Indian equity markets ended Wednesday’s session on June 10 lower, with the headline indices retreating sharply from the day’s highs. While gains in select heavyweight stocks provided some support, they were not enough to keep the benchmarks in positive territory by the close.
Persistent selling by FPIs, escalating tensions in the Middle East, and a rebound in crude oil prices weighed on investor sentiment, with the Nifty 50 eventually settling 0.13% lower at 23,212.
The S&P BSE Sensex ended nearly flat at 73,911. The broader market witnessed sharper cuts, with both the Nifty Midcap 100 and Nifty Smallcap 100 indices declining 1.5% and 1.3%, respectively.
All major sectoral indices ended in the red, with Nifty Media, Nifty Realty, Nifty Metal, Nifty Oil & Gas, Nifty PSU Bank, and Nifty Consumer Durables falling between 1% and 2.36%.
On the positive side, only Nifty FMCG and Nifty Private Bank managed to close in the green, gaining 1.05% and 0.72%, respectively.
Tensions in the Middle East resurfaced after the United States reportedly launched strikes against Iran on Tuesday, following claims by US President Donald Trump that Tehran had shot down a US Apache helicopter in the Strait of Hormuz.
The strikes came just a day after Trump stated that a US-Iran peace deal was in its “final throes.”
Gold loan NBFCs, PSU banks and metal stocks witness sharp selling
Oil India, Jain Resource Recycling, IFCI, and NLC India emerged among the top laggards in the Nifty 500 pack, declining 9.5%, 8.2%, 7%, and 6%, respectively.
This was followed by Manappuram Finance, which crashed 5.8% to ₹289.4 apiece, as the sustained decline in gold prices continued to keep the stock under selling pressure.
Jindal Saw, Great Eastern Shipping Company, HFCL, and BHEL also dropped more than 5%.
Extending its losing streak to a fourth straight session, Graphite India fell another 4.5% to ₹637 apiece. Meanwhile, Kalyan Jewellers remained under pressure for the third consecutive day, declining 4.6% to ₹338.70 apiece.
PSU banking stocks also retreated sharply after a strong rally in the previous session, with Indian Bank leading the losers’ pack, falling 4.7% to ₹833.
Other PSU lenders, including Canara Bank, Union Bank of India, Punjab National Bank, Punjab & Sind Bank, and Bank of India, also declined over 2%.
Meanwhile, select metal stocks such as Hindalco Industries, Welspun Corp, Hindustan Zinc, Jindal Steel & Power, SAIL, Vedanta, APL Apollo Tubes, and NALCO also witnessed selling pressure, declining between 2% and 3.5%.
CarTrade Tech leads gainers; Afcons Infrastructure jumps after major order win
CarTrade Tech emerged as the top performer in the Nifty 500 pack, with shares surging 12% to ₹2,451 apiece, while Chambal Fertilisers & Chemicals stood as the second-best performer, gaining 5%.
Afcons Infrastructure closed 4.6% higher at ₹330 apiece following a ₹5,300 crore order win. Meanwhile, Concord Biotech, Aditya Birla Sun Life AMC, Travel Food Services, and Coromandel International also posted gains of over 4%.
Other stocks, including CCL Products India, Crisil, Apar Industries, Aavas Financiers, Aegis Vopak Terminals, Navin Fluorine International, Berger Paints, Honeywell Automation India, Aster DM Healthcare, and ZF Commercial Vehicle Control Systems India, gained between 3% and 4%.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.