Mumbai: The Indian equity indices opened flat on Thursday, as markets looked for new triggers to break out of the consolidation range.

At 9.2 am, c was down 15 points at 82,619 and Nifty was down 2 points at 25,210. Buying was seen in the midcap and smallcap stocks. Nifty midcap 100 index was up 123 points or 0.18 per cent at 59,741 and Nifty smallcap 100 index was up 70 points or 0.37 per cent at 19,210.

On the sectoral front, auto, pharma, FMCG, metal, realty, energy, infra and PSE were major gainers, while IT, PSU bank, financial services and media were major losers.

In the Sensex pack, Sun Pharma, M&M, Trent, Kotak Mahindra, Tata Motors, NTPC, BEL, Titan and Power Grid were major gainers. Tech Mahindra, ICICI Bank, Eternal, Axis Bank, Infosys and HUL were major losers.

According to analysts, an India-US interim trade deal has been discounted by the market, leaving no scope for a sharp rally decisively breaking the range.

“One positive and surprise factor that can trigger a rally is a tariff rate much below 20 per cent, say 15 per cent, which the market has not discounted. So, watch out for developments on the trade and tariff front,” said Dr VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited.

Most Asian stocks traded in a flat-to-low range. Tokyo, Shanghai, Bangkok and Jakarta were trading in the green while Hong Kong and Seoul were in the red.

The US market closed in the green on Wednesday due to positive market sentiment.

On the institutional front, foreign institutional investors (FIIs) continued to reduce exposure in India, selling equities worth Rs 1,858 crore on July 16. In contrast, domestic institutional investors (DIIs) remained consistent buyers for the 8th straight session, infusing Rs 1,223 crore, lending crucial support to the market amid global uncertainties.

The broader trend remains optimistic as long as key support levels are respected, said analysts.

Elon Musk’s Tesla has flagged off its India operations with its first showroom in Mumbai now open. The showroom is located in Mumbai’s premium Bandra Kurla Complex area. It will be showcasing the popular Model Y and Model 3 cars at the venue. Maharashtra CM Devendra Fadnavis arrived at the first Tesla showroom in India, to commemorate the occasion.

The new Mumbai showroom opening marks the entry of Tesla in India, one of the world’s fastest-growing automobile markets. The showroom, at Maker Maxity in BKC, is around 4,000 sq ft large and is said to cost Rs. 35 lakh per month. While customers will be able to book their cars starting today, delivery is said to commence sometime in August. Delivery and registration are only limited to Delhi, Gurugram and Mumbai for now.

The experience centre is located near the Apple flagship store in BKC. Tesla is said to open a showroom isn Delhi as well. While this is a soft launch, the company is expected to do a grand inauguration as well. To book the Model Y or the Model 3, consumers will need to head to the Mumbai experience store.

Musk’s company has imported all the cars fully assembled from China, paying heavy taxes (approximately 70 percent) on the same. The cars are said to be priced starting at around Rs. 40 lakhs in India.

The spotlight will be on the Model Y, which is the most popular variant of Tesla across the world. The SUV is available globally in two variants, Long Range RWD and Long Range AWD (Dual Motor). It claims to offer up to 574 km and goes from 0 to 100 kmph in just 4.6 seconds.

The Model 3, Tesla’s most affordable offering in the Indian market, will also be showcased but is expected to go on sale later in 2025. The top variant of the Model 3 clocks 0 to 100 kmph in 3.1 seconds, has a range of 507 km, and a top speed of 162 kmph.

Tesla India has reportedly leased a 24,500-square-foot space in Mumbai’s Kurla West to set up a service centre, located close to its upcoming showroom in BKC.

Key Highlights:

– Sensex fell 232.93 points; Nifty dropped 71.4 points in early trade.

– IT majors like Infosys and Tech Mahindra among top losers.

– FIIs offloaded ₹5,104 crore worth of equities on Friday.

Mumbai: Benchmark indices Sensex and Nifty dropped in early trade on Monday amid selling pressure in IT stocks and foreign fund outflows.

The 30-share BSE Sensex declined 232.93 points to 82,267.54 in early trade. The 50-share NSE Nifty dipped 71.4 points to 25,078.45.

From the Sensex firms, Bajaj Finance, Infosys, Tech Mahindra, Bharti Airtel, HCL Tech and Asian Paints were among the biggest laggards.

However, Trent, Axis Bank, Mahindra & Mahindra and NTPC were among the gainers.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,104.22 crore on Friday, according to exchange data.

“Nifty has been exhibiting weak trend weighed mainly by the weakness in the IT stocks. This weakness may persist particularly since the FIIs were big sellers in the cash market last Friday. Market is expecting a US-India trade deal soon with a tariff rate of around 20 per cent for India. If this happens the market will get a sentimental boost. Any disappointment on this front can drag the market further down,” VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.

In Asian markets, South Korea’s Kospi, Shanghai’s SSE Composite index and Hong Kong’s Hang Seng were trading in the positive territory while Japan’s Nikkei 225 index quoted lower.

The US markets ended lower on Friday.

Global oil benchmark Brent crude climbed 0.17 per cent to USD 70.48 a barrel.

On Friday, the Sensex tanked 689.81 points or 0.83 per cent to settle at 82,500.47. Similarly, the Nifty dropped 205.40 points or 0.81 per cent to 25,149.85.