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Informist, Tuesday, Jun. 24, 2025

By Simran Rede

MUMBAI – Indian benchmark indices closed off highs Tuesday after investors booked profits. However, the Nifty 50 still closed over the psychologically crucial 25000 points. While indices recouped their losses on Monday at their intraday highs, they could not sustain these levels, with the Nifty 50 ending nearly 70 points lower than its close on Friday. Market participants also assessed contradictory news coming from West Asia.

The market had surged over 1% during the first half of the trading session on the back of a fall in crude oil prices. US President Trump had announced that Israel and Iran agreed to a "complete and total ceasefire", which would be phased in over 24 hours, though the two warring sides had not confirmed the news.  

Following the ceasefire announcement by Trump, shares of oil marketing companies rose as crude oil prices declined sharply. Hindustan Petroleum Corp., Bharat Petroleum Corp., and Indian Oil Corp. closed 2-3% higher. On the other hand, oil exploration companies fell sharply, with Oil India and Oil and Natural Gas Corp. ending 3-6% lower. At 1543 IST, the August contract of Brent crude oil futures was at $69.30 per barrel on the Intercontinental Exchange, down over 3%.  

Israel later confirmed that it has agreed to Trump's proposal for a ceasefire with Iran, claiming that it has achieved all the objectives of 'Operation Rising Lion'. However, within an hour of Israel announcing the ceasefire agreement, Israeli Defence Forces said sirens were heard in northern Israel due to missile attacks from Iran. However, Iran denied the claims, some media reports said. The market came off its early highs following the news of the ceasefire violation.

Due to uncertainty in global geopolitics and volatility in crude oil prices, investors grabbed the chance to book profits at higher levels, analysts said. The Nifty 50 closed at 25044.35 points, up 72.45 points or 0.3% and the BSE Sensex ended at 82055.11 points, up 158.32 points or 0.2%. Intraday, the 50-stock and the 30-stock indices had risen over 200 points and over 1000 points, respectively. 

All broader market indices closed nearly 1% higher each and continued to outperform their benchmark. Volatility in the market had risen just before the last hour of trade but subsided towards the end. The fear gauge of the Dalal Street, India VIX, closed nearly 3% lower at 13.6425. 

On the sectoral front, the Nifty India Defence index closed over 2% lower and was the worst hit. Most defence companies fell after US President Donald Trump announced the ceasefire between Iran and Israel early Tuesday. The index had risen significantly on the back of geopolitical tensions and the hopes of an increase in defence spending due to a focus on indigenous equipment. While some analysts were hopeful of improved order execution, others have flagged rich valuation and risks in execution.

All Adani group stocks rose sharply Tuesday after Chairman Gautam Adani said the group will spend $15 billion-$20 billion over the next five years on capital expenditure. Adani also said the group expects to have a capacity of 100 gigawatts of power by 2030, combining the group's thermal, renewable and pumped hydro generation capacities. Adani Ports and Special Economic Zone closed over 2.5% higher and was among the top gainers in the Nifty 50. 

Stocks of most rice-exporting companies rose sharply as the news of the ceasefire eased worries about disruption in exports to West Asia, which is their largest market for basmati rice. There were fears that there could be a potential closure of the Strait of Hormuz as the conflict escalated. However, with the talks of the ceasefire, fears have allayed. LT Foods closed 9% higher and was the top gainer in the Nifty 500. 

Vodafone Idea closed nearly 5% higher and was the top gainer in the Nifty 200 after media reports said the government might provide the beleaguered telecom major additional relief on regulatory dues. KPIT Technologies fell over 6% and was the worst hit in the Nifty 200 after the company Monday said the ramp-ups in recent client orders were progressing slower than expected at the end of the March quarter. Following this, global brokerage JP Morgan trimmed its estimate for the company's earnings by 2-3%. 

* Of the Nifty 50 stocks, 33 rose and 17 fell

* Of the Sensex stocks, 17 rose and 13 fell

* On the NSE, 1,966 stocks rose, 917 fell, and 93 were unchanged

* On the BSE, 2,662 stocks rose, 1,339 fell, and 143 were unchanged

* Nifty PSU Bank: up 1.5%; Nifty Metal: up 1%; Nifty India Defence: down 2.4%

BSE                                               NSE

Sensex: 82055.11, up 158.32 points or 0.2%        Nifty 50: 25044.35, up 72.45 points or 0.3%

End

Edited by Saji George Titus

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