Stock Market Today: Benchmark indices took a breather and traded flat on Monday, July 29, after posting gains for three consecutive weeks. The indices were in a tight range amid escalating tensions in the West Asia, weak Asian cues and a slight recovery in crude oil prices.
At 9:50 AM, the BSE Sensex was at 77,076.11, down 24.36 points, or 0.03 per cent, while the NSE Nifty 50 traded at 24,071.95, up by 15.95 points, or 0.07 per cent.
Exchanges were closed on Friday, July 26, on account of Muharram, although GIFT Nifty continued to trade.
The muted start follows a positive close in the previous session on Thursday, July 25. The Sensex advanced 109.25 points, or 0.14 per cent, to settle at 77,100.47, while the Nifty gained 34.35 points, or 0.14 per cent, to end at 24,056.
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.
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.
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.
