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Informist, Wednesday, Jun. 24, 2026

 

By Arya S. Biju

 

MUMBAI – After falling sharply in the previous session, the benchmark equity indices rebounded Wednesday, supported by lower crude oil prices, appreciation of the rupee against the dollar, and sharp gains in banking and information technology stocks. After opening largely flat or marginally down, both the headline indices gained sharply and closed around 1% higher, outperforming their broader market peers.

 

The Nifty 50 index settled at 24021.65, up 197.55 points or 0.8%. The BSE Sensex closed at 76991.22, up 790.54 points or 1%. The 50-stock index regained the 24000-point mark, supported by the sharp rise in index heavyweights ICICI Bank and HDFC Bank and in other banking and financial services stocks along with select IT stocks.

 

The August futures contract of Brent Crude on the Intercontinental Exchange fell over 2% intraday to $75.37 per barrel, its lowest level since the West Asia war began. Crude oil prices fell after signs that shipping activity through the Strait of Hormuz is gradually resuming, with international authorities reporting improved safety. "Although negotiations remain complex and questions persist over the future governance of Hormuz, the market is increasingly pricing in a gradual normalisation of Middle East (West Asia) energy flows," The Wall Street Journal reported, quoting analysts at MUFG.

 

Reserve Bank of India Governor Sanjay Malhotra Wednesday said it is premature to talk about repo rate hikes by the Monetary Policy Committee in the coming months. "Markets are pricing in some rate hikes... if we actually wanted to prepare them (the markets) for this (rate hike in coming months), then we would have changed the stance from neutral to restrictive. But we did not do that," Malhotra told ET Now in an interview.

 

However, the Monetary Policy Committee remains cautious and aware that there could be risks to growth as well as inflation and the latter could hit the upper limit of the tolerance band of 2-6%. "We are cautious, we will continue hereon to remain data-dependent, and we will take it policy by policy," Malhotra said. He also noted that the current inflation risk due to the hit to crude oil supply is "one-time" and said he was unsure about the second-round impact of inflation.

 

The statement comes amid rising expectations of interest rate hikes by the US Federal Reserve in 2026. Higher interest rates in the US could dent the relative appeal of emerging markets, such as India, for foreign investors.  

 

All broader market indices closed in the green, up 0.1-0.5%. Sectoral indices, however, saw a mixed trend, with the Nifty Realty, Nifty IT, Nifty Private Bank, and Nifty Bank leading the gainers, up around 2?ch, while the Nifty Metal, Nifty Auto, and Nifty Energy were the worst hit, down 0.4-0.9%. 

 

Most banking stocks rose after the RBI clarified that lenders are allowed to extend loans to non-residents or issue stand-by letters of credit in favour of overseas lenders against Foreign Currency Non-Resident (Bank) deposits. Large banks are expected to be the key beneficiaries, given their strong overseas network and established non-resident Indian franchise, Sweta Padhi, research analyst at IDBI Capital, told Informist.

 

Shares of most textile companies rose Wednesday, with KPR Mills surging around 8% to be the top-performing Nifty 500 stock. Brokerage Motilal Oswal Financial Services initiated coverage on textile companies Gokaldas Exports, Indo Count, Arvind, Pearl Global, and Welspun Living with a "buy" recommendation and Vardhman Textile, KPR Mill, and Trident with a "neutral" call. Shares of these companies rose 1-10% Wednesday.

 

Shares of retail company Trent rose over 3% to INR 3,247 to be among the top-performing Nifty 50 stocks. Motilal Oswal maintained its "buy" stance on Trent with an unchanged target price of INR 3,500 while estimating the company's revenue to be growing at a compounded annual rate of 21?tween FY26 and FY28.

 

Shares of most IT companies rose Wednesday after Tuesday's sharp fall. The Nifty IT index rose over 2% to 27566.70 points with almost all of its constituents ending in the green, up 0.4-6.1%. Shares of Tech Mahindra rose over 3% to be among the top gainers in the Nifty 50. Brokerage Motilal Oswal reiterated its "buy" call on the stock with a target price of INR 1,750, implying an upside of nearly 24% from the stock's closing price Tuesday. Early signs of a turnaround in the communications vertical, supported by a large deal in Europe, reinforce confidence in the medium-term growth outlook of the company, the brokerage said. 

 

Global brokerage J.P. Morgan downgraded HCL Technologies, Wipro, and Tata Technologies to "underweight" from "neutral" and cut their target prices by 4–27%. Shares of these companies ended largely flat to 1.4% lower. Though J.P. Morgan remains cautious on the IT sector as a whole, it maintains "overweight" recommendations for TCS, Infosys, Tech Mahindra, Coforge, Persistent Systems, and Sagility, CNBC-TV18 reported.

 

Among laggards, shares of power equipment companies GE Vernova T&D India, Hitachi Energy India, Siemens Energy India, CG Power and Industrials, and ABB India fell 1.8–6.5%. While the stocks have run up significantly over the year so far, their valuations are high. Shares of Indian Railway Finance Corp. declined over 6%. The stock was among the top losers in the Nifty 200 and Nifty 500 indices. The stock fell after the government decided to sell up to 2% in the company through an offer for sale at a discount of nearly 8% from the stock's closing price Tuesday. As of Mar. 31, the government held 84.65% stake in the company.

 

Bajaj Auto declined around 3% to be the worst-hit Nifty 50 stock on the record date of its 4.69 million-share buyback. The fall in the stock came after the company said a ransomware attack had hit the systems of the automaker and its wholly-owned subsidiary Bajaj Auto Technology. The technical team of the company, its management, and cybersecurity experts responded promptly and started necessary precautionary action and protocols to mitigate the impact of the incident, Bajaj Auto said in an exchange filing late Tuesday.

