Midday Trade: Benchmarks Hold Gains as Crude Falls, Asian Markets Remain Low

Mumbai, July 28: Indian equity benchmarks held gains in mid-session trade on Tuesday, buoyed by steep losses in crude oil prices and the build-up from Monday’s sharp recovery session as cooling tensions between Iran and the US offset Asian weakness.. Indian IT stocks led gains on the Street as the Nifty IT index jumped nearly 4 per cent on strong buying in Tech Mahindra, TCS and HCL Technologies, while PSUs and defensive stocks came under pressure. Analysts noted investors remained cautious of the fluid situation around Strait of Hormuz amid fears of drone attacks picking up.  

Sensex was trading 76,905.35 points, up 69.57 points or 0.09 per cent; and Nifty 50 was trading at 24,010.20, up 14.25 points or 0.06 per cent as of 11:59 am on Tuesday July 28.  

Top Gainers  

Tata Consultancy Services (TCS) was the top gainer among the Nifty pack, up 5.05 per cent at LTP Rs 2,411.60 from the previous close of Rs 2,295.60. It was followed by Tech Mahindra (TECHM) up 3.53 per cent at Rs 1,630.60 from Rs 1,575; HCL Technologies (HCLTECH) up 3.26 per cent at Rs 1,338.20 from Rs 1,295.90; Eternal (ETERNAL) up 3.11 per cent at Rs 305.05 from Rs 295.85; and Nestle India (NESTLEIND) up 2.97 per cent at Rs 1,489.10 from Rs 1,446.10.  

Top Losers  

Hindustan Unilever (HINDUNILVR) was the top loser among Nifty stocks, down 4.78 per cent at Rs 2,070.70 from Rs 2,174.60. It was followed by Bharat Electronics (BEL) down 3.03 per cent at Rs 394.80 from Rs 407.15; Coal India (COALINDIA) down 2.78 per cent at Rs 415.60 from Rs 427.50; NTPC (NTPC) down 1.85 per cent at Rs 344.30 from Rs 350.80; and Tata Consumer Products (TATACONSUM) down 1.63 per cent at Rs 1,089.30 from Rs 1,107.40.  

Among broader markets, Nifty Midcap 50 was up 0.43 per cent; Nifty Midcap Select rose 0.24 per cent and Nifty 200 added 0.02 per cent. In contrast, Nifty Next 50 was down 0.59 per cent; Nifty Smallcap 100 shed 0.36 per cent and Nifty Bank was down 0.16 per cent.  

Sectoral Contributors  

Sectorally, Nifty IT index jumped 3.82 per cent; Realty index climbed 1.41 per cent and Auto index advanced 0.42 per cent. In contrast, Nifty Energy index fell 1.37 per cent; FMCG index dropped 0.99 per cent and PSU Bank index lost 0.45 per cent.  

Meanwhile, US President Donald Trump said late Monday that Washington was holding “good talks” with Iran, leaving open the possibility of reaching a deal. Trump said if Tehran and Washington fail to reach agreement over its nuclear programme, then strikes will resume. “We are having very good talks with Iran about a comprehensive deal. If we can achieve that great goal, sanctions will remain until an agreement is reached. If we don’t, those sanctions will come off easily & quickly. But, before that happens, we will bomb the living shit out of them,” he tweeted. On Monday, Saudi Arabia, Jordan and Iraq reported further drone attacks, while Washington’s two-week-old bombing campaign against Iran remained paused. The US military’s central command in the region also said Iran’s Revolutionary Guard had threatened to attack vessels in its territorial waters. Iran insisted it still controlled Strait of Hormuz through which much of the world’s traded oil passes. Iranian state television said six vessels tried to pass through Strait of Hormuz without permission and were turned back by Iran on Monday.  

Asian Markets 

Asian markets traded weak on Tuesday as Japan’s Nikkei 225 nose-dived 4.44 per cent while Vietnam’s HNX 30 plunged 3.80 per cent, albeit seeing Pakistan’s KSE 100 jump over 4 per cent. Hong Kong’s Hang Seng edged up 0.13 per cent while Malaysia’s FBM KLCI gained 0.42 per cent. Meanwhile, mainland China’s Shanghai Composite slipped 0.81 per cent. Asian investors looked bemused by Iran’s pause in its standoff with the US even as drone attacks resumed.  

US Markets 

On Wall Street, Dow Jones Industrial Average rallied 0.51 per cent while S& P 500 edged up marginally to record closing highs. Nasdaq Composite bucked the trend to slip 0.18 per cent while broader NYSE Composite advanced 0.45 per cent.  

Oil Prices 

Benchmark Brent crude futures slid 0.54 dollars or 0.6 per cent to 87.82 dollars per barrel, while West Texas Intermediate (WTI) crude for August delivery declined 0.66 dollars, or 0.8 per cent to 81.95 dollars a barrel. Both benchmarks fell over 1 per cent earlier to trade at their lowest in over a week. Saudi Arabia says Yemen’s Iran-backed Houthi militia have scaled down attacks on its territory since last week’s aerial assault. Still, analysts fear drone attacks could resume soon.  

Morning Session 

Indian equity benchmarks pared their early gains and traded with a sense of caution earlier in the day before inching higher in mid-session trade, paring Monday’s strong recovery session which came on the back of cooling tensions between Iran and US and sharp fall in crude oil prices after weak cues from Asian peers overnight. Sensex opened at 76,929.53 points, up 93.75 points or 0.12 per cent while Nifty 50 opened at 24,016.70, higher by 20.75 points or 0.09 per cent. Both benchmarks traded above their previous close levels through mid-morning deals as investors balanced off “good talks” between Washington and Tehran versus Wall Street’s firm closing and Nikkei’s sharp fall overnight. Stocks moved with a stock-specific bias after IT bellwethers drove markets higher while FMCG and energy shares weighed on broader markets.  

Sources:

• NSE
• BSE
• https://www.reuters.com/world/middle-east/iran-says-it-still-controls-strait-not-seeking-talks-after-trump-halts-bombing-2026-07-27/
• https://www.reuters.com/markets/stocks/asia-pacific/
• https://www.reuters.com/business/energy/oil-prices-fall-1-investors-weigh-pause-us-strikes-iran-2026-07-28/