Opening Bell: Nifty, Sensex Slip in Early Trade as IT, Metal Stocks Drag; Pharma Outperforms

Market Update at 09:32 AM: The benchmark indices, Nifty50 and Sensex, traded lower in early deals on Monday, dragged down by weakness in IT and metal stocks amid a broader sell-off in global equities.

As of 9:19 AM, the Nifty50 was down 43.35 points, or 0.18 per cent, at 24,059.55, while the Sensex declined 117.76 points, or 0.15 per cent, to 76,976.31

Among the Nifty50 constituents, Dr. Reddy's Laboratories, Trent, and Shriram Finance emerged as the Top Gainers.

In the broader market, the Nifty MidCap index advanced 0.15 per cent, while the Nifty SmallCap index gained 0.21 per cent.

On the sectoral front, the Nifty IT and Nifty Metal indices were the biggest laggards, whereas the Nifty Pharma and Nifty Healthcare indices outperformed the broader market.

Pre-Market Update at 7:48 AM: The Indian stock market is expected to open on a subdued note on Tuesday, June 23, amid mixed global cues and continued investor caution over developments in U.S.-Iran peace negotiations. GIFT Nifty was trading near 24,128 in early trade, indicating a premium of around 26 points over the previous close of the Nifty 50 and suggesting a flat-to-positive start for domestic benchmarks.

Asian markets traded lower, while Wall Street ended mixed overnight as investors assessed the possibility of further U.S. interest rate hikes. Market participants are also closely monitoring geopolitical developments and macroeconomic indicators for directional cues.

A key focus remains the ongoing U.S.-Iran peace talks. U.S. President Donald Trump reiterated that preventing Iran from developing nuclear weapons remains a priority despite concerns about potential economic consequences. Earlier, the U.S. granted Iran a 60-day waiver allowing the country to continue exporting oil, helping ease concerns around global crude supply.

Domestically, India’s eight core industries grew by just 0.5 per cent in May 2026, marking a seven-month low. The slowdown was largely due to weakness in coal and petroleum production. Core sector growth had stood at 1.8 per cent in April 2026 and 1.2 per cent in May 2025, indicating a moderation in industrial momentum.

In Japan, manufacturing activity remained resilient. The S&P Global Japan Manufacturing PMI rose to 54.9 in June from 54.5 in May, moving closer to April’s 55.1 reading, which was the highest level since January 2022. Meanwhile, Japanese government bond yields edged higher amid expectations of further interest rate increases to support the yen.

Crude oil prices recovered modestly following optimism surrounding U.S.-Iran negotiations. Brent crude futures rose 0.19 per cent to USD 78.05 per barrel, while West Texas Intermediate crude gained 0.39 per cent to USD 74.15 per barrel.

Precious metals traded with limited movement. Spot gold remained largely unchanged at around USD 4,191.09 per ounce, while gold futures for August delivery rose 0.2 per cent to USD 4,208.40 per ounce. Spot silver declined 0.4 per cent to USD 64.92 per ounce.

The U.S. dollar remained firm, with the Dollar Index at 101.04, close to its strongest level since May last year. The Japanese yen traded near 161.55 per dollar, while the British pound was steady at USD 1.3247.

From a derivatives perspective, the Put-Call Ratio (PCR) for the Nifty 50 stood at 0.87. On the put side, fresh open interest addition was visible at the 24,100 strike, while the highest concentration remained at the 24,000 strike. On the call side, notable additions were also seen at the 24,100 strike, with the highest open interest positioned at the 24,200 strike.

Technically, the Nifty 50 continues to maintain a positive bias after recovering from its recent correction. Analysts expect the index to test the 24,150–24,200 zone in the near term, while a decisive breakout could pave the way towards 24,300–24,500 levels. Immediate support is placed at 24,000, followed by a stronger support zone around 23,800. Pivot-based support levels are seen at 24,078, 24,056 and 24,020, while resistance levels are placed at 24,151, 24,173 and 24,210.

Among stocks in focus, JSW Infrastructure launched a Qualified Institutional Placement (QIP) of up to 23 crore shares at a floor price of Rs 290.35 per share. Simultaneously, the Sajjan Jindal Family Trust plans to sell up to 3.3 crore shares through an Offer for Sale to support future infrastructure expansion.

Bharat Electronics secured additional Defence and electronics orders worth Rs 1,081 crore, strengthening its Order Book. Vodafone Idea approved the allotment of 430 crore warrants worth Rs 1,182 crore to Suryaja Investments as part of its capital-raising efforts for future network expansion.

Info Edge (India) highlighted investments of Rs 1,003 crore across 54 artificial intelligence and deep-tech startups since 2020 and a total investment of Rs 4,900 crore across 135 startups. GHV Infra secured a Railway infrastructure sub-contract valued at Rs 213 crore in West Bengal, while Electronics Mart India expanded its retail presence with the launch of a new multi-brand electronics store in Telangana. Transrail Lighting also remained in focus after Deputy Managing Director Raman Rajagopalan resigned from the executive board, effective July 31.

In the derivatives segment, Kaynes Technologies remains under the F&O ban list for June 23.

Institutional activity remained mixed. Foreign Institutional Investors (FIIs) were net sellers of Indian equities worth Rs 635.91 crore, while Domestic Institutional Investors (DIIs) purchased shares worth Rs 1,035.72 crore during the latest available session.

On Monday, Indian equity benchmarks ended higher as easing geopolitical concerns and softer crude oil prices supported risk sentiment. The Sensex gained 291.17 points, or 0.38 per cent, to close at 77,094.07, while the Nifty 50 advanced 89.80 points, or 0.37 per cent, to settle at 24,102.90.

Wall Street closed mixed on Monday. The Dow Jones Industrial Average rose 148.01 points, or 0.29 per cent, to 51,712.71. The S&P 500 declined 0.37 per cent to 7,472.79, while the Nasdaq Composite fell 1.32 per cent to 26,166.60 as weakness in major technology stocks weighed on sentiment.

Among key technology stocks, Nvidia declined 0.97 per cent, Broadcom fell 4.67 per cent, Apple slipped 0.34 per cent, Microsoft lost 3.18 per cent, Amazon dropped 4.75 per cent and Alphabet declined 5.08 per cent. AMD gained 2.65 per cent and Tesla advanced 1.14 per cent, while SpaceX shares plunged 16.43 per cent.

Overall, investors are expected to remain focused on geopolitical developments, crude oil prices, institutional flows and the Nifty 50’s ability to sustain above the 24,100 level as the June derivatives expiry approaches.

Disclaimer: The article is for informational purposes only and not investment advice.

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