The Indian stock market remained range-bound in Tuesday’s trade (21 July), as investor sentiment stayed fragile amid escalating tensions in West Asia, while the first batch of June quarter earnings delivered a mixed performance, limiting investors’ appetite for equities.
Despite the weak global cues, the benchmark indices ended with modest losses, supported by buying in select financial and auto stocks. The Nifty 50 eventually closed 0.21% lower at 24,186, while the S&P BSE Sensex ended the session 0.30% down at 77,480.
The broader markets, however, outperformed the benchmark indices, with both the Nifty Midcap 100 and Nifty Smallcap 100 ending the session with gains of up to 0.53%.
Sectoral performance remained mixed, with the Nifty Chemicals, Nifty Cement, and Nifty Realty indices gaining more than 1% each.
The Nifty Metal and Nifty Pharma indices also ended in the green. On the downside, the Nifty PSU Bank index emerged as the top laggard, declining 0.88% as it gave up part of its recent gains. The Nifty IT index also ended 0.61% lower, while the Nifty Oil & Gas, Nifty Consumer Durables, and Nifty FMCG indices were among the other top losers.
In the Middle East, the attacks were further stretched as US carried out its 10th consecutive day of strikes after President Donald Trump vowed that Iran “will pay” for attacks that killed American soldiers. Tehran responded with missile and drone strikes targeting Kuwait, keeping geopolitical tensions elevated.
Vinod Nair, head of research at Geojit Investments, said, “Despite geopolitical challenges, midcaps are performing well in anticipation of strong corporate earnings, supported by demand-led business updates. While this segment’s elevated valuations compared to large caps warrant caution, underlying business conditions are expected to remain healthy at least through H1FY27. However, sustaining this momentum will require the ongoing spike in input costs to normalize as demand growth may tend to become flattish in H2FY27.
“At present, the broader market is trading in a mixed range, reflecting large caps’ underperformance driven by moderating inflows amid rising geopolitical risks and higher crude oil prices,” he further added.
Karur Vysya Bank jumps 13%; TVS Motor, M&M among top gainers
Karur Vysya Bank topped the list of gainers, with the stock surging 13% to ₹340 after reporting its June quarter results. TVS Motor Company also reacted positively to its Q1 performance, rising 5.6% to ₹3,792.
Mahindra & Mahindra, Gujarat Fluorochemicals, Gabriel India, Data Patterns, and Jaiprakash Power Ventures were among the other top performers, ending the session with gains of over 5% each. Meanwhile, HFCL witnessed renewed buying interest, advancing 5% to ₹217 and snapping a two-day losing streak.
Among gold financiers, Manappuram Finance and Muthoot Finance gained 4.4% and 3.2%, respectively. Extending its winning streak to an eighth consecutive session, Himadri Speciality Chemical climbed another 4% to ₹801, taking its cumulative gain over the period to 28%.
After a three-day losing streak, Zen Technologies rebounded 4% to ₹1,818.70. Among new-age technology stocks, Meesho gained 3.2% to ₹191.60. In the capital goods space, Thermax and Elgi Equipments also ended the session with gains of over 2% each.
