Mumbai, August 10: The Indian stock market opened flat with a slight increase on the first trading day of the week, amid uncertainty surrounding the agreement between the United States and Iran regarding the opening of the Hormuz Strait. During this period, the benchmark indices, Nifty50 and Sensex, recorded minor gains.
On Monday, the BSE Sensex opened at 78,501.59, up by 2.41 points from its previous close of 78,499.17, while the NSE Nifty opened at 24,581.25, gaining 10.59 points from its last close of 24,570.65.
In early trading, the Sensex climbed 177 points, or 0.22 percent, reaching 78,676, while the Nifty50 increased by 0.2 percent to 24,620. However, a slight decline was observed in the later sessions.
In the broader markets, the Nifty Midcap saw a rise of 0.21 percent, while the Nifty Smallcap recorded a decline of 0.13 percent.
Sector-wise, Nifty Private Bank, Nifty Auto, Nifty IT, Nifty Metal, Nifty Pharma, and Nifty Consumer Durables performed well, whereas Nifty PSU Bank, Nifty Media, Nifty FMCG, and Nifty Oil and Gas lagged behind.
Among the top gainers in the Nifty50 index were Titan Company, Tech Mahindra, Tata Steel, Grasim, Cipla, Infosys, and Trent, while the biggest losers included SBI, HDFC Life, Hindalco, Powergrid, Eternal, and Reliance.
The situation regarding cargo transport through this crucial waterway remains uncertain after Iran dismissed claims of direct talks with Washington about reopening the strait. Optimism had risen last week after U.S. Treasury Secretary Scott Basant indicated that an agreement was near, but President Donald Trump later stated that the U.S. intends to maintain economic pressure on Tehran, engaging only in “partial negotiations.”
Market experts believe that a reduction in geopolitical tensions and a softening of crude oil prices have improved investors’ risk appetite. However, caution persists among investors regarding key inflation data set to be released in the U.S. this week.
An expert noted that the Nifty 50 closed at 24,570.65, down by 65.35 points or 0.27 percent, during the previous trading session. Despite this, the Nifty remains above its key moving averages, indicating a positive market structure. The RSI stands at 59.89, still considered in the bullish zone.
According to technical analysis, the 24,450 to 24,500 range is viewed as the nearest support zone for the Nifty, while the 24,750 to 24,800 level serves as a significant resistance. Limited range trading and consolidation may be observed in the index in the near term. If the Nifty stays above the support levels, the positive market structure could be maintained. Conversely, decisive gains above the resistance zone may lead to new buying opportunities.
Deependra Singh Chundawat is a Senior Sub-Editor at Udaipur Kiran, specializing in a wide range of technology topics including mobile phones, applications, gaming, PCs, and wearables. Along with covering the latest tech news, he also creates engaging web stories. Passionate about emerging technologies, he stays up to date with the newest trends and enjoys reading and writing about the latest mobile launches and digital innovations.