Closing Bell: Israel strikes on Iran rattle market, Nifty drops below 24,750, Sensex down 573 pts

Indian benchmark indices ended on a weak note with Nifty below 24,750 on June 13. At close, the Sensex was down 573.38 points or 0.70 percent at 81,118.60, and the Nifty was down 169.60 points or 0.68 percent at 24,718.60.

We wrap up today's edition of the Moneycontrol live market blog, and will be back Monday morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

Markets extended Thursday’s decline and ended lower, shedding over half a percent. Weak global cues led to a gap-down start for the Nifty; however, selective buying in heavyweights helped trim some of the losses as the session progressed. Eventually, the index settled at 24,718.60, down 0.68%. Most sectors mirrored the overall trend, with FMCG and banking emerging as the top laggards. The broader indices also remained under pressure, losing nearly half a percent each.

The initial reaction was largely driven by a sharp rise in crude oil prices due to geopolitical tensions in the Middle East. However, a moderation in CPI inflation helped limit the downside. On the technical front, the Nifty slipped below its short-term moving average (20 DEMA) once again but witnessed a swift rebound after testing the lower end of the recent consolidation range (24,500–25,200). This suggests a possibility of continued consolidation in the index.

Given the prevailing scenario, traders should maintain a balanced approach with positions on both sides, focusing on stock selection driven by sectoral and thematic trends. It is advisable to avoid aggressive bets and manage risk prudently.

Rising tensions in the Middle East after Israel attacked key Iranian areas drove investors to safe-haven assets like gold as riskier equities continued to face battering.

Along with fresh concerns of the US likely to impose unilateral tariffs over next few weeks and higher valuations of domestic equities resulted in consolidation of markets.

The Nifty slipped sharply, breaching the 21-EMA—a key short-term moving average. However, it found support near the recent consolidation lows, leading to a strong intraday recovery. Going forward, the recovery could gain traction if the Nifty sustains above the 24,700 level. On the upside, the index may move towards 25,000 in the short term. Conversely, a decisive fall below 24,700 could trigger renewed bearish bets in the market.

Nifty continued to show weakness on Friday amidst geo-political tension between Israel & Iran and rising International Crude Oil prices. The market slipped into sharp weakness on Friday, but was able to show upside recovery from the lower levels towards end. The overall chart pattern indicates a formation of short-term top reversal pattern at 25222 as per daily timeframe chart.

The short-term trend of Nifty is negative, but the medium-term trend remains positive. Nifty seems to have entered a broader high low range of 24500-25100 again. Hence, any sharp weakness below 24500 could possibly trigger sharp selloff. However, any sustainable bounce from the support could pull Nifty towards 25100 levels again in the near term.

Indian equity benchmarks experienced downward pressure, driven by weak global cues and foreign institutional outflows. Market sentiment was notably impacted by heightened geopolitical tensions following Israel’s military strike on Iran, which significantly increased risk aversion among investors. Although India’s CPI for May eased below the RBI’s comfort threshold—offering a positive macro signal—this was largely overshadowed by external headwinds. Brent crude prices climbed near $76/barrel, their highest this year, raising fears of inflation if tensions persist.

Gold demand remains strong, reflecting a shift to safe-haven assets. In the near term, market sentiment is likely to stay cautious until geopolitical stability returns.

Indian rupee ended 49 paise lower at 86.09 per dollar on Friday versus Thursday's close of 85.60.

Indian benchmark indices ended on a weak note with Nifty below 24,750 on June 13.

At close, the Sensex was down 573.38 points or 0.70 percent at 81,118.60, and the Nifty was down 169.60 points or 0.68 percent at 24,718.60. About 1520 shares advanced, 2326 shares declined, and 124 shares unchanged.

Biggest Nifty losers were Adani Ports, ITC, SBI, IndusInd Bank, Hindalco Industries, while gainers included Bharat Electronics, ONGC, Tech Mahindra, TCS, Wipro.

