June 29 (Reuters) – Indian shares were steady on Monday after posting their longest weekly winning streak of 2026 in the last session, as the U.S. and Iran agreed to halt recent hostilities, tempering concerns of an escalation in the ongoing conflict.
The benchmark Nifty 50 rose 0.24% to 24,112.35, while the BSE Sensex edged 0.16% higher to 77,223.58, as of 10:30 a.m. IST.
Analysts said while easing geopolitical tensions and stable crude prices supported sentiment, the recent rally left little room for fresh gains.
The U.S. and Iran agreed to halt attacks on each other and renew talks regarding their dispute over the Strait of Hormuz, a U.S. official said on Sunday.
Brent crude prices rose 0.7%, as investors assessed the developments in the Middle East.
“Markets are closely monitoring developments surrounding the reported U.S.-Iran ceasefire and upcoming diplomatic discussions, with stable crude oil prices supporting domestic market sentiment,” said Aakash Shah, technical research analyst at Choice Broking.
Nine of the 16 major sectors logged losses. The broader small-caps and mid-caps shed 0.3% and 0.1%, respectively.
IT index fell 0.7%, dragged by an 8.4% slide in Persistent Systems after it announced a voluntary public takeover offer to acquire Munich-headquartered digital engineering firm Nagarro SE.
Multiple brokerages flagged rich valuations, debt-funded leverage, integration risks and growth uncertainty around the deal.
Kotak Mahindra Bank fell 2% after the lender said its chief executive officer and managing director Ashok Vaswani would not seek reappointment after his term ends on December 31, 2026.
“Communicated well in advance and attributed to personal reasons, the development is a sentiment-driven uncertainty rather than a fundamental earnings or operational risk,” Citi Research said.
Dr. Reddy’s gained 4% after the U.S. drug regulator completed an inspection at its biologics facility in Bachupally, Hyderabad, with seven observations, which the company said it would address within the stipulated timeline.
Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sherry Jacob-Phillips and Nivedita Bhattacharjee.
