Mumbai (Maharashtra) [India], July 28 (ANI): India’s benchmark equity indices closed slightly lower Tuesday after a range-bound trading session, as easing crude oil prices and strong buying in technology stocks helped limit losses.
The BSE Sensex settled at 76,765.92, down 69.86 points, or 0.09%, while the NSE Nifty 50 closed at 23,985.35, down 10.60 points, or 0.04%.
Markets witnessed mixed sectoral performance, with information technology stocks leading the gains. Most broader market indices ended lower, while the Nifty IT index surged 3.38%, followed by the Nifty Realty index and the MidSmall IT & Telecom index, both of which gained more than 2%.
Meanwhile, the Nifty FMCG and Nifty Bank indices were among the biggest laggards, each declining more than 1%.
On the BSE, Tata Consultancy Services (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 biggest losers.
In the commodities market, Brent crude prices fell to around USD 85 per barrel amid expectations of easing geopolitical tensions between the United States and Iran. At the time of reporting, Brent crude was trading at approximately USD 85.93 per barrel, its lowest level in a week, while West Texas Intermediate (WTI) crude was trading at around USD 80.77 per barrel.
Gold was trading at approximately USD 4,023.51 at the same time.
Market analyst Vipin Dixena said, “Indian benchmark indices witnessed a range-bound and volatile session on Tuesday 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 added that investors remain cautious, with the pause in hostilities between the US and Iran providing relief to energy markets and supporting equities. Upcoming central bank policy decisions, particularly from the US Federal Reserve, are expected to provide further direction to the markets.
Vinod Nair, Head of Research at Geojit Investments Limited, said, “The respite in crude oil prices provided relief to markets by easing concerns over inflation and input cost pressures. However, investor sentiment remained cautious ahead of key central bank policy meetings this week, including those of the Fed, BoE and BoJ.”
He added that continued volatility in energy markets and geopolitical risks could keep global bond yields elevated this year. However, expectations that major central banks will keep interest rates unchanged during their July policy meetings have supported investor sentiment. India’s relative advantage under the revised US tariff framework has also boosted investor confidence.
Nair expressed optimism about the domestic economy, citing improved monsoon conditions and moderately better first-quarter earnings.
“On the domestic front, improving monsoon conditions and moderately better Q1 FY27 earnings have strengthened the growth outlook. Sectoral trends remained mixed, with IT stocks continuing to outperform, supported by attractive valuations,” he said. (ANI)
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