Indian stock markets began the day on a stable note as investors kept a close eye on the US-Iran ceasefire and upcoming diplomatic talks. Nifty opened slightly higher at 24,061.75 points, while Sensex started a bit lower at 77,055.21 points. Healthcare and pharma sectors saw gains, with Nifty Healthcare Index up by 0.53% and Nifty Pharma by 0.52%. FMCG stocks also showed a positive trend, rising by 0.24%.
IT stocks faced pressure, with Nifty IT declining by 0.58%, followed by Nifty Auto and Nifty Oil & Gas down by 0.44% and 0.38% respectively. Among the top losers in the Nifty pack were Kotak Mahindra Bank, InterGlobe Aviation (IndiGo), Mahindra & Mahindra (M&M), Infosys, HCL Technologies, and Tata Consultancy Services (TCS).
Market experts indicated a consolidation phase with a slightly bullish bias, emphasizing the need for a breakout above the 24,200-24,250 range to strengthen the upward momentum. They anticipated range-bound trading with specific stock movements, highlighting the Nifty’s immediate expected range between 23,800 and 24,250, awaiting a breakout for the next directional move.
Internationally, Brent crude prices rose by 1% to $72.78 per barrel, while US West Texas Intermediate (WTI) crude surged by over 2% to nearly $71 per barrel. In Asian markets, Japan’s Nikkei declined by about 1%, Hong Kong’s Hang Seng surged by over 2%, and South Korea’s KOSPI dropped by more than 2%.
