Mid-Day Market Update 28 July 2025: Nifty Near 24,720; IT Drags, Bank Nifty Steady Around 56,200
By CapitalKeeper | Mid Day | Indian Equities | Market Moves That Matter
📊 Index Update (Mid‑Day, July 28)
- Nifty 50: Opened at 24,782.45, now 24,723.75 (−58.70 pts; −0.24%)
- Bank Nifty: From 56,215.10 to 56,230.25 (+15.15 pts; +0.03%)
- Sensex: Opened at 81,299.97, now 81,027.96 (−272.01 pts; −0.33%)
- Fin Nifty: From 26,684.35 to 26,695.30 (+10.95 pts; +0.04%)
Markets are inching lower, with Nifty probing the 24,700 support zone, while financial indices remain stable.
🔍 Sector Rundown
🧑💻 Information Technology
- IT bears the brunt today: TCS, Infosys, and others saw 1–2% drops as sentiment sours on concerns over global tariff blowback and margin pressure. The IT index is flattish‑negative for the day.
🏦 Financials
- Financial stocks are steady. Despite a weak Q1 from Kotak Mahindra Bank, broader financials have managed to remain resilient, limiting downside in Bank Nifty and Fin Nifty.
🛢️ Energy, Auto & Consumer
- Broader energy, auto, and consumer sectors showed little traction. Reliance is under mild pressure on lacklustre outlook, while consumer is range‑bound with no driver yet.
📈 Technical Watch
- Nifty is testing 24,700–24,750 support. Below this zone, next target is 24,600–24,650. Tactically, watch for either bounce from here or continuation breakdown.
- Bank Nifty and Fin Nifty remain anchored around 56,200–56,300 and 26,680–26,700 respectively; these become near-term support pins.
🌍 Global & Macro Triggers
- US‑EU Trade Deal Boosts Sentiment: A framework agreement reducing tariffs to 15% on most EU exports reinvigorated global markets and currencies, though Indian equities remain contained.
- Rupee Sentiment Muted Despite Deal: INR is trading near ₹86.48–86.51/USD, weighed down by persistent FII outflows ($750m in July), limiting positive spillovers
- Earnings & Trade Talk Drag: Weak Q1 figures from Kotak and stalled U.S.‑India talks ahead of the August 1 deadline are dampening market momentum. Nifty and Sensex eye lowest levels since mid-June.
🔔 Watchlist for the Afternoon
- Kotak Bank severity: Any fresh weakness here could put broader bank sentiment at risk.
- IT Major Reactions: Especially TCS, Infosys, and Tech Mahindra—expect volatility on any follow-up data.
- Support Levels: Nifty support lies at 24,700–24,650; Bank Nifty support near 56,200–56,300. A breach may trigger escalated selling.
- Global updates: Fed minutes and US‑China trade talks may shape risk tone heading into August.
✅ Mid‑Day Summary
The market remains cautious, largely consolidating near cyclical lows amid weak corporate earnings and stalled trade developments. IT stocks are dragging, while financials continue to tread water. Support zones around Nifty 24,700 and Bank Nifty 56,200 are pivotal. A break below could push indices lower, while renewed global clarity may revive sentiment.
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