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Indian stocks edge up as hopes grow for US-Iran peace deal
The Nifty 50 finished up 0.05% at 24,636 and the Sensex rose 0.26% at 78,785, while midcaps fell 0.4% and smallcaps gained 0.5%.
Indian equities finished mostly range-bound on August 6 as investors waited for clearer signals on a potential peace agreement in the Middle East, with concerns about the US and Iran conflict keeping positioning cautious, LiveMint Markets said. The Nifty 50 edged up 0.05% to close at 24,636, while the Sensex gained 0.26% to settle at 78,785.
Performance across broader indices was mixed, with the Nifty Midcap 100 down 0.44% and the Nifty Smallcap 100 up 0.48%. Sectoral trade also diverged, with strong buying in Nifty PSU Bank, Chemicals, Oil and Gas, and Consumer Durables, while Realty, Media, Auto, and Metal stocks ended lower, according to LiveMint Markets.
The report pointed to improving prospects for ending the five-month conflict between the US and Iran, citing an AP report that Iran had entered the final stage of drafting an agreement with Oman on reopening the Strait of Hormuz. It also noted that US officials have continued to express confidence that a deal with Iran is nearing, while Iranian Foreign Ministry spokesperson Esmail Baqaei said discussions were progressing at both technical and political levels and focused on safe shipping routes and protecting sovereign rights and security interests.
Separately, crude oil prices stabilized after three straight sessions of declines, helped by improving expectations for diplomacy that eased supply-disruption fears. LiveMint Markets also highlighted company-specific moves, including Navin Fluorine International gaining 13.3% and Neuland Laboratories rising 8.2% after better-than-expected June quarter earnings, and Tata Technologies jumping 6.3% to ₹801 per share after two sessions of losses.
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