Sensex, Nifty Trade Rangebound; Realty, Auto Stocks Gain While PSU Banks Drag

Indian equities remained rangebound in Monday’s session, with benchmark indices struggling to find a clear direction amid firm global cues and concerns over elevated crude oil prices. At around 1:45 pm, the BSE Sensex was up 105.69 points, or 0.13 per cent, at 78,604.86, while the Nifty 50 gained 38.05 points, or 0.15 per cent, to trade at 24,608.70. The benchmarks moved between gains and losses through the session, reflecting caution at higher levels.

The broader market showed relatively better strength. The Nifty Midcap index was up around 0.7 per cent, while the smallcap index traded largely flat. Nifty Bank remained under pressure near the 57,600 level, slipping around 0.2 per cent as selling in PSU banking stocks offset gains in select private lenders.

Nifty Realty emerged as one of the strongest sectoral performers, gaining around 1.6 per cent, supported by buying in stocks such as DLF, Godrej Properties and Phoenix Mills. Nifty Auto also traded higher, helped by gains in Hero MotoCorp, Bosch and TVS Motor. IT stocks remained positive as softer US employment data reduced expectations of an imminent interest rate hike by the US Federal Reserve.

On the other side, Nifty PSU Bank fell around 1.3 per cent, with SBI, Bank of India and Canara Bank among the key drags. Nifty PSE and pharma stocks also remained under pressure.

Hitachi Energy India jumped more than 11 per cent to around Rs 36,240 after strong quarterly earnings and positive commentary on its growth prospects. Its quarterly profit rose more than 123 per cent year-on-year.

Paytm surged around 9 per cent to Rs 1,573 after positive analyst commentary pushed the stock to a fresh 52-week high.

Titan Company gained nearly 3 per cent after reporting a 63 per cent year-on-year jump in Q1 consolidated net profit to Rs 1,777 crore, supported by strong jewellery demand.

Power Finance Corporation was among the major losers, falling more than 8 per cent as investors reacted to concerns around net interest income, margins and the growth outlook following its Quarterly Results.

Institutional flows were supportive in the previous session. On August 7, FIIs were net buyers of Rs 480.24 crore in the cash market, while DIIs bought shares worth Rs 235.56 crore. Data for August 10 will be available after the market closes.

Asian markets traded higher after Wall Street hit record levels on Friday following softer US jobs data. Japan’s Nikkei gained around 2 per cent. Brent crude, however, remained elevated near USD 83.50 per barrel as uncertainty around the Strait of Hormuz continued.

For Nifty, the 24,460-24,480 zone remains an important near-term support, while 24,710-24,730 is the immediate resistance area. Traders will also track crude oil, the final leg of Q1 earnings and US inflation data due Wednesday for the next directional trigger.

The current market setup remains stock-specific, with index movement likely to stay sensitive to global developments and earnings surprises.

Disclaimer: The article is for informational purposes only and not investment advice.