Nifty, Sensex open flat, awaiting details of India-UK Free Trade Agreement to be signed today

New Delhi [India], July 24 (ANI): Domestic Stock markets opened flat on Thursday, anticipating investor sentiments to turn positive with India and the UK set to formalise the Free Trade Agreement (FTA) later in the day.
The expected optimism is supported by the recent global developments, including the US-Japan trade deal.
The Nifty 50 index opened at 25,243.30, gaining 23.40 points or 0.09 per cent, while the BSE Sensex opened at 82,789.23, marking a gain of 62.59 points or 0.08 per cent.
Experts said investors are upbeat about the India-UK FTA and the US-Japan deal that brought down tariffs. The mood is positive, and any further trade developments before August 1 could drive a market rally.
Ajay Bagga, a banking and market expert, told ANI, "India will formalise its FTA with the UK today, which should be supportive of the markets. Over the next 7 days we will get clarity if the August 1st deadline is moved ahead for India as the US trade delegation will visit India only in mid-August. With FPIs sitting on an 85 per cent net short position, any positive news on a US-India trade deal could lead to a sharp short squeeze. That is the biggest catalyst being awaited by the Indian markets."
He further said, "FPIs continue to be sellers and hold a net short 85 per cent position in the markets. However, they have participated both in the surging primary/IPO market as well as in the nearly Rs 150,000 crores of promoters/PE fund QIPs/Block deals based selling."
Globally, the US-Japan trade deal lifted markets on Wednesday, creating a "risk-on" sentiment. Stocks in Asia, Europe, and the US all closed higher as trade uncertainty reduced. There's growing anticipation across South Korea, the EU, and ASEAN nations of new trade deals before August 1.
The upcoming US-China Trade Summit in Stockholm is expected to offer further clarity on China's response to US pressure on Iranian and Russian oil imports.
Among the broad market indices on NSE, all were in green except Nifty Midcap 100. Nifty 100 gained 0.08 per cent, while Nifty Smallcap rose 0.11 per cent.
Sectoral performance was mixed, Nifty Auto slipped by 0.04 per cent and Nifty IT was flat in the red, but others such as Nifty FMCG gained 0.27 per cent, Nifty Media rose 0.29 per cent, Nifty PSU Bank was up by 0.23 per cent, and Nifty Realty gained 0.06 per cent.
On the technical front, Akshay Chinchalkar, Head of Research at Axis Securities, said, "The Nifty ended 156 points higher, in what was a much-needed bounce. Technically speaking, it is beginning to look like the break and close below the 50-day average late last week was a bear trap since we have recovered above it, almost immediately. That said, 25,000 is key support from current levels, while a close above 25,340 is needed for bulls to be back in play."
In Q1 earnings today, companies including Bajaj Finance, Nestle India, SBI Life Insurance Company, CG Power and Industrial Solutions, REC, Adani Energy Solutions, Canara Bank, Indian Bank, Coromandel International, Motilal Oswal Financial Services, Supreme Industries, Hexaware Technologies, MphasiS, Phoenix Mills, APL Apollo Tubes, and ACC are scheduled to announce results.
All major Asian markets were also trading in green today. Japan's Nikkei 225 index surged by 2 per cent, Singapore's Straits Times gained 0.58 per cent, Hong Kong's Hang Seng rose 0.47 per cent, Taiwan Weighted index went up 0.28 per cent, and South Korea's KOSPI index gained 0.37 per cent. (ANI)