The Indian equity benchmark indices, Nifty50 and BSE Sensex, kicked off the trading day in the red on Friday. Nifty50 started below the 25,100 mark while BSE Sensex witnessed a decline exceeding 100 points in early trading. At 9:21 AM, Nifty50 was hovering around 25,087.40, down 24 points or 0.10%, whereas BSE Sensex was at 82,121.63, marking a decrease of 138 points or 0.17%. Market outlook indicates a phase of consolidation as investors closely monitor earnings releases and developments in US-India trade discussions. Key companies such as Reliance Industries, JSW Steel, and L&T Finance are set to report their results today. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited, highlighted the underperformance of Indian markets compared to others so far in July, with a 1.6% dip in Nifty. He mentioned the observable trend in Foreign Institutional Investors (FIIs) activity, reflecting a bearish sentiment. FIIs have been selling in the cash market and increasing short positions in the derivatives market. The luxury consumption segment seems resilient while mass consumption remains weak in the Indian economy. Asian equities made modest gains fueled by strong economic data. The S&P 500 and Nasdaq Composite soared to new highs, driven by positive economic indicators. Gold prices held steady amidst a strong dollar and upbeat US economic data.
