Stock Market Highlights Today: Nifty gained 6 points, is the consolidation near a turning point? – 29th June 2026

Indian equities ended mixed on Monday as Nifty 50 closed marginally higher near 24,062, while Sensex slipped to around 77,055, with traders tracking rising crude prices amid renewed US Iran tensions and the latest NSE index rejig.

Market Overview

Index	**29 Jun 2026 Close (approx.)	Move & % Change	Comments
Nifty 50	24,062	+6 pts (approx. +0.03%)	Held above 24,050 despite higher Brent crude and mixed breadth.
Sensex	77,055	-45 pts (approx. -0.06%)	Closed slightly lower after intraday gains faded.
Nifty Midcap 100	approx. level	-0.06%	Broader market slipped into the red.
Nifty Smallcap 100	approx. level	-0.06%	Smallcaps tracked mild weakness in midcaps.
India VIX	13.64	+4.5%	Volatility gauge rose as traders priced in geopolitical risk.

Note: figures are approximate; final exchange data not available at time of publication.

• Trade remained rangebound around the 24,000 mark on Nifty.
• Markets opened firm, then slipped as crude extended gains.
• Breadth on NSE was slightly negative, with more stocks declining than advancing.
• Around 1,222 stocks advanced, 1,276 declined, 182 were unchanged on NSE.

Sectoral Action

Sector/Index	Direction (approx.)	Key Drivers
Nifty IT	down 0.4%	Weakness persisted amid concerns on global tech spending and AI transition.
Nifty Pharma	up 0.5%	Buying interest in select large pharma names like Sun Pharma.

• Nifty IT underperformed despite a 7.13% one month rebound.
• Indian IT stocks are down 28.71% year to date, versus 8.32% fall in Nifty 50.
• Nifty Pharma gained on stock specific moves in Sun Pharma and other majors.

Key Movers

Top Gainers

Stock	Sector	Notable Factor
Eternal	Diversified	Rose over 1% on Sensex, no specific corporate trigger cited.
Sun Pharma	Pharmaceuticals	Gained over 1%, supporting Nifty Pharma index.
Tech Mahindra	IT Services	Advanced over 1%, bucking broader IT index weakness.

• Gains in Eternal, Sun Pharma and Tech Mahindra helped Nifty stay in the green.

Top Losers

Stock	Sector	Notable Factor
Kotak Mahindra Bank	Banking	Fell over 3% after MD & CEO Ashok Vaswani decided against another term.
IndiGo	Aviation	Declined up to 1.5% on Sensex, no fresh stock specific news cited.
Mahindra & Mahindra	Auto	Dropped up to 1.5%, contributing to index pressure.
BEL	Defence Electronics	Slipped up to 1.5% on Sensex.
Larsen & Toubro	Capital Goods	Declined up to 1.5%, weighing on benchmarks.

• Kotak Mahindra Bank was the biggest loser on both Sensex and Nifty.
• Management transition at Kotak weighed on banking sentiment intraday.

Nifty Indices Rejig And Passive Flows

Index / Stock	Direction (approx.)	Key Drivers
Bharti Airtel	weight cut, outflows	Expected to see largest cumulative passive outflows at $88 million.
Eicher Motors	weight cut, outflows	Estimated outflows of $69 million.
Asian Paints	weight cut, outflows	Also pegged for $69 million outflows.
Hero MotoCorp	weight cut, outflows	Projected outflows around $63 million.
Bajaj Finance	mixed flows	Weight reduced in Nifty 50, but gains in some indices.
Coal India	weight increase	To see higher weight and inflows up to $26 million bucket.
ICICI Bank	weight increase	Nifty 50 weight rising, aiding passive inflows.
HDFC Bank	weight increase	Gains in Nifty 50 and Nifty Bank weights, inflows around $37 million in Bank index.
NTPC	inflows	Expected inflows of $77 million across indices.
MCX	inflows	Likely to see largest inflows at $80 million.

Note: figures are approximate; final exchange data not available at time of publication.

• NSE quarterly index rebalancing took effect on 29 June.
• Passive funds adjusted holdings based on new free float weights.
• Bharti Airtel faced the largest projected outflows among index constituents.
• MCX, NTPC, Laurus Labs, Adani Power and GE Vernova T&D India were key inflow beneficiaries.
• On Nifty Bank, HDFC Bank and SBI weights rose, while Axis Bank, Canara Bank and Bank of Baroda saw cuts.

