Markets trim gains on renewed geopolitical tensions in Middle East; Sensex rises 150 pts
Mumbai, Jun 24 (PTI): Equity benchmarks Sensex and Nifty on Tuesday gave up most of their sharp intra-day gains due to the emergence of profit-taking as investors turned cautious amid reports of a ceasefire violation between Iran and Israel.
In the morning trade, markets bounced back sharply, mirroring a rally in global peers and a steep decline in crude oil prices amid hopes of a potential de-escalation in the Middle East conflict.
After surging 1,121.37 points or 1.36 per cent to 83,018.16 in intra-day trade, the 30-share Sensex later trimmed most of its gains as reports surfaced of the ceasefire plan faltering. But, the benchmark still managed to settle in the green, climbing 158.32 points or 0.19 per cent to 82,055.11.
As many as 2,662 stocks advanced and 1,339 declined while 143 remained unchanged on the BSE.
On similar lines, the 50-share Nifty rose 72.45 points or 0.29 per cent to end at 25,044.35. The index fell from an intra-day high of 25,317.70.
"Initial gains in the domestic market, driven by the ceasefire announcement and sharp drop in crude prices, were short-lived as renewed geopolitical tensions in the Middle East unsettled investor sentiment.
"Adding to the uncertainty was heightened volatility due to expiry day dynamics. Although the market attempted to break out of its recent consolidation range, persistent global risks continue to impede momentum," Vinod Nair, Head of Research, Geojit Investments Limited, said.
From the Sensex constituents, Adani Ports, Tata Steel, Kotak Mahindra Bank, UltraTech Cement, Bajaj Finserv and Titan were among the biggest gainers.
In contrast, Power Grid, Trent, NTPC, Maruti, HCL Tech and Bharat Electronics were among the laggards.
Shares of crude oil sensitive sectors -- oil marketing companies, aviation, paints and adhesives -- jumped on Tuesday after a sharp correction in Brent crude oil prices.
The stock of Hindustan Petroleum Corporation Ltd jumped 3.24 per cent, Indian Oil Corporation rallied 2.04 per cent and Bharat Petroleum Corporation Ltd went up by 1.92 per cent on the BSE.
Shares of InterGlobe Aviation edged higher by 2.55 per cent and SpiceJet rallied 2.15 per cent.
Kansai Nerolac Paints advanced by 1.82 per cent, Shalimar Paints rallied by 1.80 per cent, Asian Paints went up by 0.48 per cent and Indigo Paints (0.38 per cent).
"It turned out to be an eventful day for market participants, as the benchmark index witnessed sharp swings in both directions before finally closing with marginal gains. Initially, sentiment was buoyed by reports of a potential ceasefire between Iran and Israel, along with a sharp decline in crude oil prices.
"However, concerns resurfaced in the latter half following reports of a possible ceasefire violation by Iran, which led to a pullback and erased most of the early gains. Eventually, the Nifty ended with marginal gains," Ajit Mishra - SVP, Research, Religare Broking Ltd, said.
The BSE smallcap gauge climbed 0.71 per cent and the midcap index rose 0.54 per cent.
Among BSE sectoral indices, services jumped 2.13 per cent, telecommunication (1.13 per cent), commodities (1.12 per cent), metal (0.96 per cent), financial services (0.81 per cent), bankex (0.72 per cent) and auto (0.62 per cent).
On the other hand, IT, oil & gas, teck and BSE Focused IT were the laggards.
"Indian equity benchmarks pared early gains on Tuesday after fresh geopolitical tensions emerged. Investors are now watching oil prices and geopolitical cues closely. A sustained spike in crude could cap any near-term upside in equities despite otherwise supportive domestic fundamentals," Gaurav Garg, Analyst, Lemonn Markets Desk, said.
All of the 10 listed Adani group stocks ended higher on Tuesday, with Ambuja Cements surging 4 per cent, on a day when the group conducted its annual general meeting.
The Adani Group also plans to invest a record USD 15-20 billion across businesses over the next five years to chart out the next phase of growth, Chairman Gautam Adani said on Tuesday as he touted the conglomerate's strong balance sheet and robust business to shrug off relentless scrutiny it faces.
Meanwhile, Adani Group has raised USD 1 billion from global investors led by New York-based Apollo Global Management to refinance existing debt for its Mumbai airport.
Mumbai International Airport Ltd (MIAL), a unit which operates India's second largest airport, will use the proceeds to refinance debt raised in 2022, it said in a statement.
In another development, London-based Vedanta Resources Limited (VRL), the parent firm of Mumbai-listed mining conglomerate Vedanta Ltd, has secured a term loan facility of up to USD 600 million that will be used to refinance a high-cost private credit facility, according to a communication sent to bondholders.
Shares of Vodafone Idea on Tuesday jumped 4.89 per cent to close at 6.87 apiece after reports of the government mulling multiple options to provide relief to the telco on its Rs 84,000 crore outstanding AGR dues.
