Tracking weak Asian markets, Indian equities drifted lower through the day, with large caps underperforming broader markets. Sectorally, metals outperformed on firm commodity prices, while banking stocks came under pressure, with PSU banks trailing their private-sector counterparts amid mark-to-market losses driven by the rise in sovereign bond yields.
Analysts said caution dominated market sentiment as investors are awaiting fresh sanctions from the US on Iran later today. Brent crude eased on profit-taking but remained above the $90 per bbl mark, supported by concerns over tighter Iranian oil supplies and ongoing tensions around the Strait of Hormuz.
