Equity benchmark indices Sensex and Nifty ended lower on Monday, June 29, as renewed geopolitical hostilities between the US and Iran, rising oil prices and broad-based profit booking in select counters and selling pressure in IT, auto and oil stocks unnerved investors.
Going into Tuesday’s trading session, it is expected that the markets are likely to remain range-bound, with the Sensex likely to take cues from whether it can hold above the crucial 76,100 support level.
Sensex at close on Monday, June 29
A total of 2,629 stocks declined, while 1,712 advanced and 218 remained unchanged on the BSE.
The 50-share NSE Nifty dropped 109.75 points, or 0.46 per cent, to end at 23,946.25.
Sensex top gainers and losers on Monday, June 29
“Technically, the Sensex slipped below the 77,000 psychological mark, indicating a temporary loss of bullish momentum and signalling a cautious near-term outlook. The index continues to trade within a broader consolidation range, with sellers dominating at higher levels while value buying is expected to emerge near key support zones,” he said.
For Tuesday’s session, Shah expects immediate resistance is now placed in the 77,300-77,400 zone. “A decisive move above this range would be required to revive bullish momentum and pave the way for a recovery towards the 77,500–77,800 region,” he added.
On the downside, the 76,100–76,200 zone remains a crucial support area and is expected to attract buying interest from positional investors. “A sustained breach below this support band could intensify selling pressure and trigger further consolidation towards lower levels,” Shah said.
He further said the Sensex witnessed a weak and volatile trading session on 29 June 2026, closing at 76,728.00, down 372.10 points (-0.48%), as broad-based selling pressure across heavyweight counters weighed on market sentiment. “The benchmark remained under pressure throughout the session after failing to sustain above key intraday levels, reflecting cautious investor sentiment amid weak global cues and profit booking in large-cap stocks,” Shah stated.
Overall, Shah said the session was characterised by broad-based profit booking and weakness in heavyweight stocks, with defensive counters offering only limited support.
“Despite the decline, the benchmark continues to trade near an important technical support zone, and the next directional move is likely to depend on the index’s ability to hold above 76,100–or reclaim the 77,400 resistance band with stronger buying participation,” the analyst concluded.
Broader markets, sectoral indices on Monday, June 29
The BSE SmallCap Select index declined 0.65 per cent, and the MidCap Select index dipped 0.60 per cent.
Sectorally, Auto tumbled 2.11 per cent, Focused IT tanked 1.53 per cent, Oil & Gas (1.40 per cent), Services (1.21 per cent), IT (1.04 per cent) and Consumer Discretionary (0.91 per cent). On the other hand, Healthcare, Utilities, Capital Goods, MidSmall Private Banks, Quality Tilt and Power were the gainers.
Brent crude, the global oil benchmark, jumped 1.51 per cent to USD 73.09 per barrel.
Stock markets were closed on Friday for Muharram.
Foreign Institutional Investors (FIIs) bought equities worth Rs 383.76 crore on Thursday, according to exchange data.
On Thursday, the Sensex settled 109.25 points, or 0.14 per cent, higher at 77,100.47. The Nifty rose by 34.35 points, or 0.14 per cent, to end at 24,056.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