IT Sector Under Pressure

• Nifty IT index has declined 28.71% year to date, versus 8.32% drop in Nifty 50.
• IT stocks have rebounded 7.13% over the past month, outperforming Nifty’s 1.74% gain.
• Analysts flag delayed client decisions, weak discretionary spending and US macro risks.
• Export oriented IT may benefit from a stronger dollar but faces earnings risks if US growth slows.
• FPIs have sold Indian equities worth ₹53,022 crore so far in June.
• Selling has moderated in the second half of the month, with FPIs turning small net buyers recently.
• “The Nifty IT index is down nearly 28% year to date, and while sub 20x valuations may appear attractive relative to long term averages, this is more than a cyclical correction” Mohit Gulati, CIO and Managing Partner, ITI Growth Opportunities Fund.
• Gulati highlighted AI driven disruption of the traditional headcount led outsourcing model.

Valuations And Longer Term Context

• Over the last two years, Nifty has delivered flat to slightly negative returns around the 24,000 zone.
• Historical data from 2001 shows that similar two year stagnation phases were followed by 5 to 50% one year gains.
• Large caps trade at 17x one year forward P/E, versus a seven year average of 18.8x.
• Around 44% of large caps now trade below their 10 year median valuations.
• MSCI India trades at a 24% premium to emerging markets, below its 15 year average of 56%.
• Against MSCI World, India trades at a 5% discount, compared with a historical premium of 17%.
• Nifty 50 median EPS growth is expected to rise to 14.3% in FY27 and 16.5% in FY28.
• Positive earnings surprises rose to 48% of Nifty companies in Q4 FY26, from 32% in Q3 FY26.

Technical Outlook

Statistic	Value/Change	Context
Nifty support zone	23,900 to 23,920	Identified as crucial near term support band.
Nifty resistance zone	24,150 to 24,170	Break above could open move towards 24,370.
Next Nifty support	23,840 to 23,800	Comes into play if 23,900 breaks.
Sensex support	76,400	Key downside level on near term charts.
Sensex resistance	77,400	Upside cap unless fresh triggers emerge.

Note: figures are approximate; final exchange data not available at time of publication.

• Nifty failed to sustain above its 100 day exponential moving average.
• Frontline indices slipped back into a congestion zone after early gains.
• Options data showed call writing at 24,100 and 24,200 strikes.
• Significant put open interest was seen at 24,000 and 23,900 strikes.

Global Cues And Macro Backdrop

Market/Asset	Movement	Notes
Brent crude	to $72.44 (+0.6%)	Rebounded after a 10.6% weekly fall, supply through Hormuz normalised.
WTI crude	to $70.05 (+1.2%)	Rose as US Iran tensions resurfaced.

Note: figures are approximate; final exchange data not available at time of publication.

• Brent crude had earlier slipped near $72 on easing supply concerns.
• Fresh US Iran military exchanges pushed prices higher again.
• Higher oil prices risk worsening India’s inflation and current account metrics.
• Rising crude could also influence FPI flows and sector rotation.
• “Even while the ludicrous stand off between US and Iran continues with occasional strikes and threats by each country, Brent crude remains low at below $73, thanks to the unrestricted passage of ships through the Strait of Hormuz” VK Vijayakumar, Chief Investment Strategist, Geojit Investments.
• Vijayakumar noted that FII selling has abated, with FIIs buyers in the cash market over the last nine sessions.
• He flagged a 43% monsoon deficit as a key domestic risk, with market reaction tied to any revival.

Currency And Flows

Statistic	Value/Change	Context
Rupee vs USD	94.25 (+20 paise)	Benefited from earlier softer crude and improving capital inflows.
FPI equity flows (June)	₹53,022 crore outflows	Selling pace slowed in second half of month.

Note: figures are approximate; final exchange data not available at time of publication.

• Rupee opened firm at 94.36 and strengthened to 94.25 against the dollar.
• Gains were capped by a strong US dollar near a 13 month high.
• Forex participants see a favourable near term rupee outlook, subject to crude and FPI trends.

Frequently Asked Questions

Why did Nifty close flat while Sensex ended lower today?

Nifty held slightly positive near 24,062 as gains in stocks like Eternal, Sun Pharma and Tech Mahindra offset pressure from banks and autos, while Sensex slipped around 45 points due to heavier weight of losers such as Kotak Mahindra Bank, M&M, BEL and L&T.

How are rising crude prices affecting Indian equities now?

Brent’s rebound to around $72 to $73 on renewed US Iran tensions has revived concerns on inflation and the current account, which can weigh on FPI flows and oil sensitive sectors, although export oriented IT could gain from a stronger dollar.

What impact did the NSE index rejig have on stocks like Bharti Airtel and MCX?

The quarterly index rebalancing triggered expected passive outflows of about $88 million from Bharti Airtel due to lower index weights, while MCX was projected to receive around $80 million of inflows as its weights rose across NSE indices.