Closing Bell: Another day of gains; Nifty reclaims 25,500, Sensex up 1,000 pts, Bank Nifty at record high

Indian equity indices ended higher on the third consecutive session on June 26 with Nifty above 25,500. At close, the Sensex was up 1,000.36 points or 1.21 percent at 83,755.87, and the Nifty was up 304.25 points or 1.21 percent at 25,549.

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 witnessed a decisive session on the monthly expiry day, gaining over a percent. The tone was positive from the start, supported by stable global cues, followed by a range-bound move in the first half. However, momentum picked up as the session progressed, driven by strong buying in select heavyweights across sectors. Most sectors participated in the rally, with metals, financials, and energy emerging as top gainers. The broader indices also moved higher, adding nearly half a percent each.

After consolidating for over five weeks, markets have finally resumed their uptrend, and we expect Nifty to gradually move towards its record high, with a possible pause around the 25,700–25,800 zone. All key sectors, except FMCG, are contributing to the move on a rotational basis. We continue to favor rate-sensitive sectors such as banking, financials, auto, and realty, while recommending a selective approach for other segments.

After witnessing a gradual up move in the last couple of sessions, Nifty witnessed an excellent breakout on Thursday and closed the day higher by 304 points. After opening with a positive note, the market continued to surge higher for better part of the session. Intraday dips in between have been bought into and Nifty closed at the highs.

A long bull candle was formed on the daily chart which indicates a decisive break out of the last couple of months high low range of 24500-25200 levels and closed higher. Technically, such sharp breakouts after the consolidation bands more often trigger strong upside momentum in the underlying's. Hence, one may expect sharp follow-through up moves in the short term.

The underlying trend of Nifty remains positive. Having almost reached our upside target of 25600 levels on Thursday; Nifty could now advance towards the next upper 25800-26000 mark by next week. Immediate support is placed at 25400 levels.

The benchmark index reflected strong investor confidence, underpinned by the apparent stability of the Middle East ceasefire, which has eased concerns over potential supply chain disruptions. FIIs continued to pare holdings due to the narrowing yield spread between U.S. and Indian 10-year bonds; DIIs emerged as net buyers, buoyed by improving liquidity conditions and a rebound in domestic consumption. Across the broader market, key sectors such as banking and auto posted notable gains, supported by easing domestic inflation concerns.

QIB – 0.90 times

NII – 1.98 times

Retail – 0.60 times

Employee – 2.76 times

Shareholder – 1.51 times

Overall – 1.06 times

Nifty has given a decisive move above the recent consolidation on the daily chart, indicating growing optimism among traders and investors.

Unprecedented put writing and call unwinding ahead of the NSE monthly expiry also signaled bullish aggression yesterday. Now that the index has broken above the consolidation zone, we continue to maintain our bullish view going forward.

With no major resistance until the 25,700–25,750 zone, we expect this rally to extend by another 150–200 points on the upside. On the downside, support is seen around 25,300–25,350.

Gold remained range-bound as dollar index weakness provided support, while the Federal Reserve’s stance of no immediate rate cuts weighed on sentiment. Despite this, the broader trend for gold continues to lean positive due to ongoing geopolitical and economic uncertainties. However, rupee appreciation has limited upside in domestic gold prices, creating a subdued tone.

The immediate focus for market participants is on the upcoming US Core PCE Price Index, a key inflation gauge that could influence Fed policy.

MCX Gold is expected to trade within a range of Rs 95,500 to Rs 98,500 in the near term.

Indian rupee ended 39 paise higher at 85.70 per dollar on Thursday against Wednesday's close of 86.09.

Indian equity indices ended higher on the third consecutive session on June 26 with Nifty above 25,500.

At close, the Sensex was up 1,000.36 points or 1.21 percent at 83,755.87, and the Nifty was up 304.25 points or 1.21 percent at 25,549. About 1983 shares advanced, 1855 shares declined, and 151 shares unchanged.

