Markets opened on a positive note on Monday, June 22, with the Sensex rising 360.85 points or 0.47 per cent to trade at 77,163.75 after opening at 77,160.67, against a previous close of 76,802.90. The Nifty 50 opened at 24,106.60 and gained 106.40 points or 0.44 per cent to trade at 24,119.50 by 9.17 a.m., recovering from its previous close of 24,013.10.
The opening was broadly in line with signals from Gift Nifty, which was trading at 24,160, up 80 points before the opening bell. However, gains remained capped as global sentiment stayed cautious after reports emerged that an Iranian delegation walked out of peace talks in Switzerland following renewed threats from U.S. President Donald Trump. Negotiations are reportedly continuing through mediators.
Crude oil prices edged higher on the back of the geopolitical uncertainty, now trading in the $77–$78 per barrel range, having recently slipped to around $73 per barrel. “Despite the confusing news coming from the West Asia talks, Brent crude is trading below $80,” said Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments Limited. “…This market signal indicates that further flare-up in the conflict is unlikely. However, the situation remains fluid and has to be watched closely.”
In the previous session, the Nifty 50 had snapped a five-day winning streak, declining around 0.6 per cent on profit booking, while Bank Nifty fell approximately 0.5 per cent. Despite the dip, both indices held above key moving averages, with analysts characterising the pullback as consolidation rather than a trend reversal. Last week, the Nifty ended 1.65 per cent higher while the Sensex gained 1,263 points.
Information technology stocks led the gainers on the Nifty 50 in early trade. Cipla topped the list, rising 1.98 per cent to ₹1,378.50, followed by Tech Mahindra, up 1.66 per cent to ₹1,433.00. Infosys gained 1.33 per cent to ₹1,065.40, while HCL Technologies rose 1.20 per cent to ₹1,145.30. TCS added 0.96 per cent to ₹2,145.40. Notably, the IT index had been the top sectoral loser the previous week, shedding 1 per cent, making Monday’s rebound significant for sector watchers.
On the losing side, Power Grid Corporation slipped 0.55 per cent to ₹290.65, followed by Adani Enterprises, which fell 0.40 per cent to ₹3,026.20. Titan declined 0.34 per cent to ₹4,405.00, while NTPC edged lower by 0.33 per cent to ₹364.60. ONGC shed 0.32 per cent to ₹245.45, reflecting mild pressure on the energy and utilities space.
Among sectors, Consumer, Defence, and Tourism indices had outperformed sharply in the previous week, each rallying over 6 per cent. Analysts noted that market momentum has now shifted toward mid and small caps. “…The market momentum is now in the mid and small caps assisted by superior earnings growth potential. Bank Nifty is fundamentally strong and deserves calibrated accumulation,” Vijayakumar added.
Currency and foreign portfolio investor flows offered some comfort. The rupee has strengthened from a low of 96.96 against the dollar on May 20 to 84.32 currently. “…The strengthening of the rupee…is a positive and this trend is likely to continue, given the sharp correction in crude price and the expected big capital flows, particularly from FCNR B deposits,” Vijayakumar noted.
India VIX rose 2.35 per cent to 12.97 but remained below the 14 mark, indicating that markets are not pricing in sharp near-term volatility.
Shrikant Chouhan, Head of Equity Research at Kotak Securities, said “…the short-term market outlook remains positive, and a strategy of buying on dips and selling on rallies would be ideal for traders.” He identified 23,900 and 23,800 as key Nifty support levels, and 24,200–24,300 and 77,500–77,800 as resistance levels for the Sensex and Nifty respectively.
Technically, the weekly chart has formed a Long Legged Doji candlestick pattern, signalling indecisiveness between bulls and bears. The Put-Call Ratio fell to 0.91 from 1.12 in the previous session but remained above the critical 0.70 threshold, suggesting traders have not turned decisively bearish.