Indian equity indices erased some of the previous session gains to end lower in the volatile session on June 17 amid Middle East tensions. 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.
The broader indices underperformed the main indices with BSE midcap index and smallcap indices falling 0.5 percent each.
Stocks & Sectors in Action
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.
On the sectoral front, pharma index shed 2 percent after US President Donald Trump reportedly said that "pharma tariffs are coming very soon".
Among others, except IT, all other sectoral indices ended in the red with metal index shed 1 percent, while auto, consumer durables, realty, oil & gas, PSU Bank down 0.5 percent each.
Axiscades Technologies gained 5% on MoU with European firm to develop systems in India, Vishal Mega Mart shares rose 4% as shares worth Rs 10,488 crore exchanged, Tanla Platforms shares added 2% after board approves Rs 175 crore buyback at 33% premium, Ram Informatics share price jumped 20 percent on winning Rs 474 crore order for installing rooftop solar projects.
Nearly 80 stocks on the BSE touched their 52-week highs, including Maharashtra Scooters, Navin Fluorine, Aditya Birla Capital, Intellect Design, Solar Industries, Muthoot Finance, Lloyds Metals, Bharat Electronics, Max Healthcare, Laurus Labs, among others. Click to View More
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 82,588.79 | 416.69 | +0.51% |
| Nifty 50 | 25,314.80 | 133.00 | +0.53% |
| Nifty Bank | 56,729.35 | 537.30 | +0.96% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Cipla | 1,557.60 | 44.50 | +2.94% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Tata Steel | 174.09 | -2.33 | -1.32% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty PSU Bank | 7717.00 | 147.70 | +1.95% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Metal | 10281.40 | -74.80 | -0.72% |
Global Markets
US stocks closed higher on Monday, as oil prices retreated after the Israel-Iran attacks left crude production and exports unaffected, easing investor concerns about the potential for higher energy prices to stoke inflation. However, European stocks were trading lower amid escalating conflict between Israel and Iran, while Asian markets ended mostly higher.
Outlook for June 18
Aditya Gaggar Director of Progressive Shares
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.
Ajit Mishra – SVP, Research, Religare Broking
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.
Rupak De, Senior Technical Analyst at LKP Securities
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.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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