Summary of this article
Sensex and Nifty traded higher despite geopolitical tensions and weak global cues
Pharma and metal stocks gained, while IT, auto and oil stocks declined
Crude oil prices rebounded slightly amid renewed concerns over West Asia tensions
Stock Market Today: Benchmark indices traded slightly higher on Monday, July 29, extending their winning streak after three consecutive week of gains. The indices, however, traded in a tight range amid escalating tensions in the West Asia, weak global cues and a slight recovery in crude oil prices.
At 10:40 AM, the BSE Sensex was at 77,179.70, up 79.23 points, or 0.10 per cent, while the NSE Nifty 50 traded at 24,094.75, up by 38.75 points, or 0.16 per cent.
Investors were cautious despite signs of easing tensions between Iran and the US on progress in peace talks. The two countries agreed to avoid further military action after days of conflict, but markets continue to watch whether the ceasefire holds and if diplomatic talks make further progress.
Investors are also waiting for a possible reshuffle of the Union Cabinet, which is expected before the Monsoon Session of Parliament.
Pharma, healthcare, metals and FMCG led gains, while auto, IT, and oil & gas were major drags.
The Nifty Midcap 100 and the Nifty Smallcap 100 were trading lower, underperforming the benchmarks.
Within Nifty 50, Dr Reddy's Laboratories, Trent, Cipla, Max Healthcare, Eternal, Sun Pharma, Hindalco, Nestle India, Shriram Finance, JSW Steel, Apollo Hospitals, and ONGC were the top gainers, gaining between 1 per cent and 4 per cent. On the other hand, Adani Enterprises, Kotak Mahindra Bank, Mahindra & Mahindra, InterGlobe Aviation, and Eicher Motors, were the top losers, falling between 1 per cent and 3 per cent.
Weak Global Cues
US markets ended little changed on July 26. The S&P 500 fell 0.05 per cent, the Nasdaq declined 0.24 per cent and the Dow Jones slipped 0.09 per cent. Weakness in semiconductor and AI-related stocks outweighed gains in healthcare shares.
Asian markets were also under pressure in early trade today. South Korea's Kospi declined nearly 2 per cent, while Japan's Nikkei fell around 1 per cent. China's CSI 300 was flat-to-positive, while the Hong Kong-based Hang Seng was up by more than 2 per cent. Taiwan's Taiex was also up by more than 1 per cent.
Crude Oil Prices See A Slight Recovery
Crude oil prices saw a modest rebound as fresh tensions in the West Asia raised concerns over shipping through the Strait of Hormuz. Brent crude traded near $73.27 a barrel, up 0.92 per cent from previous close, while US West Texas Intermediate crude rose above $70 a barrel, up 1.23 per cent.
However, oil prices are still much lower than the levels seen during the recent conflict in the region. This continues to provide some comfort to countries like India, which depend heavily on crude imports.
