The BSE Sensex opened flat with slightly negative bias. Selling was seen in Maruti Suzuki, Dr Reddys Labs, Kotak Mahindra Bank, and Hero Motocorp.
However, some buying was seen in BHEL, SAIL, Asian Paints, Kingfisher Airlines.
The Sensex was down 49.34 points or 0.29% at 17,229.51, and the Nifty was down 14.55 points or 0.28% at 5,228.15.
About 542 shares advanced, 472 shares declined, and 2,421 shares were unchanged.
Sudarshan Sukhani of s2analytics.com says, it is a difficult day for the market. "Bull case has been weakened by yesterdays performance. Don't take new positions. If there are long positions, they should be maintained, if we close higher today," he adds.
Refinerery Major Reliance Industries was trading quiet, before it results. It was trading at Rs 722.50, down Rs 5.25, or 0.72%
The government has approved 10.82% disinvestment in SAIL. The stock was trading at Rs 94.25, up Rs 0.95, or 1.02%.
Yesterday, the Cabinet approved to levy 21% import duty on power equipments. BHEL, L&T, BGR Energy and Thermax were up 1-2%.
The US markets closed higher for a third-straight session in choppy trading, with the S&P 500 hitting its best level since May. However, the gains were limited following some disappointing economic reports that underscored ongoing weakness in the recovery. Asian markets were trading mixed today.
FIIs net buy USD 68 million in cash market on July 18
Nifty options suggest market range of 5000-5300
Total Puts add 7.1 lakh shares in Open Interest
Total Calls shed 3.6 lakh shares in Open Interest
Highest OI buildup seen in 5400 Call, 5300 Call & 5000 Put
5400 Call adds 1.10 lakh shares in Open Interest
5300 Call sheds 4.5 lakh shares in Open Interest
5000 Put sheds 6.5 lakh shares in OpenInterest
5100 Put sheds 1.3 lakh shares in Open Interest
5200 Put adds 8.95 lakh shares in Open Interest
5500 Call sheds 42K shares in Open Interest
Total Nifty Futures added 6.4 lakh shares in OI
Stock Futures adds 1.81 cr shares in OI
Nifty PCR rose to 1.1 from 1.09
India VIX closed at 16.38 down by 6.08%