New Delhi, Aug. 22 -- The domestic market remains in consolidation mode, with elevated oil prices keeping investors wary of a potential inflation flare-up, tighter monetary policy, weak earnings, and a slowdown in economic growth.

The stock market benchmark Nifty 50 is down about 0.60% for August so far, looking set to snap its two-month winning run even as Q1 results came in better than expected. This reflects that higher oil prices remain a key concern for markets, and as long as the US-Iran conflict is unresolved, a sustained rally is unlikely.

Pankaj Pandey, the head of research at ICICI Securities, said at the Nifty 50 level, earnings came in ahead of street estimates, reflecting resilience despite a volatile macro backdrop.

"Topl...