Closing Bell: US Iran strikes rattles market; Nifty below 25,000, Sensex falls 511 pts

Indian equity indices ended on a negative note with Nifty below 25,000 on June 23. At close, the Sensex was down 511.38 points or 0.62 percent at 81,896.79, and the Nifty was down 140.50 points or 0.56 percent at 24,971.90.

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

Markets began the week on a volatile note and lost over half a percent, continuing the ongoing corrective phase. The weak start was largely due to escalating tensions in the Middle East, with the US entering the conflict. Additionally, weakness in IT heavyweights following Accenture's subdued guidance further dampened sentiment. However, the situation improved as strength in select heavyweights from other sectors helped the benchmark index recover some losses. Eventually, the Nifty settled at 24,971.90, down 0.56%.

Most sectors ended lower, with IT, auto, and FMCG among the top losers. In contrast, the broader indices managed to inch higher amid choppy trade, gaining between 0.3% and 0.7%.

This has been a recurring trend for the past five weeks, where the Nifty shows a decisive move on the last trading day of the week but fails to sustain it as the new week begins, remaining stuck within the broader range of 24,400–25,200. Looking ahead, in the absence of any major domestic triggers, global market performance and crude oil price movement will be key in setting the tone. Participants are advised to avoid aggressive bets and instead focus on selective stock picking based on relative strength during this consolidation phase.

After showing an excellent breakout of choppy movement on Friday, the Nifty has slipped into weakness on Monday on the event of rising geo-political tensions in the middle east and closed the day lower by 140 points. Nifty opened on a downside gap of 173 points on the backdrop of weak global cues, it later shifted into an upside recovery from the day's low of 24824 levels in the early to mid-part of the session. The market was not able erase the intraday losses to completely in the mid to later part of session, but closed the day off the lows. The opening downside gap remains partially filled.

A small green candle was formed on the daily chart with minor upper and lower shadow beside the long bull candle of Friday. Technically, this market action indicates presence of strong hurdle around 25100-25200 levels, which has been a broader high low range for the Nifty over the last one month.

In the previous few occasions the Nifty, by not surpassing the crucial resistance of upper range at 25100-25200 levels has eventually slid down towards the lower range support of 24500 levels. But, currently though faced resistance around the upper range this time, the chances of it's moving down to the lower range of 24500 could be less.

As long as the Nifty stays below the hurdle of 25100-25200 levels, there is a possibility of choppiness in the market. A decisive move above this hurdle could only open renewed buying enthusiasm in the market. Further consolidation from here could find strong support around 24800 levels.

The Nifty recovered significantly after a gap-down opening amid weak geopolitical sentiment. A pullback in crude oil prices helped the Indian market pare some of its morning losses, although it still ended on a negative note.

For the day, the Nifty managed to close above the support level of 24,850, and Indian equities may continue to offer buying opportunities as long as the Nifty sustains above this level. On the higher side, if it moves above 25,000, it may head towards 25,350 in the short term.

The entry of the US into the Israel-Iran conflict heightened tension as panic selling by investors triggered major correction in early trades. Also, if the oil prices shoot up rapidly due to the ongoing war, higher import bills would lead to fast declining local currency against the dollar and weigh on inflation.

However, FIIs turning out buyers of local shares worth over Rs 10,000 crore in the past 4 sessions shows that India's strong fundamentals continue to attract foreigners despite global uncertainty.

Today, the Indian stock market closed lower with the Sensex down by over 511 points and the Nifty50 slipping below the 25,000 mark, reflecting a cautious investor sentiment amid escalating geopolitical tensions in the Middle East. The market decline was primarily driven by the heightened conflict between Iran and Israel, further intensified by the United States’ military strikes on Iranian nuclear facilities, which raised concerns over global economic stability and risk appetite among investors. At close, the Sensex was down approximately 0.62% at around 81,896, and the Nifty was down about 0.56% near 24,971.

Sector-wise, defensive sectors like India Defence and Media outperformed, gaining nearly 2% and 4% respectively, as investors sought safe havens amid uncertainty. Key gainers included Bharat Electronics and Trent, with Bharat Electronics hitting a 52-week high, while major IT and auto stocks such as Infosys, Larsen & Toubro, and Mahindra & Mahindra were among the top losers.

