Indian Shares Hold Steady as Rupee Weakens and Earnings Season Begins

Indian equities held their ground in choppy trade, with the benchmark Sensex closing little changed near 77,187 and the Nifty 50 easing marginally to about 24,073, staying above the psychologically important 24,000 level for a second straight session. Global uncertainty dominated sentiment, as escalating tensions between the United States and Iran kept traders cautious and Brent crude hovered close to $85 a barrel, sustaining concerns about imported inflation. The rupee weakened further, slipping about 11 paise to around 96.36 against the US dollar, pressured by higher energy costs and a firm dollar. Broader-market indices underperformed, with midcap and smallcap gauges edging lower. Analysts flagged 24,000 as immediate support, with resistance around 24,200-24,350, and said the market remained in a volatile but range-bound phase. The June-quarter earnings season is gathering pace, making company results and management commentary the key stock-specific triggers in the sessions ahead, even as developments in the Middle East and the trajectory of oil prices remain difficult to ignore.