Closing Bell: Nifty around 24,850, Sensex down 213 pts; pharma falls on Trump tariff threat

Indian equity indices ended on a negative note with Nifty around 24,850 on June 17. At close, the Sensex was down 212.85 points or 0.26 percent at 81,583.30, and the Nifty was down 93.10 points or 0.37 percent at 24,853.40.

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The benchmark equity index experienced moderate losses amid rising risk of an escalation of conflicts in the Middle East ahead of the FOMC meeting. This uncertainty pushed Brent crude prices higher—an unfavourable development for India, given its heavy reliance on oil imports, thereby dampening earnings growth.

In the broader market, key sectors such as auto and metals came under selling pressure. Meanwhile, the IT sector witnessed rebalancing, influenced by a strengthening U.S. dollar and anticipation surrounding the Fed’s upcoming interest rate decisions.

Nifty faced resistance around 25,000, leading to a correction to the support level of 24,850. On the hourly timeframe, the index continues to trade above the 200-DMA. However, the RSI is showing a bearish trend on both the daily and hourly charts, indicating weak momentum in the near term.

With conflicting technical signals and investors awaiting the outcome of the Fed policy meeting, we expect rangebound movement in the immediate term. A decisive break below 24,850 could trigger further bearishness, while on the higher side, 25,000 is likely to remain a strong resistance.

Markets remained lackluster and ended nearly half a percent lower, continuing the ongoing consolidation phase. After an initial decline, the Nifty index traded within a narrow range and eventually settled at the 24,853.40 level. Barring the IT sector, all key indices edged lower, with pharma, metal, and realty among the top losers. Following the recent rebound, the broader indices also witnessed profit-taking and declined by over half a percent each.

In the absence of any major domestic events, global cues—such as updates on ongoing geopolitical tensions and the outcome of the FOMC meeting—will guide the market trend and are likely to keep volatility elevated. Amid this backdrop, participants should maintain a stock-specific trading approach while managing position sizes prudently.

Today, the Indian stock market closed lower with the Sensex falling by approximately 212 points (0.26%) to 81,583. The decline was primarily driven by ongoing geopolitical tensions in West Asia, particularly the escalating conflict between Israel and Iran, which kept investor sentiment cautious throughout the trading session. Sector-wise, the metal and pharmaceutical indices were the top drags, falling 1.89% and 1.43% respectively, while IT stocks bucked the trend with modest gains. Key Sensex losers included Tata Motors, IndusInd Bank, Ultratech Cement, and Sun Pharma, reflecting profit booking and concerns over earnings outlooks, especially for Tata Motors after a downgrade by brokerages.

Rupee traded weak by 0.18 rupees at 86.22 as rising risk sentiment from escalating Israel-Iran tensions weighed on the currency. Weakness in capital markets signaled potential FII outflows, adding to rupee pressure.

Additionally, crude oil prices rose amid concerns that tensions near the Strait of Hormuz may disrupt supply, further dampening rupee sentiment. The trading range for the rupee is expected between 85.75 and 86.55.

The positive momentum seen previously fizzled out within just one trading session. Following a muted start, the market experienced a steep decline in the initial trade and remained rangebound for the rest of the day, ultimately ending the session at 24,853.40 with a loss of 93.10 points.

Except for the IT sector, all the other sectors concluded the session in negative territory, with Pharma and Metal being the major laggards. Mid and Smallcaps corrected by 0.66% and 0.69%, respectively, underperforming Nifty50.

We continue to await a clear and sustainable breakout on either sides of the current trading range of 24,500–25,100. The immediate resistance and support levels are pegged at 25,040 and 24,715, respectively.

Indian rupee ended 18 paise lower at 86.24 per dollar on Tuesday versus Monday's close of 86.06.

Indian equity indices ended on a negative note with Nifty around 24,850 on June 17.

At close, the Sensex was down 212.85 points or 0.26 percent at 81,583.30, and the Nifty was down 93.10 points or 0.37 percent at 24,853.40. About 1443 shares advanced, 2384 shares declined, and 134 shares unchanged.

Top Nifty losers were Adani Enterprises, Dr Reddy's Labs, Sun Pharma, Eternal, ONGC, while gainers were Tech Mahindra, Infosys, Asian Paints, TCS, Maruti Suzuki.

