Nifty, Sensex open in red due to consistent FPI selling, US tariff uncertainty

The Indian stock markets opened on a weak note on Tuesday weighed down by persistent foreign portfolio investor FPI selling and concerns over a delay in the IndiaUS trade deal which may lead to a 15 per cent tariffThe Nifty 50 index opened at 2460965 down by 7125 points or 029 per cent while the BSE Sensex opened lower at 8062025 registering a loss of 27077 points or 033 per centMarket experts noted that Indian equities are currently in an oversold zone and while a shortterm technical bounce is possible a sustained rally will likely return only if FPI flows turn positiveAjay Bagga a banking and market expert told ANI Indian markets are facing consistent FPI selling with secondary market FPI sales in July crossing Rs 36000 crores The market is bipolar with the primary market offering seeing strong interest and promoter selling crossing Rs 130000 crores yeartodate There is no catalyst on the horizon as the USIndia trade deal seems delayed and at a 15 per cent tariff rate at bestHe added Indian stocks are in a heavily oversold zone and the monthly expiry of a very long July is approaching with a fifth week of weak sentiment weak positioning and underwhelming earnings Somewhere a technical bounce will come from these oversold levels but right now a catalyst for this is lacking Time to hunker down and wait for things to consolidate Ten months are over since the last alltime highs It seems to be a lowerforlonger wait aheadOn the global front markets shrugged off the USEU trade deal and focused on a week packed with data on earnings job growth unemployment and central bank actionsExperts noted that markets are experiencing Trump Tariff ennui a weariness from repeated cycles of aggressive trade threats temporary reliefs and eventual deals settled around the 15 to 20 per cent tariff rangeAsian markets were cautious ahead of the outcome of the USChina trade talks in Stockholm expected to conclude tonight According to the South China Morning Post the China tariffs deadline may be pushed by 90 daysDeals with China Canada and Mexico are still awaited while markets are focusing on economic indicators and central bank policy guidanceBack home in the broader NSE indices the Nifty 100 was trading flat The Nifty Midcap 100 index was up by 011 per cent while the Nifty Smallcap index was down by 004 per centAmong sectoral indices Nifty IT continued its decline down by 036 per cent at the time of filing this reportOther sectoral performers included Nifty Auto up by 006 per cent Nifty FMCG gained 022 per cent Nifty Media surged 034 per cent Nifty Metal rose by 041 per cent Nifty Pharma gained 019 per cent Nifty PSU Bank up by 028 per cent and Nifty Realty was higher by 020 per centAkshay Chinchalkar Head of Research at Axis Securities said The Nifty finished 156 points down yesterday and ended below the crucial 24700 mark Technically speaking the ongoing decline has the 24400500 support area in its sights as long as immediate resistance at 25000 is not challenged The real test for bulls will be at 24200 should prices get thereOn the earnings front several major Indian companies including Larsen amp Toubro NTPC Asian Paints Varun Beverages GMR Airports GE Vernova TD India Bank Of India Apar Industries Piramal Enterprises New India Assurance Company Amber Enterprises India Limited Star Health amp Allied Insurance Company Welspun Corp and Deepak Fertilisers and Petrochemicals Corporation are scheduled to announce their Q1 results todayIn other Asian markets Japans Nikkei 225 index fell by 083 per cent Singapores Straits Times declined by 044 per cent Hong Kongs Hang Seng index lost 125 per cent Taiwans weighted index dropped 101 per cent while South Koreas KOSPI index bucked the trend gaining 061 per cent