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• Equity benchmark indices declined for the fifth consecutive trading session, with the Sensex falling over 250 points and the Nifty closing below the 24,300 mark, weighed down by weakness in banking and IT stocks. Mixed global market trends, coupled with concerns over rising crude oil prices approaching $90 per barrel, weighed on market sentiment. Weak US retail sales data, expectations of a potential Fed rate hike, and escalating geopolitical tensions between the US and Iran further dampened investor sentiment. The Iran-US Memorandum of Understanding signed in June is also set to expire today, while negotiations to end the conflict remain deadlocked.

• The Sensex declined 281 points, or 0.3%, to close at 77,728, while the Nifty fell 78 points, or 0.3%, to settle at 24,287. The Nifty has now declined more than 1% over the past five trading sessions.

• Sugar, realty, and metal stocks were among the biggest gainers. Sugar stocks such as Balrampur Chini, Renuka Sugar, Avadh Sugar, and Triveni Sugar gained up to 7%, supported by rising global raw sugar prices and expectations of improved demand ahead of the festive season.

• Metal stocks also witnessed fresh buying amid gains in base metal prices on the LME. The Nifty Metal Index advanced 1.4%, led by Hindustan Copper, which surged 8%, while Hindalco, National Aluminium, SAIL, and Tata Steel gained up to 4%. The Nifty Realty Index also advanced following impressive Q1 results, with Oberoi Realty surging 4% to close at ?1,931. -281.09 (-0.36%)

Technical Outlook:

• Nifty index opened on a flattish note and remained under selling pressure in the first hour of the session. It took support near 24200 zones and witnessed a V shaped recovery towards 24350 in the later half to close near its upper band. It formed a bearish candle on the daily frame but has been making lower highs from the last ten sessions. Now if it crosses and holds above 24350 zones then upside could be seen towards 24450 then 24550 zones while support can be seen at 24150 then 24050 zones.

• S&P BSE Sensex index opened on a flattish note and witnessed some selling pressure in the initial hour as it slipped towards 77400 zones post which the index witnessed a gradual up move towards it’s day’s high near 77900 zones. It formed a small bodied candle and continues to form lower highs from the last ten sessions but the pace of selling is missing indicating that bears are losing momentum at lower levels. Now if it crosses and holds above 77800 zones then upside could be seen towards 78000 then 78300 zones while support can be seen at 77500 then 77300 zones.

Derivative Outlook:

• Nifty future closed negative with losses of 0.33% at 24370 levels. Positive setup seen in Oberoi Realty, Kfintech, Bhel, LTF, Uno Minda, KEI Industries, Hindalco, Godrej Properties, Sonacoms and TVS Motors while weakness seen in Voltas, BSE, Cochin Shipyard, Sun Pharma, ITC, TCS, BDL, Mankind, DMart and Godfrey Phillips.

• On option front, Maximum Call OI is at 24400 then 24500 strike while Maximum Put OI is at 24300 then 24000 strike. Call writing is seen at 24400 then 24350 strike while Put writing is seen at 24300 then 24250 strike. Option data suggests a broader trading range in between 23800 to 24800 zones while an immediate range between 24000 to 24500 levels.

• Sun Pharma Wins Lipitor Antitrust Appeal in US Court – Company said a US court affirmed a summary judgment in its entirety in favor of the company in an antitrust litigation related to a 2008 patent litigation settlement agreement with Pfizer.

• L&T Wins Middle East Order Worth Over $1.5B for Offshore Work – Company secured an “ultra-mega” order from an unnamed client in the Middle East to develop multiple offshore facilities.

• TCS launches agentic AI platform for clinical trials and drug safety workflows – Company has launched an.

• enterprise agentic AI platform aimed at helping pharmaceutical companies automate clinical development and drug-safety processes while meeting regulatory, governance and audit requirements.

• Lupin – Company said the U.S. Food and Drug Administration granted final approval for its abbreviated new drug application for Pitolisant Tablets.

• ONGC secures licence to resume full Venezuela operations – Company has secured a licence from the US Treasury's Office of Foreign Assets Control (OFAC), allowing it to resume full operations in Venezuela.

• Global Market Update

• European Market - Chip stocks were among the top gainers in Europe on Monday after Anthropic reported a strong revenue surge for the second quarter, while software stocks slipped across the board.

• Asian Market – Asian stocks edged higher at the start of the week as semiconductor stocks gained for a sixth straight session. Japan, South Korea, Hong Kong and China Index gained up to 2% .

• US Data - Housing Price Index and Empire Manufacturing. • Commodity - Oil prices gained eased 1% to $89/bb as Strait of Hormuz shipping grinds to a halt ahead of U.S.-Iran ceasefire expiry.

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