Domestic stock market benchmarks ended flat on Thursday, 16 July, as weak global cues amid escalating US-Iran tensions weighed on sentiment.
The Sensex ended 1 point up at 77,186.87, while the Nifty 50 slipped 6 points to settle at 24,072.75.
Mid and small-cap indices underperformed. The Nifty Midcap 100 index dropped 0.41%, while the Smallcap 100 index fell 0.10%.
Headline indices remained in the green for the most part of the day but witnessed some profit booking in the second half, which dragged them lower. Gains in shares of select heavyweights, such as Bajaj Finance, Mahindra and Mahindra, and ITC, were offset by losses in those of HDFC Bank, Eternal, and Reliance.
Weak global cues also weighed on investor sentiment in the domestic market. Major European markets, including the UK’s FTSE, France’s CAC 40, and Germany’s DAX, were down up to 0.50% when the Sensex closed.
Crude oil benchmark Brent Crude eased slightly but traded near $85 per barrel. Meanwhile, provisional figures showed the Indian rupee declined 11 paise to close at 96.36 per dollar.
The US-Iran conflict is intensifying. As per reports, Israeli and US defence chiefs have discussed Iran strikes even as US strikes on Iran continue. US President Donald Trump reportedly said he would expand military strikes on Iran to power plants and bridges unless Tehran returned to negotiations.
The renewed Middle East conflict has reignited inflation fears and expectations of aggressive rate hikes by central banks globally.
“Indian equities concluded largely subdued as investors remained cautious amid geopolitical uncertainties, fluctuating oil prices, and weak Asian market trends,” Vinod Nair, Head of Research, Geojit Investments, noted.
“Going forward, corporate earnings and management commentary, along with progress in monsoons, will be key catalysts, while global and inflation-related developments continue to influence market momentum,” Nair said.
Top Nifty gainers and losers
Out of the total 50, as many as 29 stocks ended lower in the Nifty pack. Eternal, SBI Life Insurance Company, and Bajaj Finserv ended as the top laggards in the Nifty index.
On the other hand, HCL Technologies, InterGlobe Aviation (IndiGo), and Wipro ended as the top gainers in the index.
(This is a developing story. Please check back for fresh updates.)
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