Biggest Nifty gainers were Shriram Finance, Hindalco Industries, Tata Steel, Jio Financial, Adani Ports, while losers were Dr Reddy's Laboratories, Tech Mahindra, Hero MotoCorp, Maruti Suzuki, SBI.

Among sectors, private bank, oil & gas and metal indices up 1-2 percent, while realty, media indices shed 1 percent each.

The BSE midcap index rose 0.5 percent and smallcap index ended flat.

QIB – 77.48 times

NII – 134.73 times

Retail – 46.86 times

Overall – 74.44 times

QIB – 0.22 times

NII – 1.89 times

Retail – 0.58 times

Employee – 2.68 times

Shareholder – 1.46 times

Overall – 0.86 times

Indian Rupee jumped by nearly 40 paise on surge in domestic markets and a sharp fall in the US Dollar index. Domestic markets rose by around a percent each while the US Dollar fell towards the 97 mark, losing ~0.6%. it is trading at lowest levels since March 2022. Decline in crude oil prices too favoured the domestic currency.

We expect Rupee to extend its gains amid rise in risk appetite in global markets after announcement of ceasefire between Iran and Israel. Weak US Dollar, falling crude oil prices and rising global markets may also support the Rupee at lower levels. However, any selling by FIIs and any violation of the ceasefire may pressurise the Rupee at lower levels.

Traders may take cues from weekly unemployment claims, durable goods orders and pending home sales data from the US. USDINR spot price is expected to trade in a range of Rs 85.30 to Rs 86.

The company has received environmental clearance from the Ministry of Environment, to expand its iron ore mining capacity to 55 million tonnes per annum (MTPA).

The Board has approved capital plan of the bank to raise capital up to Rs 6,000 crore through equity and debt.

At 15:07 hrs Union Bank of India was quoting at Rs 148.00, up Rs 3.60, or 2.49 percent.

The share touched a 52-week high of Rs 158.60 and a 52-week low of Rs 100.75 on 03 June, 2025 and 13 January, 2025, respectively.

Currently, the stock is trading 6.68 percent below its 52-week high and 46.9 percent above its 52-week low.

Market capitalisation stands at Rs 112,977.36 crore.

The Magnum Ice Cream Company HoldCo 1 Netherlands BV, and The Magnum Ice Cream Company BV have agreed to acquire all 61.9 percent stake of the Kwality Wall’s (India) from the Unilever Group.

The Sensex was up 986.67 points or 1.19 percent at 83,742.18, and the Nifty was up 301.35 points or 1.19 percent at 25,546.10. About 1822 shares advanced, 1660 shares declined, and 116 shares unchanged.

QIB – 35.92 times

NII – 9.53 times

Retail – 1.22 times

Overall – 12.64 times

Lemon Tree Hotels has signed a license agreement viz Lemon Tree Premier, Surat, Gujarat. The property shall be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary of Lemon Tree Hotels Limited.

At 14:56 hrs Lemon Tree Hotels was quoting at Rs 138.70, down Rs 0.00, or 0.00 percent.

The share touched a 52-week high of Rs 162.25 and a 52-week low of Rs 110.55 on 02 January, 2025 and 07 April, 2025, respectively.

Currently, the stock is trading 14.27 percent below its 52-week high and 25.83 percent above its 52-week low.

Market capitalisation stands at Rs 11,020.15 crore.

ACME Solar Holdings has emerged as the winning bidder for NHPC’s tender for cumulative capacity of 275 MW / 550 MWh standalone Battery Energy Storage System (BESS) projects in Andhra Pradesh across two projects at Kuppam and Ghani.

Insurance Regulatory and Development Authority of India (IRDAI) has levied a penalty of Rs 1 crore on Edelweiss Life Insurance Company (ELIC), a subsidiary of Edelweiss Financial Services.

At 14:51 hrs Edelweiss Financial Services was quoting at Rs 109.25, down Rs 1.75, or 1.58 percent.

