Mumbai, July 8 (IANS) The Indian stock market closed in positive territory on Tuesday, inching up in a range of 0.3 per cent, as investors remained cautious ahead of the India-US trade deal which is likely to materialise soon. Sensex closed at 83,712.51, up 270.01 points or 0.32 per cent against the previous session's closing of 83,442.50. The 30-share index hit an intra-day high at 83,812.31 after starting the session in negative territory at 83,387.03. Nifty settled 61.20 points or 0.24 per cent high at 25,522.50. The Indian equity market remained largely range-bound as investors awaited definitive progress on the India-US trade agreement, said analysts.

“While sentiment remains cautiously optimistic about a potential deal, the lack of formal confirmation has restrained fresh buying activity," Vinod Nair, Head of Research, Geojit Investments Limited. Moreover, the US decision to extend the deadline for implementing 25 per cent tariffs on key trading partners has led investors to adopt a more defensive approach, Nair added. Kotak Bank, Adani Ports, Eternal, NTPC, BEL, Power Grid, Infosys, Tata Motors, and HDFC Bank were settled in green from the Sensex basket, while Mahindra and Mahindra, Reliance, Bharti Airtel, TCS, HCL Tech, and Sun Pharma ended the session in negative territory.

Meanwhile, 27 stocks advanced and 23 declined from the Nifty50. Among the broader indices Nifty Midcap 100, Nifty Smallcap 100 closed lower, while Nifty 100 surged. The majority of sectoral indices settled in green. Nifty Finance Services closed 0.68 per cent, Nifty Bank ended 0.54 per cent higher, and Nifty IT rose 0.30 per cent. Rupak De from LKP Securities said the index has moved up after a consolidation on the hourly chart, improving sentiment for the bulls. 

“On the daily chart, the Nifty formed a green candle following a hammer and a doji pattern. This type of setup often indicates a potential positive move ahead. On the lower end, support is placed at 25,400, while on the higher end, resistance is seen at 25,600 and 25,750–25,800,” he mentioned. The rupee traded strongly, gaining 0.20 rupees or 0.23 per cent to close at 85.65. Softer crude prices and easing FII selling pressure supported the currency. According to analysts, the rupee is expected to remain firm within a range of 85.25 to 86.00 in the near term.