Indian stock markets closed lower on Monday due to uncertainty over the US-Iran peace deal and profit-booking. Sensex fell 372 points, while Nifty slipped 110 points. Selling was seen in most sectors except pharma and metal sectors.
Mumbai (Maharashtra) [भारत]June 29 (ANI): Indian stock markets closed lower on Monday as investors booked profits and remained cautious on the stability of the interim peace deal between the United States and Iran. The Nifty 50 index closed at 23,946.25, down 109.75 points or 0.46 per cent. BSE Sensex also closed in the red at 76,728.37, down 372.10 points or 0.48 per cent.
expert opinion
According to market experts, investors remained cautious amid concerns over geopolitical events and the upcoming quarterly results season. Vinod Nair, Head of Research, Geojit Investments Ltd, said, “Profit-booking continued near key psychological levels as investors remained cautious on the stability of the US-Iran interim peace deal. The market currently lacks a clear direction for the near term. Q1FY27 results season is also expected to be weak as supply disruptions, persistent inflation pressures and a weak monsoon are likely to weigh on margins.”
Sectoral Performance
He further said that selling was seen in almost all except a few sectors. However, defensive sectors like pharma and healthcare outperformed due to their stable demand and better earnings prospects. Among sectoral indices on NSE, only Nifty Pharma and Nifty Metal managed to close with gains. Nifty Pharma rose 1.03 per cent, while Nifty Metal gained 0.80 per cent. All other major sectoral indices closed in the red. Nifty Auto fell by 2 percent, Nifty IT by 1.07 percent, Nifty FMCG by 0.59 percent, Nifty Media by 1.32 percent and Nifty PSU Bank by 0.95 percent.
Nair also said investors are awaiting the upcoming US nonfarm payrolls data, which could influence the US Federal Reserve’s policy and expectations of future interest rate hikes.
Commodity and currency markets
In the commodity market, 24 carat gold prices fell 0.96 per cent to Rs 1,42,762 per 10 grams at the time of filing this report. Silver prices also declined by 1.27 percent and stood at Rs 2,18,599 per kg. The Indian rupee was trading at 94.54 against the US dollar.
Top Gainers and Losers
Top gainers in the Nifty 50 index included Max Healthcare, Dr Reddy’s Laboratories, Coal India, Eternal, Bharat Electronics Limited (BEL), Trent, SBI Life Insurance, Power Grid and Hindalco. Whereas, the top losers included Kotak Mahindra Bank, Mahindra & Mahindra, Adani Enterprises, Tata Motors and InterGlobe Aviation (IndiGo).
On Monday, Brent crude oil prices rose 1.54 percent to $ 73.10 per barrel. This rise came due to new tensions between the US and Iran, although no major jump in oil prices was seen in the market.
condition of asian markets
In Asian markets, Hong Kong’s Hang Seng index rose 1.38 percent, Taiwan’s weighted index rose 0.95 percent, Singapore’s Straits Times rose 0.33 percent and Japan’s Nikkei 225 rose 0.03 percent. However, South Korea’s Kospi index fell 0.20 percent. (ANI)
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