives Research, SBI Securities, noted that on the monthly expiry day, the Nifty opened steady and remained range-bound throughout the day, oscillating within a narrow 86-point range before ending with a modest loss of 0.04% at 23,985. He said the immediate resistance for Nifty is placed in the 24,120-24,150 zone, coinciding with the 100-day EMA; a sustainable move above this could see Nifty extend its pullback toward 24,300, followed by 24,450 in the short term. On the downside, immediate support is placed in the 23,850-23,820 zone.

Shrikant Chouhan, Head of Equity Research, Kotak Securities, said the Indian stock market witnessed narrow-range activity on the monthly July F&O series expiry day. He noted that a small candle on the daily charts and non-directional intraday activity indicate indecisiveness between bulls and bears, with traders likely waiting for a breakout on either side. On the higher side, a move above 24,050/77,000 could push the market toward 24,150-24,200/77,300-77,500; on the flip side, a breach of 23,900/76,500 could accelerate selling toward 23,800-23,750/76,200-76,000.

Rupak De, Senior Technical Analyst, LKP Securities, said the index remained range-bound during the day, with the regular monthly expiry volatility largely absent. The Nifty closed around the 50EMA for the second consecutive day, suggesting continued indecisiveness among traders, with 24,050 as strong resistance and 23,920 as key support. A decisive move above 24,050 could provide the strength needed for the index to move toward 24,500 in the short term, while support on the lower end is placed at 23,800.