The Index opened with a gap-down and initially moved lower, but gradually trimmed its losses. However, it struggled to sustain gains at higher levels and eventually ended the day at 24,971.90 with a loss of 140.50 points. Sectoral performance was mixed, with Media and Metal emerging as the top performers, while IT and Auto lagged. On the other hand, the Broader markets witnessed a strong recovery, resulting in gains of 0.36% & 0.70% in Mid and Smallcap segments.

Technically, the Index has formed a Harami Candlestick pattern, indicating potential indecision in the market. A breakout above or below the previous day's high or low-placed at 25,130 and 24,780 respectively, will be crucial, as these levels now serve as immediate resistance and support.

Last Friday, markets buildup in anticipation of easing Middle East tensions, following the U.S. announcement of a two-week window to deliberate its involvement in the Israel-Iran conflict. However, the unexpected U.S. airstrike on Iran’s nuclear facilities over the weekend disrupted those expectations, triggering a sharp rise in crude oil prices and leading to consolidation in the domestic equity market.

Despite the initial setback, the market recovered most of its losses, supported by gains in capital goods and metal stocks, as fears of an immediate oil supply disruption remained low. Meanwhile, IT stocks came under pressure due to uncertainty around global tech spending, exacerbated by weak earnings reported by Accenture.

Indian rupee ended 16 paise lower at 86.75 per dollar on Monday versus Friday's close of 86.59.

Indian equity indices ended on a negative note with Nifty below 25,000 on June 23.

At close, the Sensex was down 511.38 points or 0.62 percent at 81,896.79, and the Nifty was down 140.50 points or 0.56 percent at 24,971.90. About 1794 shares advanced, 2113 shares declined, and 175 shares unchanged.

Trent, Bharat Electronics, Hindalco Industries, Adani Enterprises, Bajaj Finance were among major gainers on the Nifty, while losers were Infosys, L&T, Hero MotoCorp, M&M, HCL Technologies.

On the sectoral front, IT, FMCG, Auto, Bank, telecom down 0.3-1.5 percent, while Consumer Durables, media, metal, capital goods up 0.3-4 percent.

The BSE midcap index was up 0.2 percent and smallcap index added 0.6 percent.

Vakrangee has entered into a Strategic Distribution Partnership with Ageas Federal Life Insurance Company Limited, one of India’s fastest growing private life insurers, to further the mission of increasing life insurance accessibility across the nation.

Indian Rupee declined on weak domestic markets and geopolitical uncertainty. Surge in crude oil prices and selling pressure from foreign investors too weighed on the Rupee. US Dollar strengthened amid safe haven demand on geopolitical tensions in the Middle East.

We expect Rupee to trade with a negative bias amid ongoing geopolitical tensions in the Middle East. Any retaliation by Iran over attacks by US may further dampen global risk sentiments. Strong US Dollar and surging crude oil prices may also pressurize the Rupee. However, any de-escalation may support Rupee at lower levels. Traders may take cues from PMI and existing home sales data from the US. USDINR spot price is expected to trade in a range of Rs 86.40 to Rs 87.

The company's CFO Mrinalini Srinivasan resigned w.e.f. June 30, 2025 and company appointed Gaurav Bhartia as CFO w.e.f. July 1, 2025.

#1 Polycab up 25 percent since March,2025; trades at 34x FY26, just 4 percent above 5-year average

#2 Gained 1 percent market share in C&W in FY25

#3 Timely Rs 2,800 crore capex over 4 years drove 26 percent sales CAGR in C&W

#4 FMEG turned profitable after 10 quarters

#5 FY25 AR highlights project ‘spring’ & FY30 targets

#6 Estimate 26 percent EPS CAGR over FY25–28 on strong order book & FMEG margin uplift

#1 Focus on scaling & driving synergies from assent M&A

#2 Assent expands market presence, targets larger clients

#3 EPS accretive from next year

#4 Domestic business healthy with no major pricing pressure

#5 KFIN can emerge as global RTA-FA platform

#6 Expect 20 percent profit CAGR

Indian rupee is trading 16 paise lower at 86.75 per dollar versus Friday's close of 86.59.

The board of directors of the company approved revision in completion schedule for Srikakulam Angul pipeline project.