Except media, realty, all other sectoral indices ended in the red with FMCG, PSU Bank, oil & gas, power, telecom down 0.5-1 percent.

The BSE midcap and smallcap indices shed 0.3 percent each.

EUROGRIP, a global two-wheeler tyre brand from TVS Srichakra announced its official integration into the after-sales service network of Honda Taiwan Co., Ltd. This collaboration has further strengthened EUROGRIP’s presence in Asia’s fast-evolving mobility market.

#1 Stock has rallied by +20 percent in 1-month, as PVC is nearing bottom

#2 At USD 700/MT, PVC is near its lowest level in last 15 years

#3 This could improve pipes affordability, leading to channel restocking

#4 Construction is estimated to be 45 percent of SI's sales

#5 Lower mortgage rates in FY26 can imply headroom for volume growth

#6 Estimate SI's FY26E volume growth at over 10 percent, with >100bps OPM rise to 15 percent

#1 Management confident of strong growth in AB Fashion with loss reduction

#2 New ventures scaling; profitability improving in TCNS and Pantaloons

#3 Balance sheet well capitalised to support expansion

#4 Lifestyle brands to list soon, positioned for growth with healthy FCF

Diamond Power Infrastructure received orders aggregating Rs 116.71 crore, for projects related Battery Energy Storage Systems, Smart metering and Highway project. T Outstanding orders stands at Rs 1,554.08 crores and these orders are to executed till 31.03.2026.

We believe Oswal Pumps Ltd IPO brings investors an opportunity to invest in a high-growth, vertically integrated player in the solar pump manufacturing space. We think the company's deep vertical integration—including in-house pump and solar module manufacturing, supported by strategic subsidiaries—enables cost efficiency, quality control, and superior margins.

We also think with a diversified product portfolio catering to agricultural, residential, and industrial sectors, and a strong presence in high-demand regions like Haryana, Rajasthan, and Maharashtra, Oswal Pumps has demonstrated both scalability and market responsiveness.

By looking at the financials, the company has demonstrated robust performance. Revenue from operations grew sharply by 97% in FY2024, following a modest 6.7% growth in FY2023. Net profit surged by 102% in FY2023 and further accelerated to 185.6% in FY2024, reflecting both operational efficiency and margin expansion.

On valuation parse on upper price band of Rs 614, the issue is asking a Market cap of Rs 6998 crore. Based on annualized FY 2025 annualised earnings and fully diluted post –IPO paid up capital, the company is asking for a PE 24.2x which we feel reasonable relative to industry peers which are trading at an average of 42x.

As one of the largest suppliers of solar-powered agricultural pumps under the PM-KUSUM scheme, we believe the company is well positioned to benefit from policy tailwinds and the accelerating shift toward sustainable irrigation solutions. Hence, we recommend investors to “SUBSCRIBE” the Oswal Pumps Ltd IPO for long-term perspective.

#1 No major change in demand environment

#2 Growth outlook strong; deal wins rising with better client visibility

#3 Coforge targets USD 2 billion revenue by FY27

#4 Focus on margin expansion; aims for 14 percent EBIT margin by FY26

The Sensex was down 719.53 points or 0.88 percent at 80,972.45, and the Nifty was down 212.60 points or 0.85 percent at 24,675.60. About 1153 shares advanced, 2324 shares declined, and 112 shares unchanged.

#1 gRevlimid contribution to FY25 EPS estimated at 60–75 percent

#2 Opex spiked during gRevlimid era, base EPS uncertain post-expiry

#3 GLP-1 upside & cost controls unlikely to fully offset loss

#4 Filling the earnings void will be challenging

QIB – 0.08 times

NII - 0.51 times

Retail – 0.35 times

Overall – 0.31 times

Gold marked an all time of Rs 1 lakh on domestic front and hovering close to USD 3500, as investors sought safe-haven assets after Israel's strike on Iran heightened Middle East tensions. Geopolitical tensions escalated after Israel struck Iran as tensions mounted over U.S. efforts to halt Iran's production of atomic bomb materials.

