Mumbai, July 9 (UNI) Indian equity markets moved in a tight range today as global uncertainty and tariff tensions weighed in on investor sentiment.
The benchmark Nifty index opened flat at 25,514 points and oscillated between 25,472 and 25,548 before closing at 25,476.10, down by 46.40 points.
According to Sundar Kewat, Technical and Derivatives Analyst at Ashika Institutional Equity, part of Ashika Group, the session was marked by cautious trading with selective sectoral strength.
While Consumer Goods, Automobiles, Consumption, and Financial Services saw moderate gains, Metal, Realty, and IT stocks remained under pressure.
Sentiment turned risk-averse following US President Donald Trump’s declaration that there would be no further extensions on India-US tariff talks, with new duties set to take effect from August one. Trump’s call for a 50% tariff particularly hit the metal sector, dragging stocks in the space lower.
In the derivatives space, significant open interest build-up was seen in stocks like Mankind Pharma, Hindustan Copper, Vedanta, Kaynes Technology, and Phoenix Mills.
On the index front, the highest open interest accumulation for Nifty was at the 25,600 and 26,000 call strikes, while support levels on the put side appeared at 25,500 and 25,400. The overall Put-Call Ratio stood at 0.81, reflecting cautious undertones in the market.
Commenting on the post-market movement, Aditya Gaggar, Director at Progressive Shares, said, “The index witnessed rangebound action through most of the session but slipped lower towards the end, closing in the red. FMCG and Auto were the day’s top performers, while Realty and Metals each fell by over 1.40 percent.”
“Broader market action was mixed — Midcaps tracked the Nifty, but Smallcaps showed relative outperformance. Despite a breakout from the Flag and Pole formation, the index failed to sustain upward momentum and ended with a bearish candle.”
Gaggar added that immediate resistance and support levels for Nifty are placed at 25,580 and 25,430, respectively.
