Stock market today: Sensex, Nifty open the day in green, Bharti Airtel, and ONGC lag in early trade on July 16th

Both indices, the Sensex and the Nifty, opened the day in green. As of 9:30 am, Sensex was trading at 80,774.21 points, up by 0.14%, and Nifty was at 24,628.10 points, up by 0.17%

During early trade, BPCL, Adani Entertainment, Coal India, HDFC Life, and Tata Steel inched up to gain a lead during early market hours. On the other hand, Larsen and Toubro, Shri Ram Finance, LTI Mindtree, Power Grid Corporation of India, and SBI Life were among the laggards.

All broad market indices opened the day in green, with India VIX climbing by over 1%. IT, pharma, and healthcare indices were trading in red during early trade, while realty inched by over 1% as well.

Earnings in Focus

Baja Auto and Crisil are set to declare their Q1FY25 results later in the day. Stockbroking firm Angel One also declared its quarterly results, seeing a 3.8% QoQ rise in its income to touch Rs 14,101 million. The firm's client base saw a 64.2% YoY jump to reach 24.7 million. The company's gross client acquisition saw a staggering 94.8% YoY jump, standing at 2.6 million. Its average daily turnover on a notional basis also inched up to 92.7% YoY to reach Rs 43.8 trillion.

HDFC Life also released its quarterly results yesterday. The company's profit after tax jumped by 15% to touch Rs 478 crore, while its assets under management crossed Rs 3 lakh crore. The company also declared a bonus of Rs 3,722 crore to its 22 lakh+ shareholders.

Says Aditya Gaggar, director of Progressive Shares, "A sudden spike was seen in the tire stocks, some of which have given a firm breakout with considerable volume (JK Tyre and Pix Transmission). For the past couple of weeks, we have been recommending ONGC from the energy sector, and it is performing as per our expectations as well, which boosted our confidence to remain bullish on the same. One can adopt a buy-on-dips strategy as well. Gas stocks are gaining buying traction.".

"The general tendency after a vertical rally is profit booking, and this is what we are witnessing in the IT segment, but the undertone will remain bullish only. At the lower end of the consolidation, the metal segment is suggesting a trend reversal. A much-awaited breakout was observed in the PSU Banking segment, but for confirmation, we will wait for a follow-up buy," he continued.