This latest spike in hostilities in the Middle East has taken the focus off trade negotiations for now, and built the risk premium once again in the market. Israel declared a state of emergency, citing expected missile and drone attacks from Tehran, and the U.S. military is preparing for various contingencies in the Middle East, including potential assistance with evacuating American civilians.

On data front, US CPI was reported better than expectations but the PPI data was slightly higher than estimates. Number of Americans filing new applications for unemployment benefits held at an eight-month high last week, while slowing domestic demand helped to restrain producer prices in May.

Dollar index and US Yields also inched lower amidst the economic data points. Focus today will be on US Michigan consumer sentiment.

Sigachi Industries has received the Terms of Reference (ToR) from the State Environment Impact Assessment Authority (SEIAA), Andhra Pradesh for its upcoming Bulk Drugs, Drug Intermediates, and Specialty Chemicals facility at Orvakal, Kurnool District.

a.) The government may delay the stake sale in Hindustan Zinc due to strong dividend inflows

b.) A staggered approach to the stake sale could be explored at a later stage

c.) Immediate divestment unlikely if the company continues to deliver healthy dividends

The Sensex was down 596.80 points or 0.73 percent at 81,095.18, and the Nifty was down 179.45 points or 0.72 percent at 24,708.75. About 1121 shares advanced, 2341 shares declined, and 99 shares unchanged.

The government is reassessing the timing and mode of selling its remaining stake in Hindustan Zinc Ltd (HZL), as high and sustained dividend inflows make holding the company’s shares financially attractive, a senior official said.

HZL, one of India’s highest dividend-yielding listed companies, declared its first FY26 interim dividend of Rs 10 a share on June 11, reinforcing its position as a steady source of revenue for the exchequer. The Centre holds a 27.94 percent stake in the company.

“The government is getting good dividends from HZL. It is a good stock. So maybe the government will not offload it immediately if it is giving good dividends,” the senior official told Moneycontrol on condition of anonymity.

While the government could potentially get to Rs 40,000 crore by selling its residual stake at the current market price, it is now weighing whether the long-term cost in terms of lost dividends may outweigh immediate gains.

Schneider Electric received a rectified tax order reducing demand to Rs 3.05 crore. According to the exchange filing the financial impact will be limited, with tax reclassification across CGST, SGST, and IGST, resolving earlier GST-related discrepancies.

#1 See risk-reward getting evenly balanced

#2 Stock up 39 percent in 3 months; already reflects business gains, especially in MFI

#3 Loan book CAGR seen at 20 percent, MFI share to fall from 27 percent to 24 percent

#4 Margins to stay rangebound, credit cost around 2.4 percent-2.5 percent, limiting RoA/RoE

#5 Digital initiatives underway, results likely in H2FY26

#6 Will watch credit trends from new initiatives before turning positive

#7 Expect 16 percent EPS CAGR and 13 percent RoE by FY27

Geopolitical tensions are heating up, and it's impacting the oil market!

Israel's airstrikes on Iran have sparked fears of supply disruptions, causing crude oil prices to surge. The market is now on high alert, waiting to see how Iran will respond.

If they retaliate, prices could skyrocket even further. The worry is that the situation could escalate into a full-blown regional crisis, which would have significant implications for global oil supplies.

In a worst-case scenario, the Strait of Hormuz could be shut down, putting 20 million barrels per day of supply at risk.

Prices have already jumped 10%, and any further escalation could push them up another 8-9%. It's a volatile situation, and everyone is holding their breath to see what happens next.

Indian rupee has recovered some losses but still trading 46 paise lower at 86.06 per dollar on Friday versus Thursday’s close of 85.60.

The bank is going to raise up to Rs 3,500 crore via tier I bonds and Rs 6,000 crore via tier II bonds in FY26.