 

* Of the Nifty 50 stocks, 29 rose, 21 fell

* Of the Sensex stocks, 22 rose, 8 fell 

* On the NSE, 1,735 stocks rose, 1,566 fell, and 95 were unchanged

* On the BSE, 2,215 stocks rose, 2,034 fell, and 181 were unchanged
* Nifty Realty: up 2.2%; Nifty IT: up 2.1%; Nifty Energy: up 0.9%

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BSE                                             NSE

Sensex: 76991.22, down 790.54 points, or 1.0%     Nifty 50: 24021.65, up 197.55 points, or 0.83%

 

S&P BSE Sensitive Index	Nifty 50
Lifetime High: 86159.02 (Dec. 1, 2025)	: Lifetime High: 26373.20 (Jan. 5, 2026)
Record Close High: 85836.12 (Sept. 26, 2024)	: Record Close High: 26328.55 (Jan. 2, 2026)
2026 1st day close: 85188.60 (Jan. 1)	: 2026 1st day close: 26146.55 (Jan. 1)
2026 Closing High: 85762.01 (Jan. 2)	: 2026 Closing High: 26328.55 (Jan. 2)
2026 Closing Low: 71947.55 (Mar. 30)	: 2026 Closing Low: 22331.40 (Mar. 30)
2026 High (intraday): 85883.50 (Jan. 5)	: 2026 High (intraday): 26373.20 (Jan. 5)
2026 Low (intraday): 71545.81 (Apr. 1)	: 2026 Low (intraday): 22182.55 (Apr.2)
2025 1st day close: 78507.41 (Jan. 1)	: 2025 1st day close: 23742.90 (Jan. 1)
2025 Closing High: 85720.38 (Nov. 27)	: 2025 Closing High: 26215.55 (Nov. 27)
2025 Closing Low: 72989.93 (Mar. 4)	: 2025 Closing Low: 22082.65 (Mar. 4)
2025 High (intraday): 86159.02 (Dec. 1)	: 2025 High (intraday): 26325.80 (Dec.1)
2025 Low (intraday): 71425.01 (Apr. 7)	: 2025 Low (intraday): 21743.65 (Apr. 7)
2024 1st day close: 72271.94 (Jan. 1)	: 2024 1st day close: 21741.90 (Jan. 1)
2024 Closing High: 85836.12 (Sept. 26)	: 2024 Closing High: 26216.05 (Sept. 26)
2024 Closing Low: 70370.55 (Jan. 23)	: 2024 Closing Low: 21238.80 (Jan. 23)
2024 High (intraday): 85978.25 (Sep. 27)	: 2024 High (intraday): 26277.35 (Sept. 27)
2024 Low (intraday): 70001.60 (Jan. 24)	: 2024 Low (intraday): 21137.20 (Jan. 24)
2023 1st day close: 61167.79 (Jan. 2)	: 2023 1st day close: 18197.45 (Jan. 2)
2023 Closing High: 72410.38 (Dec. 28)	: 2023 Closing High: 21778.70 (Dec. 28)
2023 Closing Low: 59288.35 (Feb. 27)	: 2023 Closing Low: 17311.80 (Oct. 17)
2023 High (intraday): 72484.34 (Dec. 28)	: 2023 High (intraday): 21801.45 (Dec. 28)
2023 Low (intraday): 58699.20 (Jan. 30)	: 2023 Low (intraday): 17098.55 (Jan. 17)
2022 1st day close: 59183.22 (Jan. 3)	: 2022 1st day close: 17625.70 (Jan. 3)
2022 Closing High: 63284.19 (Dec. 1)	: 2022 Closing High: 18812.50 (Dec. 1)
2022 Closing Low: 51360.42 (Jun. 17)	: 2022 Closing Low: 15293.50 (Jun. 17)
2022 High (intraday): 63583.07 (Dec. 1)	: 2022 High (intraday): 18887.60 (Dec. 1)
2022 Low (intraday): 50921.22 (Jun. 17)	: 2022 Low (intraday): 15183.40 (Jun. 17)
2021 Closing High: 61305.95 (Oct. 14)	: 2021 Closing High: 18338.55 (Oct. 14)
2021 Closing Low: 46285.77 (Jan. 29)	: 2021 Closing Low: 13634.60 (Jan. 29)
2021 High (intraday): 61353.25 (Oct. 14)	: 2021 High (intraday): 18350.75 (Oct. 14)
2021 Low (intraday): 46160.46 (Jan. 29)	: 2021 Low (intraday): 13596.75 (Jan. 29)
2020 Closing High: 47751.33 (Dec. 31)	: 2020 Closing High: 13981.95 (Dec. 30)
2020 Closing Low: 25981.24 (Mar. 23)	: 2020 Closing Low: 7610.25 (Mar. 23)
2020 High (intraday): 47896.97 (Dec. 31)	: 2020 High (intraday): 14024.85 (Dec. 31)
2020 Low (intraday): 25638.90 (Mar. 24)	: 2020 Low (intraday): 7511.10 (Mar. 24)
2019 High (intraday): 41809.96 (Dec. 20)	: 2019 High (intraday): 12293.90 (Dec. 20)
2019 Low (intraday): 35287.16 (Feb. 19)	: 2019 Low (intraday): 10583.65 (Jan. 29)
2018 High (intraday): 38938.91(Aug. 28))	: 2018 High(intraday): 11760.20 (Aug. 28)
2018 Low (intraday): 32483.8 (Mar. 23)	: 2018 Low (intraday): 9951.9 (Mar. 23)
2017 High (intraday): 34005.37 (Dec. 26)	: 2017 High(intraday): 10515.10 (Dec. 26)

 

End

 

US$1 = INR 94.6650

 

Edited by Rajeev Pai

 

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