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

Market Close | Sensex down 511 points, Nifty below 25000

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.

Ajit Mishra – SVP, Research, Religare Broking 

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.

Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities

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.

Rupak De, Senior Technical Analyst at LKP Securities

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.

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Prashanth Tapse, Senior VP (Research), Mehta Equities

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.

Vaibhav Vidwani, Research Analyst at Bonanza

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.

Aditya Gaggar Director of Progressive Shares

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.

Vinod Nair, Head of Research, Geojit Investments

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.

Currency Check | Rupee closes lower at 86.75

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

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. 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.

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Anuj Choudhary – Research Analyst at Mirae Asset Sharekhan

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.

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