The Indian stock markets ended a choppy session on July 16 with marginal losses, as investor sentiment turned cautious ahead of key global earnings and macroeconomic cues. Despite early gains, both benchmark indices struggled to hold momentum, dragged down by IT stocks, select private banks, and profit booking in FMCG names.
Sensex & Nifty Snapshot
BSE Sensex closed at 77,401, down 34 points
Nifty 50 settled at 23,536, slipping 9 points
The broader markets remained slightly better off, with midcap and smallcap indices ending marginally higher, thanks to sustained interest in auto, PSU banks, and select energy counters.
What Moved the Market Today?
The day began on a positive note, buoyed by a rebound in global equities and some buying in energy and auto names. However, the gains fizzled out in the second half as:
TCS and Infosys extended their correction following muted Q1 earnings
Axis Bank and HDFC Bank faced profit booking post recent rallies
Caution ahead of the US Federal Reserve Chair’s testimony and China GDP data added to global nervousness
On the flip side, NTPC, Power Grid, ONGC, and Tata Motors lent some support, with investors rotating into defensives and infra-oriented counters.
Sectoral Performance
🔻 IT: Continued under pressure; Infosys, Wipro, Tech Mahindra slipped 1–2%
🔻 Private Banks: Axis Bank and IndusInd Bank were among key drags
🔼 Power & Oil: NTPC, ONGC, Power Grid, and Reliance gained ground
🔼 Auto: Hero MotoCorp, Bajaj Auto ended with decent gains
The Nifty IT index is down nearly 6% so far this week, reflecting global headwinds in the technology space.
Expert Take
Anuj Sharma, Market Strategist at WealthMatrix Capital:
“Markets are clearly consolidating after a strong multi-week rally. With IT earnings failing to meet expectations and global signals turning mixed, we’re likely to see sideways movement till fresh triggers emerge.”
CA Manoj Kumar Singh, BFSI Equity Advisor:
“Banking has had a strong run, so some cooling-off is natural. But the underlying sentiment remains constructive, especially for PSU and retail-focused lenders. We may see buying resume on dips.”
Global Cues to Watch
Markets are treading carefully ahead of:
US Fed Chair Jerome Powell’s testimony to Congress
Q2 earnings season in the US, especially for banks and tech giants
China’s GDP and industrial data, which could impact global demand outlook
Conclusion
While today’s session ended flat, the underlying tone in the market remains cautious but not bearish. Investors are taking a pause after the June-July rally, rebalancing portfolios amid mixed signals from global and domestic fronts. Going forward, stock-specific moves, especially in earnings-heavy sectors, are likely to dominate short-term trends.
Key Levels to Watch (Technical Outlook)
Nifty Support: 23,400
Nifty Resistance: 23,650
Sensex Range: 77,000–77,800
