Sensex, Nifty open flat amid cautious trade; L&T, NTPC, Asian Paints in focus ahead of earnings

The stock market opened on a steady note today, 29 July. The BSE Sensex inched up by 12.08 points or 0.015%, trading at 80,903.10. This was a slight gain from its previous close of 80,891.02 at 10:00 am IST. Analysts say the early movement in the index showed minimal volatility, indicating a cautious yet optimistic sentiment among investors at the start of the trading day. Meanwhile, the NSE Nifty 50 opened higher at 24,704.40, marking an increase of 23.50 points or 0.095% from the previous close of 24,680.90 at around 10:00 AM IST.

The NSE index showed a more upward trend compared to the Sensex, reflecting broader market participation. Early trading activity suggests that investors are waiting for cues from corporate earnings reports and global market trends before making major moves.

"For today, it is advisable to take a long position if Nifty bounces and forms a reversal formation from 24500-24550 levels with a stop-loss of 24450. Around 24900-25000, it may find severe resistance," said Shrikant Chouhan, Head Equity Research, Kotak Securities.

Stocks to watch: The quarterly earnings for July 29 will be announced by several key companies, including Bank of India and Dilip Buildcon. Other firms scheduled to release their results include Deepak Fertilisers & Petrochemicals Corporation, GMR Airports, Larsen & Toubro, NTPC, Asian Paints, Amber Enterprises India, etc.

According to reports,  Lenskart has also filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India (SEBI) to raise funds through an initial public offering (IPO). Ather Energy partners with the government to boost the EV manufacturing ecosystem. NTPC will also release its results today. Market participants will watch for updates on its capacity expansion and renewable energy projects. Asian Paints' earnings announcement may shed light on consumer demand trends and input cost pressures.

Other stocks to look at

Piramal Enterprises: With earnings due today, markets will watch for any updates on asset quality and performance of its financial services business.

Varun Beverages: The beverage major’s results will be tracked for volume growth, especially with seasonal tailwinds.

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