Nifty slips, Sensex soft as oil and geopolitics weigh

Indian equities opened slightly lower on Monday as Sensex and Nifty 50 tracked weak Asian cues and higher crude prices, with traders cautious after renewed US Iran tensions and a muted signal from GIFT Nifty.

Market overview

Index	29 Jun 2026 Open	Move & % Change	Comments
Nifty 50	approx. 24,040	approx. -15 pts (-0.1%)	Opened slightly below Thursday close of 24,056.00.
Sensex	approx. 77,050	approx. -50 pts (-0.1%)	Tracked cautious global risk sentiment at the open.

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

• Previous session: Sensex closed at 77,100.47, up 109.25 pts.
• Previous session: Nifty 50 settled at 24,056.00, up 34.35 pts.
• Domestic market was shut on Friday for Muharram, creating a two-day gap.
• GIFT Nifty near 24,087, down over 15 points versus prior Nifty futures close.
• Traders cited renewed geopolitical risk and higher oil as key overhangs.

Global cues and crude

Market/Asset	Movement	Notes
Brent crude	approx. +1.0%	Rose to USD 73.39 a barrel.
US WTI crude	approx. +1.0%	Traded near USD 70 a barrel.
Most Asian equities	Down	Reacted to renewed US Iran tension.

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

• Higher crude prices raised concerns on inflation and India’s import bill.
• Renewed US Iran military exchanges reintroduced risk-off sentiment.
• “Indian equity markets are expected to trade on a cautious note” Ponmudi R, CEO, Enrich Money.
• Ponmudi flagged guarded investor sentiment in the near term.

Key movers

Top stocks in focus

Stock	Sector	Notable Factor
HDFC Bank	Banking	External legal review found no evidence supporting ex-chairman’s allegations.
Torrent Power	Power	Completed ₹3,632.35 crore acquisition of Nabha Power from L&T Power Development.
Indian Railway Finance Corporation (IRFC)	PSU NBFC	Government OFS raised approx. ₹2,084 crore, greenshoe option exercised.
Dr Reddy’s	Pharmaceuticals	USFDA PLI of Bachupally biologics plant ended with seven observations.
Strides Pharma Science	Pharmaceuticals	To divest majority stake in Pivot Path in ₹100 crore deal.
Persistent Systems	IT services	Subsidiary to buy 21% in Nagarro SE at EUR 81 per share.
IIFL Finance	NBFC	Board cleared fundraise up to ₹10,000 crore via equity and other securities.
Godrej Industries	Conglomerate	Made additional investment in wholly owned unit Godrej Investment Ltd.
BEML	Capital goods	Won additional export order of about USD 5.35 million for heavy equipment.
PTC Industries	Engineering	Approved fundraise up to ₹1,800 crore and higher borrowing limits.

• HDFC Bank shares had gained 7.5% in the past month but were down 19.3% in 2026.
• Early Monday trade saw HDFC Bank around ₹800, up about 0.5%, per exchange data.
• Jefferies kept a “buy” on HDFC Bank with ₹1,050 target, citing attractive 1.7x FY27 P/B.
• JPMorgan stayed “overweight” with ₹990 target, seeing governance risk premium narrowing.
• JPMorgan said HDFC Bank could benefit from RBI’s recent FCNR(B) initiatives.
• IT stocks stayed under scrutiny as brokerages cut sector targets by up to 24%.
• Coforge and Mphasis remained preferred IT picks across several brokerages.

Sectoral action

Sector/Index	Direction (approx.)	Key Drivers
Banks	mixed	HDFC Bank legal review outcome, rotation into large caps watched.
IT	down to flat	Weak demand, AI investments, wage and margin pressures cited by brokerages.
Power & Utilities	up	Torrent Power’s Nabha acquisition highlighted sector deal activity.
Capital goods / Infra	up	BEML export order and infra-linked orders supported sentiment.

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

• Large private banks and IT had earlier weighed on Nifty performance.
• TRUST Mutual Fund noted large-cap banking and IT valuations had corrected.
• TRUST MF expects improved banking liquidity and margins after foreign deposit measures.
• Small caps remained in focus after strong migration from small to mid and large caps.

Technical and valuation backdrop

• Nifty 50 faced resistance near the 24,100 zone, per GIFT Nifty indications.
• Immediate support watched around the prior close at 24,056.
• TRUST MF highlighted wide dispersion in large and mid cap stock performance.
• TRUSTMF Large & Midcap Fund mandated at least 35% each in large and mid caps.
• TRUST MF expects alpha from sector weights in large caps and stock selection in mid caps.
• The fund plans around 15% allocation to small caps, citing growth opportunities.
• TRUST MF tracks megatrends like financialization, premium consumption and infrastructure.

Macro and real estate signals

• Hong Kong commercial property saw unit price cuts up to 57% in one office complex.
• The cut highlighted lingering weakness in parts of global commercial real estate.
• Broader Hong Kong real estate market was reported to be rebounding unevenly.
• Global property stress remained a background risk for financial markets.

FAQs

Q: Why did Sensex and Nifty 50 open lower today?

• Higher Brent crude near USD 73.39, renewed US Iran tensions, weak Asian markets, and a muted GIFT Nifty signalled a cautious start.

Q: Why is HDFC Bank in focus despite its weak year-to-date performance?

• An external legal review found no evidence supporting the former chairman’s allegations, and major brokerages reiterated positive ratings citing attractive valuations and potential benefits from RBI’s FCNR(B) measures.

Q: Which sectors are traders watching most closely this week?

• Banking and IT due to valuation resets and earnings concerns, power and capital goods on deal and order flows, and small and mid caps for continued stock-specific opportunities.

Frequently Asked Questions

Why did Sensex and Nifty 50 open lower today?

Higher crude prices, renewed US Iran tensions, weak Asian markets and a negative GIFT Nifty bias led to a cautious open.

Why is HDFC Bank in focus despite its weak year-to-date performance?

An external legal review cleared governance allegations, while major brokerages maintained positive ratings citing attractive valuations and FCNR(B) benefits.

Which sectors are likely to drive market moves this week?

Banks, IT, power, capital goods and select small and mid caps are in focus due to valuations, orders, fundraises and regulatory developments.