Union Telecom Minister Jyotiraditya Scindia on Tuesday said duopoly is not good and there must be competition in every sector.
S&P Global Ratings on Tuesday upped India's GDP growth forecast for the current fiscal to 6.5 per cent, citing lower crude prices, monetary easing and normal monsoon, and said the ongoing geopolitical tensions are unlikely to put a "significant pressure" on the rupee or inflation.
In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled significantly higher.
European markets were trading with gains in mid-session trade.
US markets ended in positive territory on Monday.
Global oil benchmark Brent crude dropped 3.20 per cent to USD 69.13 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 1,874.38 crore on Monday, while Domestic Institutional Investors (DII) bought stocks worth Rs 5,591.77 crore, according to exchange data.
On Monday, the 30-share BSE Sensex ended with a loss of 511.38 points or 0.62 per cent at 81,896.79. The Nifty dropped 140.50 points or 0.56 per cent to 24,971.90.
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Oppn, X users flag concerns over US envoy Sergio Gor’s visit to Army’s western command
New Delhi: A visit by the US Ambassador to India, Sergio Gor, to Chandigarh on Monday has triggered sharp criticism from opposition leaders and social media users, raising questions about national security and foreign policy.
On X, Ambassador Gor announced his visit, writing, “Just landed in Chandigarh. Looking forward to visiting the Western Command of the Indian Army.”
Just landed in Chandigarh. Looking forward to visiting the Western Command of the Indian Army
— Ambassador Sergio Gor (@USAmbIndia) February 16, 2026
Soon after, opposition voices questioned the broader implications of the visit. Congress Kerala, in a post, commented, “Why so much panic? We’ve already seen Pakistan's ISI getting access to Pathankot Airbase with this government's blessings. Didn't they say then ‘Modi ne kiya ho to kuch soch samajh kar kiya hoga?’ Compared to that, this is very small.”
Why so much panic? We’ve already seen Pakistan's ISI getting access to Pathankot Airbase with this government's blessings.
— Congress Kerala (@INCKerala) February 16, 2026
Didn't they say then "Modi ne kiya ho to kuch soch samajh kar kiya hoga?"
Compared to that, this is very small. pic.twitter.com/gNNuAGQBPC
Shiv Sena (UBT) leader Priyanka Chaturvedi also weighed in, writing, “Since India’s national strategic interests are now tied to what US wants India to do, this visit seems to sync with that.”
She further added, “India’s history will remember the de-escalation announcement between India and Pak was announced on social media by the US President before Indians got to know from their own government. US Ambassador is doing the job for his nation, who is doing for us? The answer is blowing in the wind.”
Since India’s national strategic interests are now tied to what US wants India to do, this visit seems to sync with that. India’s history will remember the de-escalation announcement between India and Pak was announced on social media by the US President before Indians got to… pic.twitter.com/rYMq5NhJHA
— Priyanka Chaturvedi🇮🇳 (@priyankac19) February 16, 2026
The visit comes against the backdrop of the growing US-India defence partnership.
Writer and political analyst @rajuparulekar commented on ‘X’, “East India Company is back!”
“Is it allowed for an ambassador to visit any army unit in india?” asked another user.
Several X users expressed concerns over the appropriateness of the visit.
One asked, “Is it allowed for an ambassador to visit any army unit in India?” Another wrote, “Why an ambassador visiting our army places? To talk to Chandigarh lobby for F-35?”
Why an ambassador visiting our army places ? To talk to chandigarh lobby for f-35 ??
— Rohan Sagar (@RohanSagar03) February 16, 2026
“We have completely sold Indian sovereignty. Rothschild the evil Bankers will now control NSE. Modi sold Bharat Mata to Trump . And now American imperialist is visiting our army command . Scary,” wrote another user.
“The Indian Army isn’t part of geopolitics, so why is he interested in visiting there?,” opined another.
The Indian Army isn’t part of geopolitics, so why is he interested in visiting there?
— Aditya Pratap Singh (@Adi_IIMCIAN) February 16, 2026
On Sunday, Gor welcomed Admiral Samuel Paparo, Commander of the United States Indo-Pacific Command (INDOPACOM), highlighting efforts to expand the growing US-India defence partnership.
In a post on X, Gor wrote, “Delighted to have @INDOPACOM Commander Admiral Samuel Paparo in India to expand the U.S.-India defense partnership. Now is the time to strengthen vital cooperation between our two nations.”
On Monday, Admiral Samuel J. Paparo Jr visited the headquarters of India’s Western Army Command along with the American envoy Sergio Gor. The delegation was briefed on the formation’s capabilities, its past operations, and future plans.
The American delegation also visited Bengaluru, where they met three start-ups, two in the space sector and one in defence, and participated in an Indo-US conference.