The share touched a 52-week high of Rs 145.50 and a 52-week low of Rs 59.40 on 30 September, 2024 and 23 July, 2024, respectively.

Currently, the stock is trading 24.91 percent below its 52-week high and 83.92 percent above its 52-week low.

Market capitalisation stands at Rs 10,334.76 crore.

QIB – 2.90 times

NII – 1.17 times

Retail – 1.15 times

Employee – 0.63 times

Overall – 2.08 times

The Board has the fund raising up to Rs 10,000 crore via debt, and Rs 1,000 crore through qualified institutional placement (QIP), preferential allotment or rights issue. The Board has placed the recommendation for fund raising to the members at ensuing Annual General Meeting scheduled on August 20.

#1 Pine Labs seeks nod for IPO with 14.78 crore OFS

#2 Pine Labs may consider upto Rs520 crore pre-IPO placement

#3 Peak XV, Mastercard, Paypal among sellers in Pine Labs IPO

The Sensex was up 850.11 points or 1.03 percent at 83,605.62, and the Nifty was up 252.00 points or 1.00 percent at 25,496.75. About 1647 shares advanced, 1812 shares declined, and 107 shares unchanged.

The company has filed a review petition in Supreme Court in the matter of Bhushan Power and Steel's resolution plan.

The share touched a 52-week high of Rs 1,074.15 and a 52-week low of Rs 854.35 on 25 March, 2025 and 05 August, 2024, respectively.

Currently, the stock is trading 4.2 percent below its 52-week high and 20.44 percent above its 52-week low.

Market capitalisation stands at Rs 251,637.21 crore.

At 13:57 hrs JSW Steel was quoting at Rs 1,029.00, up Rs 4.15, or 0.40 percent on the BSE.

#1 Company is India’s largest SLCM manufacturer (75 percent market share)

#2 Has a strong supplier/dealer network & is well-positioned to benefit from robust demand

#3 Besides being a strong brand, company’s SLCMs have the highest resale value

#4 That said, rising competition is real; margin peaked in FY18

#5 Est for margin to revert to close to FY25 levels by FY27 incorporates management’s plan

Comex August gold futures settled 0.28% higher on Wednesday, closing above $3,340 per ounce, supported by a weaker US dollar as the Israel-Iran ceasefire held and US new home sales data came in below expectations. The dollar’s retreat, combined with lingering tariff uncertainty, just two weeks before the July 9 expiration of the 90-day pause on President Trump’s reciprocal tariff plan, has kept investor sentiment cautious.

Trump praised the swift resolution of hostilities between Israel and Iran, expressing optimism for improved ties with Tehran and suggesting a potential shift away from nuclear ambitions. Meanwhile, Fed Chair Jerome Powell, in his congressional testimony, stated that the Federal Reserve is not rushing to cut interest rates amid ongoing trade-related uncertainties but noted that rate easing could come sooner if inflation remains contained.

Today, gold prices held above $3,350 per ounce, buoyed by a softer dollar and declining Treasury yields amid reports that Trump is considering announcing a replacement for Fed Chair Jerome Powell as early as September or October, a move that could accelerate expectations of a US interest rate cut. Traders are also closely watching upcoming US economic data, including GDP figures, jobless claims, and comments from several Fed officials, for further cues on monetary policy.

WTI crude oil rebounded and closed near $65/bbl, following a sharp 13% decline over the previous two sessions, supported by a significant drop in US crude and product inventories. According to EIA estimates, US crude oil inventories fell by 5.8 million barrels for the week ending June 20, while gasoline and distillate stocks declined by 2.1 million barrels and 4.1 million barrels, respectively. Also, Trump reiterated his commitment to a "maximum pressure" campaign on Iranian oil, tempering expectations for any near-term sanctions relief, reversing his stance after his earlier comments suggesting that China might resume oil purchases from Iran.

Today, oil prices are holding gains amid expectations that seasonal demand may boost near-term supply tightness. However, the potential for further upside may remain limited ahead of the upcoming OPEC+ meeting scheduled for July 6, where the market awaits clarity on whether the group will announce another output hike.

