The Indian stock market extended losses on Monday, with Sensex falling for a second straight session and the Nifty declining for the fifth consecutive session, although the benchmark indices sharply recovered from intraday lows. Sensex dropped 281 points to close at 77,728, while Nifty 50 lost 78 points to end the session at 24,288 on Monday.

Here's how analysts read the market pulse“Indian equities are likely to remain range-bound as the market shifts focus from the concluded Q1FY27 earnings season to global macro and geopolitical developments. The Strait of Hormuz and the trajectory of crude oil prices will remain the key near-term drivers, as conflicting US-Iran positions have clouded prospects of a near-term resolution, raising risks of elevated crude prices.

Investors will also track the US Federal Reserve's July meeting minutes this week for cues on the global interest-rate outlook,” said Siddhartha Khemka, Head of Research on Wealth Management at Motilal Oswal Financial Services. S.

S. economic data, including an unexpected drop in retail sales, led markets to scale back bets on an imminent Fed rate move.

Tehran will escalate tensions in the Strait of Hormuz and the wider region if diplomacy with the United States fails, a senior Iranian official told Reuters, pointing ‌to an Iranian policy shift ⁠relying on ⁠offense rather than defense. Markets will keep a close eye on results from chipmaker Nvidia, the most valuable company in the world, for signs on whether the tech-driven momentum can last.

2% in early trading. Tech view“Nifty closed lower following a volatile session, extending its streak of lower closes.

The near-term trend remains weak as the index continues to sustain below the crucial resistance level of 24,400. In the coming days, the trend is likely to remain weak as long as the index stays below 24,400.

On the lower end, support is placed at 24,225, below which the correction could extend towards 24,190/24,050. Overall, the bias is likely to remain volatile,” said Rupak De, Senior Technical Analyst at LKP Securities.

Most active stocks in terms of turnoverBSE (Rs 2,560 crore), RIL (Rs 1,751 crore), Hindustan Copper (Rs 1,648 crore), Lenskart Solutions (Rs 1,327 crore), Ipca Labs (Rs 1,305 crore), Physicswallah (Rs 1,282 crore) and Bharti Airtel (Rs 1,099 crore) were among the most active stocks on NSE in value terms. Higher activity in a counter in value terms can help identify the counters with the highest trading turnovers in the day.