ACME Solar Holdings has secured domestic project finance facility of Rs 1,072 crore in its 100% subsidiary ACME Aklera Power Technology to refinance the existing debt and reduce financing cost by 95 bps to 8.5% per annum for its 250 MW operational project, in Rajasthan.

The project has an operational track record of ~18 months and has achieved annual CUF of 29.3% in FY25. This refinancing of 18 years tenure has been secured from a consortium led by institutions including Bank of America and Standard Chartered Bank.

#1 Soft growth & asset quality YTD; monsoon key to recovery

#2 Management guides 10–15 bps NIM expansion, flat credit cost in FY26

#3 Near-term weakness a risk, but see as buying opportunity

#4 NIMs likely to rise post Q1 & strengthen in FY27

#5 Credit cost/opex to ease in FY27, boosting RoA/RoE over FY25–27

Zen Technologies has announced the acquisition of a majority stake in TISA Aerospace, an emerging defence technology company specialising in indigenously developed loitering munitions and unmanned aerial vehicles (UAVs).

The acquisition will be executed through a combination of share purchase from existing shareholders of TISA and acquisition of compulsorily convertible debentures (CCDs) from existing holders issued by TISA.

The company’s subsidiary, NLC India Renewables, has received a Letter of Award (LoA) from Tamil Nadu Green Energy Corporation (TNGECL) for the development of three standalone Battery Energy Storage System (BESS) projects with a total capacity of 250 MW/500 MWh, with complete two cycles of charging/discharging for on-demand usage.

The projects will be implemented under the Build-Own-Operate (BOO) model with Viability Gap Funding (VGF) support under the state component.

The company has received an additional order worth Rs 246.92 crore under the existing contract for execution of engineering, procurement, and construction (EPC) works for a ground-mount solar PV project of 2012.47 MWp capacity. With this addition, the order value has increased to Rs 1,480.40 crore.

The share touched a 52-week high of Rs 70.75 and a 52-week low of Rs 38.11 on 29 July, 2024 and 07 April, 2025, respectively.

Currently, the stock is trading 24.2 percent below its 52-week high and 40.72 percent above its 52-week low.

Market capitalisation stands at Rs 41,249.81 crore.

The share touched a 52-week high of Rs 60.64 and a 52-week low of Rs 26.83 on 29 July, 2024 and 07 April, 2025, respectively.

Currently, the stock is trading 51.37 percent below its 52-week high and 9.91 percent above its 52-week low.

Market capitalisation stands at Rs 36,979.16 crore.

The share touched a 52-week high of Rs 528.55 and a 52-week low of Rs 391.50 on 27 September, 2024 and 03 March, 2025, respectively.

Currently, the stock is trading 21.44 percent below its 52-week high and 6.07 percent above its 52-week low.

Market capitalisation stands at Rs 519,648.82 crore.

The Sensex was down 602.01 points or 0.73 percent at 81,806.16, and the Nifty was down 161.20 points or 0.64 percent at 24,951.20. About 1508 shares advanced, 1991 shares declined, and 148 shares unchanged.

Bondada Engineering has received a work order from Microsoft India of Rs 2,71,40,000.

Solar Defence & Aerospace (formerly known as Economic Explosives Limited) wholly owned subsidiary of Solar Industries India has signed a contract on for supply of Defence Product with Ministry of Defence, Government of India. The contract is for value of Rs 158 crores to be delivered within a period of one year.

#1 Cyclical weakness often a good buying opportunity

#2 Q4 soft; near-term outlook still tepid

#3 Colgate structurally positioned for high single-digit growth

#4 Structural appeal has strengthened

#5 Attractive risk-reward with one-year view

#6 Trades at 39x FY27 PE ratio, reflecting near-term weakness

#1 IndusInd Bank, Hero MotoCorp may be excluded

#2 Review expected in August, effective from September

#3 BSE also likely to be included in Nifty100

Indian rupee is trading 18 paise lower at 86.77 per dollar versus Friday's close of 86.59.

#1 Polycab up 25 percent since March,2025; trades at 34x FY26, just 4 percent above 5-year average

#2 Gained 1 percent market share in C&W in FY25

#3 Timely Rs 2,800 crore capex over 4 years drove 26 percent sales CAGR in C&W

#4 FMEG turned profitable after 10 quarters

#5 FY25 AR highlights project ‘spring’ & FY30 targets

#6 Estimate 26 percent EPS CAGR over FY25–28 on strong order book & FMEG margin uplift

Adani New Industries Limited (ANIL) today announced the successful commissioning of India’s first off-grid 5 MW Green Hydrogen Pilot Plant in Kutch, Gujarat.