QIB – 24.26 times

NII – 80.63 times

Retail – 35.61 times

Overall – 42.01 times

QIB – 5.23 times

NII – 4.37 times

Retail – 0.78 times

Overall – 2.79 times

#1 Management remains very focussed on 15 percent EBIT margin target for FY27, that they had set earlier

#2 Revenue trajectory has seen some impact given macro uncertainty & impact on discretionary spends

#3 Valuations at 28/23x FY26/27 consensus EPS & a lot of improvement has been priced in

QIB – 0.93 times

NII – 0.76 times

Retail – 1.03 times

Employee – 0.57 times

Overall – 0.90 times

#1 India remains a highly underpenetrated AI travel market

#2 Aircraft supply constraints to ensure demand overstrips supply

#3 Consumer centric at heart, cost leadership at core

#4 Building in EBIDTA/PAT CAGR of 20/22 percent over FY25-27

#5 Stock trading at 20x FY27 EPS

QIB – 0.61 times

NII – 1.75 times

Retail – 1.23 times

Employee – 0.92 times

Overall – 1.16 times

Lupin launched Prucalopride Tablets, 1 mg, and 2 mg, in the United States, following the recent approval of its Abbreviated New Drug Application (ANDA) from the USFDA.

Prucalopride Tablets are bioequivalent to Motegrity tablets, 1 mg and 2 mg, of Takeda Pharmaceuticals USA Inc., and indicated for the treatment of chronic idiopathic constipation (CIC) in adults.

he share touched a 52-week high of Rs 2,403.45 and a 52-week low of Rs 1,571.65 on 02 January, 2025 and 27 June, 2024, respectively. Currently, the stock is trading 20.11 percent below its 52-week high and 22.16 percent above its 52-week low. The market capitalisation stands at Rs 87,689.50 crore.

QIB – 0.09 times

NII – 1.46 times

Retail – 0.50 times

Employee – 2.47 times

Shareholder – 1.18 times

Overall – 0.67 times

Gold prices are expected to see some consolidation amid lack of fresh cues from the market, with upside capped by weakness in the U.S. dollar. The ceasefire between Iran and Israel remains in place, with no escalation reported.

Focus going ahead will be on the trade negotiations between U.S. and its trading partners. The last date for the same comes close is at 8th July. On the data front, the focus will be on U.S. GDP and jobs data due later in the day, while the PCE data is scheduled on Friday, which Fed officials closely monitor to gauge the future policy path.

The Sensex was up 478.21 points or 0.58 percent at 83,233.72, and the Nifty was up 143.60 points or 0.57 percent at 25,388.35. About 1616 shares advanced, 1799 shares declined, and 124 shares unchanged.

#1 Deep dive on Canada GLP-1 market suggests street expectations need to be tempered

#2 Additionally, timely approval will be key to monitor given past misses on complex approvals

#3 Decline in Revlimid sales & related PLI to result in a drag of USD 750-780 million in EBITDA

#4 EBITDA impact would be difficult to offset

#5 Supply of the remaining quantity of Revlimid may help next 2 quarters look strong

The Board will meet on June 28 to consider the fund raising or borrowing plan.

At 12:45 hrs AU Small Finance Bank was quoting at Rs 811.60, up Rs 4.25, or 0.53 percent. It has touched a 52-week high of Rs 820.

It has touched an intraday high of Rs 820.00 and an intraday low of Rs 806.40.

It was trading with volumes of 47,543 shares, compared to its five day average of 2,535,438 shares.

In the previous trading session, the share closed up 0.83 percent or Rs 6.65 at Rs 807.35.

The share touched a 52-week low of Rs 479 on 18 March, 2025 and trading 69.44 percent above its 52-week low.

The market capitalisation stands at Rs 60,479.86 crore.

The share touched a 52-week high of Rs 734.25 and a 52-week low of Rs 291.00 on 15 October, 2024 and 07 May, 2025, respectively.

