ended lower for the third straight session on Tuesday, the monthly expiry day, as a sharp selloff in IT stocks and persistent caution over US-Iran talks in Doha offset resilience in the broader market.
“Markets traded in a volatile yet narrow range on the monthly expiry day and settled marginally lower, extending the ongoing consolidation phase,” said Ajit Mishra, SVP, Research, Religare Broking Ltd.
The opened with a gap-up at 24,032.05 but failed to hold the gains, swinging between 24,035.55 and 23,829.20 before closing at 23,865.75, down 80.50 points or 0.34 per cent. The fell 250 points, or 0.33 per cent, to settle at 76,478.
Bank Nifty also slipped, losing 184.45 points or 0.32 per cent to close at 57,542.90 after forming a bearish candlestick pattern. India VIX eased marginally by 0.07 per cent to 13.60, signalling stable volatility.
Sectorally, IT was the biggest drag, falling nearly 2.5 per cent on concerns that elevated US interest rates could delay global clients’ technology spending, followed by declines in PSU Banks, Media, Banking and FMCG.
Auto stocks came under pressure after the Delhi government approved its EV Policy 2026-2030, effective July 1, with falling nearly 5 per cent on concerns over Royal Enfield’s limited EV presence.
On the upside, Realty, Chemicals and Consumer Durables each gained over 1 per cent, with Pharma and Healthcare also outperforming.
Broader markets fared better than headline indices, with the Nifty Midcap 100 up 0.4 per cent and the Nifty Smallcap 100 advancing 1 per cent, while market breadth stayed positive with 1,919 advancing stocks against 1,383 decliners.
In the banking space, named former Finance Secretary Rajiv Kumar as its new Non-Executive Chairman, while Axis Bank CFO Puneet Sharma and Bandhan Bank CFO Rajeev Mantri both resigned without announced replacements.
board approved a plan to raise up to ₹16,000 crore via equity and debt, and KEC International won orders worth ₹1,754 crore.
, weighed down by safe-haven dollar demand and corporate dollar buying, with spot USDINR facing resistance at 95.10 and support at 94.40.
In commodities, gold rebounded after a weak opening on short covering following June’s nearly 12 per cent COMEX correction, with MCX Gold recovering over ₹2,300 to around ₹1,42,750, aided by the weaker rupee.
edged higher toward $70-73 a barrel as the recent decline paused amid uncertainty over US-Iran negotiations and Strait of Hormuz shipping concerns, while domestic crude futures stayed near ₹6,700.
Separately, industrial output rose to 5.1 per cent in May from 4.9 per cent in April, led by stronger electricity and gas supply growth.
Going forward, traders will track the outcome of US-Iran talks in Doha, crude oil movements, and upcoming US labour market data including Non-Farm Payrolls, alongside the start of Q1 FY27 earnings season, monsoon progress and FII flows, which are expected to keep the Nifty range-bound between roughly 23,800 and 24,200 in the near term.