Sensex Edges Up, Nifty Flatlines Around Noon as Middle East Talks Progress

Mumbai, Aug 6: Indian benchmark indices ticked higher around noon on Thursday amid reports of progress in Oman-mediated talks between Iran and the United States. The BSE Sensex was up 180.74 points, or 0.23 per cent, at 78,761.74, while the NSE Nifty 50 added 17.25 points, or 0.07 per cent, to 24,641.90, as of 11:51 a.m., respectively. Both benchmarks have been diverging ever since the new close mechanism came into being.

Gainers & Losers 

Among Nifty 50 stocks, Shriram Finance (SHRIRAMFIN) led gainers, rising to Rs 1,151.50 from Rs 1,122.40, up 2.59 per cent, followed by Reliance Industries (RELIANCE), up 2.42 per cent to Rs 1,311 from Rs 1,280, Eternal (ETERNAL), up 2.38 per cent to Rs 317.75 from Rs 310.35, Bharat Electronics (BEL), up 1.88 per cent to Rs 397.35, and Cipla (CIPLA), up 1.86 per cent to Rs 1,486.  

Power Grid Corporation (POWERGRID) led losers, down 3.41 per cent to Rs 272.15 from Rs 281.75, followed by Trent (TRENT), down 2.03 per cent to Rs 3,065.50, Hindalco Industries (HINDALCO), down 1.56 per cent, and NTPC and ONGC, down 1.49 per cent and 1.11 per cent, respectively. 

Broad Markets & Sectoral Indices 

Among broad market indices, the Nifty Smallcap 50 (up 1.19 per cent), Nifty Bank (up 0.29 per cent) and Nifty Midcap Select (up 0.25 per cent) led gainers, while the Nifty200 Value 30 (down 0.50 per cent), Nifty500 Value 50 (down 0.37 per cent) and Nifty50 Equal Weight (down 0.02 per cent) lagged.  

Sectorally, the Nifty Chemicals (up 1.12 per cent), Nifty Pharma (up 0.66 per cent) and Nifty Consumer Durables (up 0.37 per cent) topped gainers, while the Nifty Media (down 0.78 per cent), Nifty CPSE (down 0.77 per cent) and Nifty Auto (down 0.46 per cent) were the laggards. 

Pharma, chemicals and consumer durables stood out as sectors to watch. Cipla’s gains anchored the Nifty Pharma index higher, with the space drawing interest as a defensive play amid the Iran-US conflict. The Nifty Chemicals index extended its uptrend on steady demand recovery and easing input costs, even as supply chains stay sensitive to Middle East shipping disruptions. Consumer durables, led by Titan Company (TITAN), up 1.33 per cent, found support from resilient urban demand ahead of the festive season. 

Iran War 

The Middle East conflict remained the dominant overhang on sentiment, with sources telling Reuters that a proposed Iran-Oman deal would give Tehran control over ships entering the Gulf through the Strait of Hormuz, among the biggest concessions yet in the five-month-old war. Iran’s Deputy Foreign Minister said talks with Oman had reached fundamental understandings and were close to being finalised, even as sources cautioned key details remained unresolved. Iran has separately warned Gulf states that any fresh U.S. attack would trigger retaliation against regional energy infrastructure. Crude prices have eased over the past two days after Trump held off on renewed strikes on Iran. 

Asian Markets 

Asian markets were mixed, with Japan’s Nikkei 225 falling 1.70 per cent and Hong Kong’s Hang Seng down 1.87 per cent, while Australia’s All Ordinaries and Pakistan’s KSE 100 rose 0.57 per cent and 1.66 per cent, respectively. Indonesia’s Jakarta Composite and China’s Shanghai Composite edged up 0.50 per cent and 0.19 per cent. Vietnam’s HNX 30 and Thailand’s SET were among the laggards, down 0.46 per cent and 0.45 per cent. 

Wall Street 

On Wall Street overnight, the Dow Jones rose 0.49 per cent while the Nasdaq slipped 0.83 per cent and the S&P 500 eased 0.17 per cent. The NYSE Composite added 0.21 per cent even as tech stocks weighed on the tape. Canada’s S&P/TSX Composite jumped 0.96 per cent while Mexico’s S&P/BMV IPC declined 0.46 per cent. 

Oil Prices 

Oil prices held largely steady, with WTI Crude at $75.05 a barrel, down 0.23 per cent, and Brent Crude at $79.40, off 0.06 per cent. Murban Crude bucked the trend, rising 1.41 per cent to $77.94. Prices have retreated from recent highs after Trump held off on renewed attacks on Iran. 

Opening Session of Indian Markets 

Indian equity benchmarks had inched up in early trade on Thursday, extending Wednesday’s gains as investors monitored Middle East diplomacy and positive central bank commentary from a day earlier. The BSE Sensex was trading at 78,723.80, up 142.80 points or 0.18 per cent, while the Nifty 50 stood at 24,628.75, up 4.10 points or 0.02 per cent, as of 9:38 a.m.  

Sources

•  bseindia.com
• nseindia.com