Mumbai: Indian equity markets finished largely range-bound on Thursday, 6 August, as investors awaited clearer signs of a possible Middle East peace agreement. Gains in select sectors helped the Sensex close higher, although weakness in heavyweight shares restricted the Nifty’s movement.
Sensex Outperforms
The BSE Sensex gained 373.76 points, or 0.48%, to close at 78,954.76. The index touched an intraday high of 78,954.76 after opening at 78,782.43, while its session low stood at 78,633.73.
The Nifty 50, however, ended almost unchanged at 24,636, rising 11.35 points, or 0.05%. During the session, the benchmark moved between 24,604.15 and 24,677.05.
Broader Markets Mixed
The broader market presented a mixed picture. The Nifty Midcap 100 declined 0.44%, reflecting selling pressure in several mid-sized companies. In contrast, the Nifty Smallcap 100 advanced 0.48%, indicating continued buying interest in smaller stocks.
Weakness in some heavyweight counters prevented the benchmarks from building stronger momentum despite the Sensex’s late-session rise.
Sectoral Performance
PSU banks, chemicals, oil and gas, and consumer durables attracted strong buying interest during the session. Realty, media, automobiles and metals ended lower as investors booked profits and avoided aggressive fresh positions.
The divergent sectoral performance kept overall market breadth uneven.
Iran Talks Watched
Sentiment remained cautious amid reports that Iran had entered the final stage of drafting an agreement with Oman regarding the reopening of the Strait of Hormuz.
According to an AP report, prospects of ending the five-month conflict between the US and Iran appeared to have improved. US officials also expressed confidence that an agreement was approaching, although investors questioned whether it would secure lasting regional peace.
Oil Prices Stabilise
Iranian Foreign Ministry spokesperson Esmail Baqaei said discussions were progressing positively at technical and political levels. Talks reportedly focused on establishing safe shipping routes while protecting the sovereign rights and security interests of Iran and Oman.
Crude oil prices stabilised after three consecutive sessions of decline as improving diplomatic prospects eased fears of further supply disruptions through the strategically important Strait of Hormuz.