The United States Department of Commerce, International Trade Administration, has imposed the highest possible countervailing duty (CVD) rate of 340.27% on Ecopure’s exports of organic soybean meal to the United States.

The US DoC applied the Adverse Facts Available (AFA) methodology to Ecopure Specialities, a step-down subsidiary of the company. Ecopure is evaluating all available legal remedies in response to the CVD imposition.

Bajel Projects has secured an EPC contract worth over Rs 400 crore for transmission line and substation bay extension works in Madhya Pradesh, from Power Grid Corporation of India, on behalf of their special purpose vehicle (SPV) MEL Power Transmission.

ideaForge Technology has received an order worth approximately Rs 137 crores (all inclusive) to supply Mini UAVs with accessories to Ministry of

Defence.

The share touched a 52-week high of Rs 3,645.00 and a 52-week low of Rs 2,295.10 on 10 October, 2024 and 03 March, 2025, respectively.

Currently, the stock is trading 22.61 percent below its 52-week high and 22.9 percent above its 52-week low.

Market capitalisation stands at Rs 23,630.98 crore.

The company has secured additional orders worth Rs 585 crore since June 5. Major orders received include fire control and sighting systems for missiles, communication equipment, jammers, spares, and services.

Godrej Properties has sold inventory worth over Rs ~ 2,000 crores during the launch of the first phase of the project, Barca @ Godrej MSR City, located in Devanahalli, Bengaluru.

Godrej MSR City has a developable potential of ~ 5.6 million square feet and has significant unlaunched inventory remaining, which the company plans to sell in the coming years.

#1 Accenture raises FY25 organic growth guidance to 3–4 percent

#2 Gains market share driven by Gen AI, Cloud & Digital

#3 Gen AI demand strong, embedded across offerings

#4 Building cognitive solutions for multiple clients

#5 Strong booking pipeline supports guidance upgrade

#6 BFSI growth remains robust, echoing Indian IT trends

#7 Top picks: Infosys, Tech Mahindra, Persistent Systems

#8 Maintain Overweight portfolio/high conviction overweight portfolio stance, except on LTIMindtree

#1 Operates in large market with low competition

#2 Strong runway for mid-teens revenue growth

#3 Structural decline in capex intensity

#4 Valuations have room for re-rating

Waaree Renewable Technologies has signed a non-binding Memorandum of Understanding (MoU) with Viet Khanh Joint Stock Company for the execution of Engineering, Procurement and Construction (EPC) work of solar power project of 100 MWp capacity on turnkey basis.

The US Food and Drug Administration has concluded the inspection of the company’s API Unit-I facility at Sangareddy, Hyderabad, with one observation in Form 483. The inspection was conducted between June 16–20. The company will respond to this observation within the stipulated time.

The Sensex was down 658.24 points or 0.80 percent at 81,749.93, and the Nifty was down 196.25 points or 0.78 percent at 24,916.15. About 1363 shares advanced, 2002 shares declined, and 175 shares unchanged.

The company has received an additional order worth Rs 246.92 crore under the existing contract for execution of engineering, procurement, and construction (EPC) works for a ground-mount solar PV project of 2012.47 MWp capacity. With this addition, the order value has increased to Rs 1,480.40 crore.

The operations at the company's Bilaspur Unit located at 34-40, Sector B, Sirgitti Industrial Area, Bilaspur (Chhattisgarh) has been temporarily shut down for periodical maintenance work from yesterday, 22nd June 2025.

The Board of Directors will meet on June 25 to consider a proposal to raise funds via the issuance of non-convertible debentures (NCDs) on a private placement basis.

The Board of Directors of the bank will meet on June 26 to consider fund raising through the issuance of long-term infrastructure bonds.

The Reserve Bank of India has extended the tenure of Arun Kumar Singh as an Additional Director on the Board of Bandhan Bank by one year, effective from June 24.

The Board of Directors will meet on June 25 to consider raising funds via money market instruments, commercial papers, debt instruments, non-convertible securities, or any other permissible mode of borrowing.