Southern Railways, Chennai has issued a letter of Acceptances (LOA) to KERNEX- VRRC CONSORTIUM for the projects of Kavach (Train Collision Avoidance System), in MAS-GDR, MAS-AJJ, AJJ-RU, Sections of Chennai Division in Southern Railway for Rs 173.11 crore and project of Kavach (Train Collision Avoidance System) along with Tower and 48 Fiber OFC as back bone network in ARAKKONAM (AJJ IN)-JOLARPETTAI (JTJ IN) Section of Chennai Division in Southern Railway for Rs 137.92 crore.

The Company is partner of the said Joint Venture with a share of 60%. The accepted bid costs for the projects are Rs 311.03 crore. The completion period is 730 days and 540 days from the date of LoA.

Reserve Bank of India (RBI) approved reappointment of Rakesh Jha as executive director of ICICI Bank for 2 years w.e.f. September 2, 2025

Talbros Automotive Components along with its JVs, won Rs 580 crore in multi-year orders across EV, export, and domestic segments. This includes around Rs 260 crore orders from its sealing business, including Rs 150 crore exports (mainly Europe) and Rs 80 crore for forgings. JV Marelli Talbros secured Rs 290 crore chassis orders (50% EV). Another JV, Talbros Marugo, got Rs 30 crore domestic orders for hoses and A/V, with commercialization from H2 FY26.

Gold prices surged sharply crossing Rs 100000 in MCX, Geopolitical issues escalating further with Israel attacks on Iran and Nuclear sites rumoured to be targeted.

Prices react with Rs 1500-1900 gains as Iran retaliate treats looms which can create war situations between the two. In comex prices surged passed USD 3425 gains of USD 50 but Indian price rose 2% due to rupee weakness which fell by Rs 0.60 to 86.10. Support now looked at 98000 and major resistance which is extended levels at 102500 in short term.

The gold prices in India hitting an all-time-high is on the much-expected lines given the latest development in international geopolitical tensions, and weakening of the INR. The uncertainties drive up the demand of gold as a safe investment haven as compared to other asset classes. The price trend is going to face some resistance which will keep it below 1 lakh in the short-term.

However, prices may see some correction due to bouts of volatility. We anticipate prices to hover in the range of Rs. 1,00,200 - 1,00,500 on MCX, subject to international economic influences.

RPP Infra Projects Ltd has been received letter of acceptance for a new projects — Development of UPSIDA Industries Area At Bharapachpera— Pilibhit U.P for Contract Value of Rs 282.88 crore (inc GST).

Torrent Green Energy Private Limited, a wholly owned subsidiary of Torrent Power Limited received Letter of Award from Solar Energy Corporation of India (SECI) on June 11, 2025 for setting up of 300 MW Wind power project under Wind Tranche-XVIII. The Project is to be commissioned within 24 months from the date of execution of the PPA, with an estimated investment of about Rs 2,650 crore.

Since India relies on imports for over 80% of its crude oil needs, a conflict between Iran and Israel could lead to a spike in Brent crude prices. Iran holds about 9% of the world's oil reserves, and any disruption could impact several key Indian sectors, including oil marketing companies (such as BPCL, HPCL, and IOC), paints (like Asian Paints and Berger Paints), as well as the automobile and cement industries.

These sectors may experience demand slowdown or margin pressure if tensions escalate and persist for more than 3–6 months, particularly if Brent crude prices rise above the USD 82–85 per barrel mark.

The Sensex was down 667.01 points or 0.82 percent at 81,024.97, and the Nifty was down 203.30 points or 0.82 percent at 24,684.90. About 1201 shares advanced, 2182 shares declined, and 98 shares unchanged.

QIB – 0.0 times

NII - 0.21 times

Retail – 0.20 times

Overall – 0.15 times

According to an exchange filing, ICRA has entered into a definitive agreement to acquire Fintellix, a Bengaluru-based risk and reporting solutions provider.

The board has approved the acquisition of 100% stake for $26 million (INR equivalent), via a secondary purchase, subject to agreed adjustments and conditions under the Share Purchase Agreement.

