New Delhi, July 29 -- The Indian stock market has remained range-bound with a negative bias since the start of July. The trend began to shift in late June, after benchmark indices touched a nine-month high.

Following the rally that pushed the Nifty 50 and Sensex near record highs, investors have been awaiting clearer earnings signals to justify valuations. However, a muted start to the June-quarter results has dampened sentiment. The absence of fresh triggers and uncertainty surrounding a potential India-US trade deal has also kept investors cautious.

The correction has been more pronounced in mid- and small-cap segments, due to their lower liquidity and greater sensitivity to risk-off sentiment. Amid this backdrop of macroeconomic head...