CHENNAI: Indian stock markets opened on a weak note on Monday, July 28, tracking broad-based selling, particularly in IT and private banking stocks. The BSE Sensex fell 306 points, or 0.38%, to 81,155 at open, while the Nifty50 declined 93 points, or 0.37%, to trade at 24,744.
Leading the losses were Kotak Mahindra Bank, which dropped over 6%, followed by IT majors TCS, Infosys, and HCL Tech. Other laggards on the Sensex included Bharti Airtel, Titan, and Bajaj Finance. On the positive side, Tata Motors, Bajaj Finserv, Ultratech Cement, Maruti Suzuki, Tata Steel, and Power Grid posted gains, lending some support to the benchmarks.
The broader markets also saw weakness, with the Nifty MidCap index down 0.28% and the Nifty SmallCap index slipping 0.58%. Sectorally, the Nifty IT index was the worst performer, falling 1.4%, while the Nifty Private Bank and Realty indices also lost over 1% each.
In the IPO space, the listing of SME issues Swastika Castal and Savy Infra is in focus. Meanwhile, new SME IPOs from Repono and Umiya Mobile opened for subscription. PropShare Titania’s mainboard IPO enters its final day, while ongoing issues from Shanti Gold International, Sellowrap Industries, Shree Refrigerations, and Patel Chem Specialities continue into their second day. Brigade Hotel Ventures’ IPO enters Day 3, and allotment status is expected today for Indiqube Space, TSC India, and GNG Electronics.