Indian markets open flat as investors track US-Iran developments
Mumbai, June 29
Indian stock markets opened flat on Monday with investors and traders closely monitoring developments surrounding the US-Iran ceasefire and upcoming diplomatic discussions.
Nifty opened at 24,061.75, up 5.75 points or 0.02 per cent, while Sensex started marginally lower at 77,055.21, down 45.26 points or 0.06 per cent.
Sector-wise, healthcare and pharma stocks led the gains, with Nifty Healthcare Index rising 0.53 per cent and Nifty Pharma advancing 0.52 per cent. FMCG also traded higher, up 0.24 per cent.
In contrast, IT stocks were under pressure, with Nifty IT declining 0.58 per cent, followed by Nifty Auto, down 0.44 per cent and Nifty Oil & Gas, which fell 0.38 per cent.
Meanwhile, Kotak Mahindra Bank, InterGlobe Aviation (IndiGo), Mahindra & Mahindra (M&M), Infosys, HCL Technologies, and Tata Consultancy Services (TCS) were among the top losers in the Nifty pack.
According to market experts, momentum indicators suggest consolidation with a positive bias.
"The technical setup remains constructive with a mildly bullish bias," they said.
However, the market is currently consolidating below a crucial resistance zone, and a decisive breakout above the 24,200-24,250 range will be necessary to revive stronger upside momentum, the experts added.
They further said that range-bound trade with stock-specific action is likely to dominate. The immediate trading range for the Nifty is expected to be between 23,800 and 24,250, with a breakout on either side determining the next directional move.
Meanwhile, the international benchmark Brent crude rose 1 per cent to $72.78 per barrel, while US West Texas Intermediate (WTI) crude gained more than 2 per cent to nearly $71 per barrel.
Asian markets traded on a mixed note. Japan's Nikkei was down about 1 per cent, Hong Kong's Hang Seng jumped more than 2 per cent, while South Korea's KOSPI declined over 2 per cent.
— IANS
Reader Comments
"Rang bahar hai kya? 😅 Nifty flat and Sensex down slightly - this is typical consolidation before a big move. Good time for long-term investors to accumulate quality pharma stocks like Sun Pharma or Dr Reddy's while they're hot."
"IT and auto sectors dragging down the market - this is concerning. Infosys and TCS losing ground despite their global exposure shows the market is pricing in some slowdown. But honestly, Nifty holding 24,000 is a strong support."
"Brent crude up 1% and WTI over 2% - that's going to hurt our import bill. India imports 85% of its oil, so every dollar increase in crude is inflationary. RBI might have to think twice before cutting rates if this continues."
"Bhai, market is just waiting for a catalyst. 24,200-24,250 is the make-or-break zone for Nifty. If foreign investors start buying again after the US-Iran ceasefire talks, we could see a rally. But honestly, one should be cautious."
"Good to see Kotak Mahindra Bank among losers - they've been overvalued for too long. InterGlobe Aviation (IndiGo) down is interesting as jet fuel prices might rise with crude. FMCG up is defensive buying. Typical range-bound market."
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