#1 Jewellery demand more resilient vs other discretionary segments

#2 Targeting mid-high teens jewellery growth in the medium term

#3 Low-value studded jewellery gaining, high-end muted

#4 Margin to hold at 11–11.5 percent despite FY25 duty hit

#5 Considering entry into LGD, overseas expansion a key lever

The Sensex was down 678.08 points or 0.83 percent at 81,013.90, and the Nifty was down 204.55 points or 0.82 percent at 24,683.65. About 1259 shares advanced, 2030 shares declined, and 119 shares unchanged.

Indian rupee is trading 53 paise lower at 86.13 per dollar on Friday versus Thursday's close of 85.60.

The cooling down of headline retail inflation to the lowest in last six years, along with food inflation also being at 0.99% - the lowest since October 2021 and also as compared to April 2025, together underscores the resilience of the Indian economy. This sentiment is likely to sustain for a longer period given the recent RBI rate cut along with a favourable monsoon season that will further boost farmers’ confidence, and drive consumption, while keeping inflation in check.

Overall, this is a welcome news for the Indian food services sector as moderations in food inflation result in further easing of agricultural produce and raw material prices, thereby bringing some relief to the margin-dependent sector.

QIB – 0.0 times

NII - 0.11 times

Retail – 0.11 times

Overall – 0.08 times

Around 3.50 crore equity shares of Asian Paints held by Reliance Industries Limited through Siddhant Commercials Limited have been sold yesterday at a price of Rs. 2,201 per share leaving a balance of 87 lakh equity shares of Asian Paints with Siddhant Commercials.

Torrent Green Energy Private Limited, a wholly owned subsidiary of Torrent Power Limited received Letter of Award from Solar Energy Corporation of India (SECI) on June 11, 2025 for setting up of 300 MW Wind power project under Wind Tranche-XVIII. The Project is to be commissioned within 24 months from the date of execution of the PPA, with an estimated investment of about Rs 2,650 Crore.

Asian indices were trading lower amid Middle East tension after Israel launched airstrikes against Iran

Capri Global Capital has successfully raised Rs 2,000 crore from Qualified Institutional Buyers by way of issuance of Equity Shares through Qualified Institutions Placement.

Reserve Bank of India (RBI) has approved the extension of the tenure of appointment of Mr. Prashant Kumar as Managing Director & CEO for a further period of six months with effect from October 6, 2025 or till the appointment of new Managing Director and CEO/successor taking charge, whichever is earlier.

Arisinfra Solutions Ltd has announced a price band of Rs 210–222 per share for its upcoming initial public offering (IPO), which will open for subscription on June 18 and close on June 20. Anchor investor bidding is scheduled for June 17.

Key IPO timelines include the finalisation of the basis of allotment on June 23, initiation of refunds and credit of equity shares on June 24, and listing on stock exchanges on June 25.

The IPO is a pure fresh issue, aiming to raise Rs 499.59 crore. At the upper end of the price band, the company’s estimated market capitalisation stands at around Rs 1,800 crore.

The IT major announced that Volvo Cars has chosen HCLTech as one of its strategic suppliers for engineering services.

The strategic collaboration will see the company support Volvo Cars’ engineering future ambitions from its automotive Centre of Excellence in Gothenburg, as well as its global offshore and nearshore delivery centers.

1.06 crore shares worth Rs 702 crore of Jubilant FoodWorks change hands at Rs 662/share in block deal window

Zydus Lifesciences and Lupin share price remained under pressure after US District Court rejected the proposal on ‘189’ patent in Mybetriq generic case.

The Sensex was down 871.94 points or 1.07 percent at 80,820.04, and the Nifty was down 258.90 points or 1.04 percent at 24,629.30. About 783 shares advanced, 2327 shares declined, and 120 shares unchanged.

NTPC informed the exchanges that Unit-3 (660 MW) of the Barh Super Thermal Power Project, Stage-1 (3x660 MW) has successfully completed its trial operation. Following this, the unit has been added to the installed capacity of NTPC Limited.

With this addition, NTPC’s total installed capacity now stands at 60,926 MW on a standalone basis and 82,028 MW at the group level.