Except IT, all other sectoral indices ended in the red with pharma, metal, oil & gas, auto, realty, PSU Bank down 0.5-2 percent.

The BSE midcap and smallcap indices shed 0.5 percent each.

Silver prices on MCX hits record high, crossing Rs 1.07 lakh/kg

Indian Rupee declined on Tuesday on weak domestic markets and a recovery in the US Dollar. Surge in crude oil prices and FII outflows too weighed on the Rupee. The ongoing, geopolitical tensions in the Middle East also weighed on the Rupee. Bank of Japan kept its monetary policy steady and left interest rates unchanged at 0.5%.

We expect Rupee to trade with a negative bias on risk aversion in the global markets.

Geopolitical tensions in the Middle East may put downside pressure on the Rupee. Elevated crude oil prices and selling pressure from FII may also pressurise the Rupee. However, any de-escalation of tensions may see a recovery in the domestic currency. Traders may take cues from retail sales and industrial production data from the US. USDINR spot price is expected to trade in a range of Rs 85.90 to Rs 86.60.

#1 Navin Fluorine is set to monetise Rs 2,000 crore capex commissioned over the past 3 years through LT contracts

#2 Should boost asset turns and drive 35 percent EPS CAGR over FY25–27

#3 New contracts in spec chem, CDMO & HPP may materialise in FY26, aiding growth from FY28

#4 Despite a recent run-up, the stock has underperformed the Nifty by 23 percent since Jan-23

CG Power and Industrial Solutions has been awarded 765kV Transformer Package 7TR-12- Bulk for procurement of 765/400 KV 1-ph Transformers under Corporate Package for procurement of 765kV and 400kV class Transformers and Reactors of various capacities with revised Methodology Lot-4 by The Power Grid Corporation of India Limited.

#1 Amazon has officially launched quick commerce (Now) in parts of Bengaluru via a tab in the main app

#2 Category presence is broad, extending well beyond grocery, though trailing some incumbents.

#3 Product pricing is attractive, especially for prime users with higher discounts than competitors

#4 Competition remains a key monitorable for Eternal & Swiggy, while Amazon faces challenges due to late entry

The Sensex was down 162.75 points or 0.20 percent at 81,633.40, and the Nifty was down 82.40 points or 0.33 percent at 24,864.10. About 1285 shares advanced, 2181 shares declined, and 122 shares unchanged.

QIB – 40.26 times

NII - 30.01 times

Retail – 2.79 times

Overall – 19.17 times

Aether Industries has executed a Contract Manufacturing Agreement with Milliken Chemical and Textile (India) Co., a wholly owned subsidiary of USA headquartered Milliken & Company (Milliken).

Under this agreement, Aether will be the current sole contract manufacturing partner for a key strategic product for Milliken. The initial duration of the agreement is 10 years. Aether’s manufacturing facility Site 3+ will be fully dedicated for this project.

Nifty Pharma index has extended the intraday losses, down over 2% after Trump says that the pharma tariffs coming very soon.

#1 Company guides for 5 percent–7 percent EBIT margin in FY26 vs 8.5 percent in FY25

#2 Expects neutral FCF in FY26 versus £1.5 billion in FY25

#3 JLR remains cautious due to higher US tariffs on EU/UK, slower BEV demand amid regulatory changes, pressure in China’s premium PV segment

#4 Maintains FY26 investment guidance at £3.8 bn

#5 Aims for 10 percent EBIT margin from FY27

#6 Targeting £1.4 billion annual cost savings to support profitability

Rane (Madras) Ltd has announced that its board has approved the sale of clear and marketable title for approximately 3.48 acres of land, out of the company’s total 4.5-acre property located at 154, Velachery Main Road, Velachery, Chennai, Tamil Nadu.

The digital engineering and cloud transformation services provider has received a contract from NHS England to deliver NHS board and Senior Information Risk Owner (SIRO) cybersecurity training in partnership with Templar Executives.

This training is designed to help NHS Boards and executives enhance their understanding of the cyber landscape and build resilience across the healthcare system.

Mphasis announced a strategic partnership with Sixfold, the US and UK-based AI underwriting company redefining how insurers assess risk.

HCLTech has been selected by ASISA, a prominent health insurance provider in Spain, as its strategic IT partner to accelerate business transformation and expansion in Iberia.