Currently, the stock is trading 49 percent below its 52-week high and 28.69 percent above its 52-week low.

The market capitalisation stands at Rs 19,535.18 crore.

The company has acquired 179.1 crore equity shares in T Steel Holdings for $180 million (Rs 1,562.54 crore). Post this acquisition, T Steel Holdings will continue to be a wholly owned subsidiary of the company.

Tata Steel was quoting at Rs 157.55, up Rs 1.15, or 0.74 percent. It has touched an intraday high of Rs 159.00 and an intraday low of Rs 156.55.

The share touched a 52-week high of Rs 178.15 and a 52-week low of Rs 122.60 on 04 July, 2024 and 13 January, 2025, respectively.

Currently, the stock is trading 11.56 percent below its 52-week high and 28.51 percent above its 52-week low.

Market capitalisation stands at Rs 196,678.04 crore.

The company has received Letter of Acceptance from HSIIDC Industrial Estate Karnal, Authority for the work of planning, design, engineering, procurement and construction of Unity Mall including all other works contingent thereto on EPC mode basis at Sector-37, HSIIDC IE Karnal (Haryana), for construction cost of the project of Rs 120.85 crore (Excluding GST) and Rs 142.60 crores (with GST).

The time period for completion of work would be 24 months from the date of commencement of work and 36 months will be for defect liability period, O&M for 12 months.

Deepak Builders & Engineers India was quoting at Rs 149, up Rs 6.85, or 4.82 percent. It has touched an intraday high of Rs 151.40 and an intraday low of Rs 141.30.

The share touched a 52-week high of Rs 213.60 and a 52-week low of Rs 128.45 on 27 December, 2024 and 09 May, 2025, respectively. Currently, the stock is trading 30.24 percent below its 52-week high and 16 percent above its 52-week low. Market capitalisation stands at Rs 694.05 crore.

Promoter Timex Group Luxury Watches BV, Netherlands has decided to exercise oversubscription option in the offer-for-sale (OFS) of Timex Group India on June 26.

Promoter will be selling up to 15% stake in Timex Group India including 7.5% equity as green shoe option via OFS.

QIB – 0.04 times

NII – 1.35 times

Retail – 0.47 times

Employee – 2.33 times

Shareholder – 1.10 times

Overall – 0.52 times

IRDAI inspected Niva Bupa, Star Health, Care Health, Manipal Cigna, New India Assurance, Tata AIG, ICICI Lombard & HDFC Ergo

QIB – 0.84 times

NII – 0.65 times

Retail – 0.95 times

Employee – 0.53 times

Overall – 0.81 times

The share touched a 52-week high of Rs 571.95 and a 52-week low of Rs 232.60 on 08 January, 2025 and 19 July, 2024, respectively.

Currently, the stock is trading 28.62 percent below its 52-week high and 75.52 percent above its 52-week low.

Market capitalisation stands at Rs 3,742.55 crore.

Nifty Bank hits fresh record high of 57,076.95

QIB – 0.58 times

NII – 2.15 times

Retail – 0.59 times

Overall – 0.93 times

QIB – 9.17 times

NII – 52.17 times

Retail – 27.69 times

Overall – 27.64 times

AbhiBus (ixigo’s bus business) has entered into a partnership with CheckMyBus, a Germany-based global intercity bus metasearch engine. Through this collaboration, CheckMyBus will integrate AbhiBus’s extensive network of 4,000+ bus operators and 3.5 lakh+ routes across India, making it easier than ever for both international and domestic travellers to search and book intercity and last-mile bus journeys across the country.

The Sensex was up 383.33 points or 0.46 percent at 83,138.84, and the Nifty was up 106.65 points or 0.42 percent at 25,351.40. About 1645 shares advanced, 1711 shares declined, and 134 shares unchanged.

