Closing Bell 23rd June: Nifty 50 & Sensex by 1.16%

On Tuesday, the Indian stock market ended the day in negative territory, with the Nifty 50 opening at 24,071.30, reaching a high of 24,135.50, and closing at 23,824.10, down by 1.16%. Similarly, the BSE Sensex opened at 77,086.05, reached a high of 77,194.83, and ended at 76,200.68, down by 1.16%.

The Indian markets traded in the red after Marc Faber, a renowned Zurich-born global investor, during an interview with Business Standard, said that the Indian stock market has the potential to correct 20% from the current levels, and has initiated a bear market, and after India’s private sector activity dropped to a 3-month low in June amid slower demand growth for Indian goods and services.

Reasons for the negative sentiment

The following are the reasons for the negative sentiment in the stock market:

• Strong selling pressure in the IT and Metal sectors.
• Foreign investors exited the Indian markets.
• Negative cues from the Asian markets.
• The rupee weakened by 6 paise to 94.69 against the U.S dollar.
• India VIX, a volatility indicator for domestic markets, rose by 8.57% at 13.94, indicating rising volatility in the markets.

Major Indices Today

• The benchmark indices, Nifty 50 and Sensex, traded in the red, dragged by losses in HDFC Bank, Infosys, and Reliance Industries shares.
• Nifty Next 50 traded lower, amid losses by Vedanta, Jindal Steel, and Adani Energy shares.
• Nifty Bank traded in the red, with all constituents, except Axis Bank, trading lower.

Sectoral Indices Today

• Nifty IT traded in red with all constituents, except Oracle Financial Services Software, trading lower amid strong selling pressure.
• Nifty Auto traded lower amid profit booking after the recent rally.
• Nifty FMCG traded in the red, dragged by negative market sentiment. 
• Nifty Pharma traded in green, led by the gains in Piramal Pharma shares after the company received over 70 approvals from regulatory agencies across its global network over the past fiscal year.
• Nifty Oil & Gas traded lower after the Indian government extended the bidding deadline for deepwater and ultra-deepwater oil and gas blocks under the OALP-X and OALP-XI rounds to September 17, marking the sixth extension since February 2025, highlighting the government's continued struggle to attract foreign investors.

Market Movers Today

• Metal shares, namely,  NALCO dropped by 5.3%, Hindalco by 2.75%, Vedanta Aluminium Metal by 1.2%, and Hindustan Zinc by 4.4%, following a drop in global metal prices due to rising expectations of a potential U.S rate hike this year.
• Artificial intelligence and data centre ecosystem companies like Netweb Technologies India dropped by nearly 2%, Orient Technologies by 2.24%, E2E Networks by 1.59%, and data centre developer Anant Raj by 0.88% amid weakness in global technology stocks on concerns over the departure of key artificial intelligence researchers.
• Meesho shares rose by 2.5% after the brokerage firm Citi initiated coverage on the stock with a 'Buy' rating and set the target price, with an upside of about 22%, describing the company as a value-focused e-commerce platform with strong strategic differentiation, and said that its marketplace-led model helps reduce operating costs for sellers while offering affordable products to consumers.
• Vedanta shares dropped by 7% after the news that the promoter entity, Twin Star Holdings, is likely to sell up to 6.5 crore shares through block deals worth around ₹1,890 crore, with the floor price fixed at ₹291 per share.

Top Gainers

Top Losers

52W High Stocks

52W Low Stocks

High Volume Stocks Today

IPO

• Advit Jewels IPO opened today and will close on 25th June. The price band set for the IPO is from ₹130 to ₹138 per equity share.
• Waterways Leisure Tourism IPO opened today and will close on 25th June. The price band set for the IPO is from ₹769 to ₹808 per equity share.
• Turtlemint Fintech Solutions IPO closed today. The price band set for the IPO was from ₹144 to ₹152 per equity share.

Market Announcements

• JSW Infrastructure shares rose by 2% after the company launched its QIP with an issue size of up to ₹7,502.7 crore with a fresh issue of ₹6,555 crore, and the issue price is set at ₹285 per share, representing a discount of about 7.2% to the previous day's closing price.
• Info Edge, the parent company of Naukri.com, shares rose by 4% after the company’s cumulative investments across 135 startups stand at nearly ₹4,900 crore and are currently valued at about ₹41,300 crore, with an 8.4x return multiple and a gross internal rate of return (IRR) of roughly around 33%.