Indian benchmark indices ended marginally lower on Tuesday after a range-bound trading session, as easing crude oil prices and strong buying in information technology stocks helped limit losses amid cautious global sentiment.
The Sensex settled at 76,765.92, down 69.86 points or 0.09 per cent, while the Nifty closed at 23,985.35, down 10.60 points or 0.04 per cent.
Sectoral performance remained mixed, with IT stocks leading the gains. The Nifty IT index surged 3.38 per cent, followed by Nifty Realty and Nifty MidSmall IT & Telecom, both of which gained more than 2 per cent. On the other hand, Nifty FMCG and Nifty Bank emerged as the top laggards, declining over 1 per cent each.
Among Sensex stocks, TCS, Eternal, Tech Mahindra, Infosys, Titan, HCLTech, Asian Paints, Mahindra & Mahindra, IndiGo, Kotak Mahindra Bank and Maruti Suzuki were among the top gainers. Hindustan Unilever, NTPC, HDFC Bank, Tata Steel, Trent, Axis Bank and Bharti Airtel were among the major losers.
In the commodities market, Brent crude slipped below USD 86 per barrel amid expectations of easing geopolitical tensions between the United States and Iran. At the time of reporting, Brent crude was trading at around USD 85.93 per barrel, its lowest level in a week, while WTI crude stood at USD 80.77 per barrel. Gold was trading at around USD 4,023.51.
Market analyst Vipin Dixena said Indian equities traded in a narrow range as investors remained cautious amid mixed global cues.
“While easing geopolitical tensions and softer crude oil prices offered some support, persistent weakness in global technology stocks and uncertainty ahead of the US Federal Reserve’s policy decision kept market participants from taking aggressive positions. The market is likely to remain range-bound in the near term,” he said.
According to analysts, the pause in hostilities between the United States and Iran has provided some relief to energy markets and supported investor sentiment. However, participants remain cautious ahead of key central bank policy decisions, particularly that of the US Federal Reserve, which is expected to provide further direction to global markets.
Vinod Nair, Head of Research at Geojit Investments Limited, said lower crude oil prices eased concerns over inflation and input costs, but investors remained watchful ahead of policy meetings of the US Federal Reserve, Bank of England (BoE) and the Bank of Japan (BoJ).
“Persistent volatility in energy markets and heightened geopolitical risks could keep global bond yields elevated this year. Nevertheless, expectations that major central banks will hold interest rates steady in their July policy meetings have offered some support to market sentiment. India’s relative advantage under the revised US tariff framework has also supported investor confidence,” he said.
On the domestic front, Nair said improving monsoon conditions and moderately better first-quarter earnings have strengthened the growth outlook. He added that the continued rally in IT stocks has been supported by attractive valuations.
-ANI
