Daijiworld Media Network - Mumbai
Mumbai, Aug 10: Benchmark equity indices ended marginally higher on Monday after trading in a narrow range for most of the session, as investors remained cautious amid uncertainty over a potential deal to reopen the Strait of Hormuz.
The Nifty settled 13.15 points, or 0.05 per cent, higher at 24,583.80, while the Sensex advanced 43.27 points, or 0.06 per cent, to close at 78,542.44.
Gains in select sectors helped the markets remain in positive territory despite weakness in PSU banks and FMCG stocks.
Market participants remained watchful of global developments that could influence crude oil prices and broader risk appetite. The muted movement reflected a wait-and-watch approach among investors.
Technical analysts said the 24,600-24,700 zone remained the immediate resistance area for the Nifty. A sustained breakout above 24,700 could strengthen buying momentum and take the index towards 24,800.
On the downside, 24,500 was identified as an immediate and crucial support level. A decisive break below this mark could increase selling pressure and drag the index towards the 24,400-24,300 region.
Among Nifty constituents, State Bank of India, ITC and Eternal were the top laggards, weighing on the benchmark indices.
The broader market ended mixed, with the Nifty MidCap index gaining 0.62 per cent while the Nifty SmallCap index declined 0.27 per cent.
Sectorally, the Nifty PSU Bank index was the worst performer, falling nearly 2 per cent. The Nifty Pharma and Nifty FMCG indices also ended lower.
In contrast, real estate stocks attracted buying interest, with the Nifty Realty index emerging as the top-performing sector of the session.
Experts said the positive close, despite the absence of a strong directional move, reflected continued investor caution as markets awaited greater clarity on global geopolitical developments and their possible impact on energy prices and economic growth.
“Market momentum is likely to remain constructive this week, with the final leg of the Q1FY27 earnings season set to drive both stock-specific and broader market action,” a market expert said.