Sensex Opens in Green, Nifty Above 16,000; IT, Pharma Stocks in Focus

Sensex Opens in Green, Nifty Above 16,000; IT, Pharma Stocks in Focus

The Indian stock market opened lower on Thursday, July 27, 2023, tracking weakness in global markets. The Sensex was down 113 points at 53,426, while the Nifty was down 35 points at 15,925.

The sell-off was led by IT stocks, with Infosys and TCS falling 1.5% and 1.2%, respectively. Other losers included HDFC Bank, ITC, and Reliance Industries.

On the global front, Asian markets were mostly lower, with the Hang Seng index down 1.3% and the Nikkei index down 0.7%. European markets were also trading lower, with the FTSE 100 down 0.4% and the DAX down 0.5%.

The weakness in the Indian market is being attributed to a number of factors, including concerns about the global economic slowdown, rising inflation, and the ongoing war in Ukraine.

Technical analysts say that the Sensex and the Nifty are likely to remain under pressure in the near term, as they are trading below their respective 200-day moving averages.

Market Outlook

The Indian stock market is expected to remain volatile in the near term, as investors continue to assess the global economic outlook. However, some analysts believe that the market could bottom out in the coming months, as valuations become more attractive.

In the long term, the Indian stock market is expected to continue to grow, as the country’s economy continues to expand. However, investors should be prepared for some volatility in the near term.

Key Levels to Watch

The Sensex is likely to find support at 53,000 and resistance at 54,000. The Nifty is likely to find support at 15,800 and resistance at 16,200.

Trading Strategy

Investors should avoid trading in the current volatile environment. Instead, they should wait for the market to stabilize before making any new investments.


This article is for informational purposes only and should not be construed as investment advice. Investors should do their own research before making any investment decisions.