TCS has partnered with the Council of Europe Development Bank (CEB) to modernize its operations and enhance efficiency. As part of this collaboration, TCS will deploy TCS BaNCSTM for Reconciliations to streamline complex transactions and automate key reconciliation processes using artificial intelligence and automation.

The Reserve Bank of India (RBI) has approved the reappointment of Sandeep Batra as Executive Director of ICICI Bank for a period of two years, effective December 23, 2025. Shareholder approval for the reappointment will be sought in due course.

The Board has approved a buyback proposal of up to 20 lakh shares (1.49% stake) worth up to Rs 175 crore at a price of Rs 875 per share via the tender offer route.

The Board has approved the enhancement of promoter shareholding through the issuance of up to 16.95 crore fully convertible warrants to promoter group entities on a preferential basis, priced at Rs 132 per warrant.

The promoters will invest Rs 2,237.44 crore in the company’s next phase of growth, which will raise their total shareholding to 18.39%. The preferential issue is subject to shareholder approval.

The board of directors of the company at their board meeting held on June 17, 2025, approved setting up of 250 KT integrated Zinc metal complex at Debari and associated mining and milling capacities at a capital expenditure of up to Rs 12K crore, as

part of the Company’s overall 2X growth plan.

Indra is keen to acquire defense-related products and services from AXISCADES, which will be delivered through AXISCADES’ comprehensive design, development, production, and supply chain center.

Both companies are actively exploring joint product development for the Indian and global markets, potentially adapting existing Indra products or creating new ones specifically tailored to meet customer needs.

The Ministry of Corporate Affairs (MCA) has approved the company’s name change from 'Macrotech Developers' to 'Lodha Developers', effective June 16.

The Sensex was down 320.38 points or 0.39 percent at 81,475.77, and the Nifty was down 117.75 points or 0.47 percent at 24,828.75. About 1330 shares advanced, 2070 shares declined, and 134 shares unchanged.

Sterlite Technologies announced the launch of a new generation of Data Centre solutions, ranging from cabling to end-to-end connectivity offerings designed to power the relentless demands of AI-driven data centre infrastructure.

This new-age solution is engineered to meet the exact requirements of hyperscalers, colocation players, enterprises and telecom service providers to build agile, scalable, and sustainable Data Centre infrastructure.

#1 Outperform on Devyani International & Restaurant Brands Asia

#2 Competitive intensity remains high in categories such as pizzas & burgers

#3 McDonald’s continues to lag local restaurants while KFC & Burger King gain

#4 KFC’s chained foodservice market share now in-line with McDonald’s

Raminfo has bagged an order worth Rs 474 crore from Rajasthan Renewable Energy Corporation Limited (RRECL) through a consortium led by the Company.

The scope of the order includes the Design, Supply, Erection, Testing, and Commissioning, along with Comprehensive Operation & Maintenance (O&M) for a period of 25 years, of Rooftop Solar (RTS) Photovoltaic Power Projects to be installed on buildings owned by the State Government and its undertakings across Rajasthan, under the Hybrid Annuity Mode (HAM) aggregating to a total capacity of 73 MW.

#1 Geopolitical headwinds: US tariff impact, weaker dollar & technical protectionism

#2 China remains crucial for profitability along with US

#3 Balancing BEV demand against regulatory challenges

#1 Spot cement prices are 4-6 percent above FY25 average, with highest hikes in South and East

#2 Despite softening demand, price hikes especially in South raise hopes for sector discipline

#3 Industry profitability and ROCE remain low, with FY25 EBITDA/T at USD 11 vs replacement cost Of USD 70–90/T

#4 Industry volume expected to grow at 7 percent CAGR over FY25–27, with EBITDA/T CAGR of 18 percent, driving profit pool expansion

The company reported a consolidated revenue of Rs 8,979 million, marking a 6.4% year-on-year growth and a Profit After Tax (PAT) of Rs 479 million, up 11.1% from the previous year.

The company is set to complete Phase 2 of its Jumbo Laminate manufacturing facility in Gandhinagar, Gujarat, by Q3 FY26.

The Sensex was down 228.72 points or 0.28 percent at 81,567.43, and the Nifty was down 80.40 points or 0.32 percent at 24,866.10. About 1567 shares advanced, 1773 shares declined, and 141 shares unchanged.

The consortium led by Dineshchandra R Agrawal Infracon Private Limited, Siemens Limited, and Siemens Mobility GmbH has been awarded a landmark contract by National High Speed Rail Corporation Limited (NHSRCL).

