Mumbai (Maharashtra) [India], July 29 (ANI): 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 India-US trade deal, which may lead to a 15 per cent tariff.

The Nifty 50 index opened at 24,609.65, down by 71.25 points or 0.29 per cent, while the BSE Sensex opened lower at 80,620.25, registering a loss of 270.77 points or 0.33 per cent.

Market experts noted that Indian equities are currently in an oversold zone, and while a short-term technical bounce is possible, a sustained rally will likely return only if FPI flows turn positive.

Ajay Bagga, a banking and market expert, told ANI, 'Indian markets are facing consistent FPI selling, with secondary market FPI sales in July crossing Rs 36,000 crores. The market is bipolar, with the primary market offering seeing strong interest and promoter selling crossing Rs 130,000 crores year-to-date. There is no catalyst on the horizon, as the US-India trade deal seems delayed and at a 15 per cent tariff rate at best.'

He 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 all-time highs. It seems to be a lower-for-longer wait ahead.'

On the global front, markets shrugged off the US-EU trade deal and focused on a week packed with data on earnings, job growth, unemployment, and central bank actions.

Experts 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 range.

Asian markets were cautious ahead of the outcome of the US-China trade talks in Stockholm, expected to conclude tonight. According to the South China Morning Post, the China tariffs deadline may be pushed by 90 days.

Deals with China, Canada, and Mexico are still awaited, while markets are focusing on economic indicators and central bank policy guidance.

Back home, in the broader NSE indices, the Nifty 100 was trading flat. The Nifty Midcap 100 index was up by 0.11 per cent, while the Nifty Smallcap index was down by 0.04 per cent.

Among sectoral indices, Nifty IT continued its decline, down by 0.36 per cent at the time of filing this report.

Other sectoral performers included Nifty Auto, up by 0.06 per cent, Nifty FMCG gained 0.22 per cent, Nifty Media surged 0.34 per cent, Nifty Metal rose by 0.41 per cent, Nifty Pharma gained 0.19 per cent, Nifty PSU Bank up by 0.28 per cent, and Nifty Realty was higher by 0.20 per cent.

Akshay Chinchalkar, Head of Research at Axis Securities, said, 'The Nifty finished 156 points down yesterday and ended below the crucial 24,700 mark. Technically speaking, the ongoing decline has the 24,400-500 support area in its sights as long as immediate resistance at 25,000 is not challenged. The real test for bulls will be at 24,200 should prices get there.'

On the earnings front, several major Indian companies including Larsen & 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 & Allied Insurance Company, Welspun Corp, and Deepak Fertilisers and Petrochemicals Corporation are scheduled to announce their Q1 results today.

In other Asian markets, Japan's Nikkei 225 index fell by 0.83 per cent, Singapore's Straits Times declined by 0.44 per cent, Hong Kong's Hang Seng index lost 1.25 per cent, Taiwan's weighted index dropped 1.01 per cent, while South Korea's KOSPI index bucked the trend, gaining 0.61 per cent. (ANI)