Mumbai (Maharashtra) [India], July 28 (ANI): The Indian benchmark indices closed a shade lower on Tuesday following a range-bound session amid easing crude oil prices and strong buying across technology stocks.

Sensex settled at 76,765.92, down 69.86 points or 0.09 per cent, while Nifty ended at 23,985.35, down 10.60 points or 0.04 per cent.

The market witnessed mixed sectoral performance with IT leading the gains on strong buying in technology stocks. Majority of broad market indices ended the day's session lower; Nifty IT surged 3.38 per cent followed by Nifty Realty and Midsmall IT & Telecom, surging over 2 per cent. Meanwhile, Nifty FMCG and Bank emerged as top drags, slipping over a per cent.

On BSE, TCS, Eternal, Tech Mahindra, Infosys, Titan, HCL Tech, Asian Paint, M&M, IndiGo, Kotak Bank, Maruti among others were the top gainers. Hindustan Unilever, NTPC, HDFC Bank, Tata Steel, Trent, Axis Bank, Bharti Airtel among others were the top drags.

In the commodity market, Brent crude prices slipped to USD 85 per barrel amid expectations around easing geopolitical tensions between the US and Iran. Brent crude was trading at around USD 85.93 per barrel -- marking the lowest price in a week -- while WTI crude was at around USD 80.77 per barrel at the time of reporting. Gold was trading at around USD 4,023.51 at the same time.

Market analyst Vipin Dixena said, 'Indian benchmark indices witnessed a range-bound and volatile session on Tuesday as investors remained cautious amid mixed global cues. While easing geopolitical tensions and softer crude oil prices offered some support, persistent weakness in global technology stocks and uncertainty ahead of the US Federal Reserve's policy decision kept market participants from taking aggressive positions. The market is likely to remain range-bound in the near term.'

Market participants are exercising caution at the moment, with a pause in hostilities between the US and Iran bringing respite to the energy markets and providing a cushion to the indices. Upcoming central bank policies, especially the US Federal Reserve, will provide broad directions going forward.

Vinod Nair, Head of Research, Geojit Investments Limited said, 'The respite in crude oil prices provided relief to markets by easing concerns over inflation and input cost pressures. However, investor sentiment remained cautious ahead of key central bank policy meetings this week, including those of the Fed, BoE, and BoJ. Persistent volatility in energy markets and heightened geopolitical risks could keep global bond yields elevated this year. Nevertheless, expectations that major central banks will hold interest rates steady in their July policy meetings have offered some support to market sentiment. India's relative advantage under the revised US tariff framework further supported investor confidence.'

Nair expressed optimism on the domestic front with improvement in monsoon conditions as well as moderately better Q1 earnings so far. The surge in IT stocks comes in the backdrop of attractive valuations.

'On the domestic front, improving monsoon conditions and moderately better Q1FY27 earnings have strengthened the growth outlook. Sectoral trends remained mixed, with IT stocks continuing to outperform, supported by attractive valuations,' Nair added. (ANI)