Stock Market Mid-day report, June 29, 2026: Markets Remain Rangebound; Climbing Oil Keep Gains in Check

Mumbai, June 29: Indian equity markets traded largely rangebound in a narrow horizontal corridor through Monday’s midday session, with benchmark indices trading mostly sideways either side of the unchanged mark as a brief Iranian ceasefire over the weekend evaporated once again into renewed U.S.-Iranian hostilities and oil prices jumped back from levels below $70 a barrel towards $72/bbl.  

At 11:26 am, the Sensex traded at 77,084.30, down 16.17 points or 0.02% from its previous close of 77,100.47, while the Nifty 50 traded at 24,066.65, up 10.65 points or 0.04% from its previous close of 24,056.00. 

Broadly speaking, there’s no trend of note in Monday’s session through midday. The Sensex and Nifty opened barely in positive territory before slipping mildly lower in early trade, and now find themselves mostly flat through midday with Iran-US geopolitical tensions mixing with cautious buying after Friday’s sharp selloff. A volatile oil market is also capping buying interest, with crude futures trending higher again after last week’s steep sell-off. 

Gainers and Losers 

On the Nifty 50’s top movers, pharma and healthcare names dominated the buy side. Dr Reddy’s Laboratories was the top gainer at an LTP of Rs 1,405.10, up 4.04% from its previous close of Rs 1,350.50, followed by Cipla at Rs 1,488.70, up 3.37% from its previous close of Rs 1,440.10. Max Healthcare was up 2.54% to Rs 1,151.90 from a previous close of Rs 1,123.35, Trent gained 2.28% to Rs 3,289.60 from Rs 3,216.20, and Hindalco added 1.65% to Rs 968.90 from Rs 953.20.  

On the losing side, Kotak Mahindra Bank was the sharpest decliner at an LTP of Rs 398.65, down 2.53% from a previous close of Rs 409.00, followed by Eicher Motors at Rs 7,422.50, down 2.31% from Rs 7,598.00. Adani Enterprises fell 2.29% to Rs 2,968.40 from Rs 3,038.00, IndiGo slipped 1.95% to Rs 5,343.50 from Rs 5,450.00, and M&M declined 1.86% to Rs 3,122.90 from Rs 3,182.20. 

Broad and Sectoral Indices 

Negative breadth was consistent across broader market indices on Monday through midday trade, with selling pressure deepening as you move down the market-cap spectrum. The Nifty 100 fell 0.11% to 25,086.45, the Nifty 200 declined 0.18% to 13,866.85, and the Nifty Smallcap 100 dropped 0.59% to 18,680.20, pointing towards mid- and small-cap names shouldering most of Monday’s losses so far. 

The standout sectoral gainer through midday trade was Nifty Pharma, which jumped 1.77% to 25,412.35 amid widespread buying interest across healthcare stocks, while Nifty Healthcare Index and Nifty Metal moved higher by 1.67% and 0.78%, respectively. Index heavyweight ICICI Bank was among the biggest losers across financial stocks, shedding as much as 1.64% through midday trade. Sector losers included Nifty Auto (-1.66%), Nifty IT (-0.90%), and Nifty Transportation & Logistics (-1.16%). 

Iran Tightens Strait of Hormuz 

Oil briefly headed back toward pre-Iran war levels on the back of a temporary ceasefire agreed to between Washington and Tehran over the weekend, but markets have turned lower on Monday after Iran fired missiles and drones at U.S. military bases in Kuwait and Bahrain. Iranian forces launched what they described as “tangible retaliation” after Iranian protesters on shore in Kharg Island came under attack by an Iraqi oil tanker that had been struck by a projectile launched from Iran on Thursday. It marks the second straight weekend of flare-ups between the U.S. and Iran along one of the world’s most critical chokepoints for oil traffic. 

Iran on Sunday agreed to stand down and allow ships free passage after Washington renewed assurances it has no intention of invading Iranian soil. Iranian officials agreed to halt any hostilities and “move forward” with technical talks scheduled to resume Tuesday in Qatar, but the Islamic Revolutionary Guards Corps (IRGC) warned American forces stationed in the Middle East would “experience hell in the coming days.” 

Asian Shares Mixed 

Asian markets were split on Monday morning trade, with Japan’s Nikkei 225 and Indonesia’s JSX Composite falling 1.09% and 1.72%, respectively, while Hong Kong’s Hang Seng rose 0.98% and China’s Shanghai SE Composite edged up 0.19%. Markets which were more sensitive to crude oil prices tended to trade lower on Monday, while oil-importing nations like China and Hong Kong traded higher. 

US Markets 

Wall Street gave up most of its gains on Friday and closed in cautious territory after equities bounced off key technical support levels on Thursday and earlier in Friday’s session. The Dow Jones Industrial Average fell 0.09% to close Friday at 51,876.11, the S&P 500 lost 0.05% to 7,354.02, and the Nasdaq Composite declined 0.24% to 25,297.62. The NYSE Composite was the outlier on Friday, gaining 0.33% to close at 23,689.23. 

Oil Prices 

Brent crude futures climbed 0.8% to $72.57 a barrel and U.S. West Texas Intermediate rose 1.3% to $70.11 a barrel in early Asian trade on Monday, reversing a portion of last week’s sharp 10.6% weekly decline following the renewed Iran-U.S. hostilities. ANZ analysts cautioned that physical oil flows remain constrained by tanker backlogs, damaged infrastructure, and production shut-ins, adding that it could take the rest of the year before supply approaches pre-war levels. The uptick in crude, even if modest, is adding a layer of caution to the Indian market’s mood, with energy and oil-linked stocks facing pressure through the midday session. 

Monday Session of Indian Markets 

Indian equity markets opened on a cautious note on Monday, with the Sensex and Nifty 50 barely in the green before slipping into modest negative territory in early trade, as a weekend resumption of hostilities between the United States and Iran rattled investor sentiment and sent oil prices edging higher. At 9:29 am, the BSE Sensex was trading at 77,041.89, down 58.58 points or 0.08% from its previous close of 77,100.47, while the Nifty 50 was at 24,069.85, up a marginal 13.85 points or 0.06% from its previous close of 24,056.00, reflecting a split and directionless open as investors waited for clarity on the geopolitical situation. 

Source

• nseindia.com, bseindia.com
• https://www.reuters.com/world/asia-pacific/us-carries-out-fresh-strikes-against-iran-after-tanker-struck-hormuz-escalating-2026-06-27/
• https://www.reuters.com/markets/stocks/asia-pacific/