QIB – 0.84 times

NII – 0.61 times

Retail – 0.93 times

Employee – 0.51 times

Overall – 0.79 times

Cummins India  announced the launch of its Battery Energy Storage Systems (BESS), expanding its sustainable solutions portfolio in line with Destination Zero strategy.

#1 US administration pushes to end drug rebate system

#2 End of drug rebates could help biosimilars to gain better market share in ‘pharmacy benefit’ products

#3 FDA approval and launch of Insulin Aspart is a key near-term catalyst

The Sensex was up 286.34 points or 0.35 percent at 83,041.85, and the Nifty was up 80.05 points or 0.32 percent at 25,324.80. About 1653 shares advanced, 1599 shares declined, and 155 shares unchanged.

Vipul Organics announces its strategic expansion into Membrane Manufacturing.

Membrane Technology is central to modern Industrial Operations and is widely used in water and wastewater treatment, food and beverage processing, pharmaceuticals, and industrial filtration.

The share touched a 52-week high of Rs 898.80 and a 52-week low of Rs 679.65 on 19 July, 2024 and 03 March, 2025, respectively.

Currently, the stock is trading 11.62 percent below its 52-week high and 16.88 percent above its 52-week low.

Market capitalisation stands at Rs 708,971.82 crore.

The company has received contract worth Rs 199.84 crore for hydro mechanical works for India’s largest power generation project of 2,880 MW Dibang Project from NHPC in Arunachal Pradesh.

The share price touched a 52-week high of Rs 32,707.65 on the BSE.

Market capitalisation stands at Rs 69,485.22 crore.

The Share Purchase Agreements has executed between Mahindra Defence Systems (MDSL), Mahindra Advanced Technologies (MATL), wholly owned subsidiaries of M&M and Mahindra Emirates Vehicle Armouring FZ LLC (MEVA), a subsidiary of MDSL, whereby MDSL has agreed to sell its entire stake (i.e. 88% of the equity shares) in MEVA to MATL.

MDSL has agreed to sell its entire stake in Mahindra Telephonics Integrated Systems (MTISL) to MATL and M&M has agreed to sell its entire stake in MDSL to MATL.

The share touched a 52-week high of Rs 1,317.25 and a 52-week low of Rs 766.05 on 03 January, 2025 and 07 April, 2025, respectively.

Currently, the stock is trading 10.5 percent below its 52-week high and 53.91 percent above its 52-week low.

Market capitalisation stands at Rs 47,659.74 crore.

The share touched a 52-week high of Rs 31,924.55 and a 52-week low of Rs 23,500.15 on 20 May, 2025 and 12 November, 2024, respectively.

Currently, the stock is trading 6.47 percent below its 52-week high and 27.06 percent above its 52-week low.

Market capitalisation stands at Rs 107,737.11 crore.

The board of directors of the company, at their meeting held on June 25, 2025 granted approval for entering into a joint venture with T.D. Holding GMBH for manufacturing, marketing and selling sunroof control cables and/or helix cables for passenger vehicles through a Joint Venture Company, which would be incorporated after execution of the Joint Venture Agreement.

The company shall own 49% of the shareholding in the JV Co. and shall be infusing funds up to an amount of Rs 2,45,00,000, in one or more tranche in the JV Co. out of which an amount of Rs 49,00,000 shall be infused at the time of incorporation of the JV Co. Further, the remaining 51% of the shareholding shall be owned by TDH.

The board of directors of the company, at its meeting held June 26, 2025, approved the issue of bonus equity shares in the ratio of 1:1, i.e., one  bonus equity share of face value of Re 1 each for every one fully paid-up equity share of face value of Re 1 each, held by the members of the company as on the record date.

The Department of Fertilizers (DoF) has not accepted the request of the company for recognition of EPMC gas/Spot gas procured for Urea operations for the production of Trombay Urea for the years 2021-22 and 2022-23.

The non-recognition is expected to have an adverse financial impact of approximately Rs 204.14 crore.

The company is once again representing the matter to DoF for reconsideration since. the non-recognition is not in accordance with the principles of gas pooling mechanism.