Sensex and Nifty Recover After Prior Drop Amid Fresh Geopolitical Tensions
Mumbai, June 30 — Despite fresh geopolitical strains, Indian equity markets opened in the green on Tuesday, buoyed by encouraging signals from overseas. The Sensex started at 77,005.51, gaining 277.14 points (0.36 percent) over its previous close of 76,728.37. The Nifty 50 followed suit, posting a 85.79‑point rise (0.35 percent) to 24,032.05 from 23,946.25.
Both benchmarks soon lost a portion of their early lift. The Sensex was down 134.69 points (0.18 percent) at 76,593.68, while the Nifty fell 75.45 points (0.32 percent) to 23,870.80 when the market snapshot was taken.
In the broader spectrum, the Nifty Small‑Cap Index edged up 0.24 percent, whereas the Mid‑Cap Index slipped 0.19 percent. Sectoral analysis showed the IT index sinking close to 2 percent, making it the weakest performer, with Auto and Metal also lagging. Chemicals, Real Estate and Consumer Durables managed to hold their ground with slight gains.
Share leaders of the day were Maruti Suzuki, Axis Bank, Bharti Airtel, Nestle India, Adani Enterprises, Power Grid, IndiGo and Titan. On the opposite side, Ashok Leyland, Tata Consumer Products, Hindalco, Infosys, TCS, Dr. Reddy’s Laboratories and Wipro recorded the steepest declines.
Technical indicators reveal that the Nifty, while still above its short‑ and medium‑term moving averages, failed to clear the 100‑day exponential moving average and is now below the 23.6 percent Fibonacci retracement of the April rally. RSI has retreated to 53.89, approaching its signal threshold, and the MACD remains positive but its green histogram has contracted over six sessions, suggesting a waning bullish thrust. The prevailing trend remains upward, yet the market appears poised for a consolidation phase.
Market participants are watching the 24,100‑24,200 range as the immediate resistance. Holding above this zone could trigger a rally toward the 24,500‑24,600 levels. Conversely, the 23,800 support line is vital; a breach may invite fresh selling pressure.