The order valued at approximately Rs 4,100 crores, includes Siemens Limited’s share of Rs 1,230 crore for the design, installation, and long-term maintenance of advanced signaling and telecommunications technologies.

The project is expected to be executed over a period of 54 months, with Siemens providing 15 years of maintenance services, ensuring lifecycle reliability.

RateGain Travel Technologies announced that Air Montenegro has selected AirGain by RateGain - a globally trusted, AI-powered airfare pricing intelligence platform for gaining real-time competitive insights.

NBCC (India) has been awarded the work for construction of modern high rise structure of UCO Bank Head Office with Green

Building Rating at New Town Kolkata.

The Board of Directors will meet on June 21 to consider fundraising of up to Rs 18,000 crore via the issuance of non-convertible debentures, subject to shareholder approval.

The Sensex was down 228.85 points or 0.28 percent at 81,567.30, and the Nifty was down 74.10 points or 0.30 percent at 24,872.40. About 1811 shares advanced, 1440 shares declined, and 158 shares unchanged.

The company has commenced the production of passenger vehicle engines at its manufacturing facility in the Talegaon plant, Maharashtra, effective June 16.

Multi Commodity Exchange of India will introduce electricity futures later this year, according to people familiar with the matter who asked not to be identified as the information is still private.

The Securities and Exchange Board of India approved the bourse’s launch of electricity derivatives earlier in June.

The Bata Group has announced the appointment of Panos Mytaros as its new Global Chief Executive Officer, effective September 15, 2025. He will succeed Sandeep Kataria, who has led the Group since 2020.

The Board has approved the change in the name of the company from 'Jindal Steel & Power' to 'Jindal Steel'.

#1 Company focuses on reverse merging operational business with listed entity

#2 Regulatory headwinds & uncertainty around taxation cause a marginal holding company discount (~20 percent)

#3 Stability in operating releases and margin improvement are key to boost investor

#4 HDFC Life & SBI Life Remain preferred picks among life insurers

The Sensex was down 246.66 points or 0.30 percent at 81,549.49, and the Nifty was down 78.50 points or 0.31 percent at 24,868.00. About 1950 shares advanced, 1077 shares declined, and 155 shares unchanged.

#1 JLR presented a weak outlook for FY26 at its investor day, with guidance of 5 percent–7 percent EBIT margin & near-zero FCF

#2 JLR remains focused on enhancing its brand proposition and internal cost controls

#3 However, it highlighted multiple challenges including trade & tech protectionism, a weaker dollar, Tough China macro, BEV transition, emission regulations, & warranty costs

#4 Cut FY26–28E EPS by 12 percent–19 percent

In its Annual General Meeting, the shareholders of the company approved a final dividend of Rs 30 per share for FY25, along with a special dividend of Rs 20 per share, bringing the total dividend to Rs 50 per share.

The Board has approved a buyback proposal of up to 20 lakh shares (1.49% stake) worth up to Rs 175 crore at a price of Rs 875 per share via the tender offer route.

The Board has approved the enhancement of promoter shareholding through the issuance of up to 16.95 crore fully convertible warrants to promoter group entities on a preferential basis, priced at Rs 132 per warrant.

The promoters will invest Rs 2,237.44 crore in the company’s next phase of growth, which will raise their total shareholding to 18.39%. The preferential issue is subject to shareholder approval.

#1 Navin Fluorine is set to monetise Rs 2,000 crore capex commissioned over the past 3 years through LT contracts

#2 Should boost asset turns and drive 35 percent EPS CAGR over FY25–27

#3 New contracts in spec chem, CDMO & HPP may materialise in FY26, aiding growth from FY28

#4 Despite a recent run-up, the stock has underperformed the Nifty by 23 percent since Jan-23

The digital engineering and cloud transformation services provider has received a contract from NHS England to deliver NHS board and Senior Information Risk Owner (SIRO) cybersecurity training in partnership with Templar Executives.

This training is designed to help NHS Boards and executives enhance their understanding of the cyber landscape and build resilience across the healthcare system.

The biopharmaceutical firm launched its qualified institutions placement (QIP) on June 16. The floor price has been fixed at Rs 340.20 per share. According to CNBC-TV18, quoting sources, the company aims to raise Rs 4,500 crore via QIP.