Stock markets close lower amid escalation in Israel-Iran conflict, US tariff scare
Mumbai, Jun 17 (PTI): Benchmark Sensex dropped by 212 points on Tuesday due to profit-taking in metal, oil & gas and pharma shares as investors turned cautious due to increased tensions in the Middle East.
The 30-share BSE Sensex declined 212.85 points or 0.26 per cent to settle at 81,583.30. During the day, it dropped 369.14 points or 0.45 per cent to 81,427.01.
The 50-share NSE Nifty dropped 93.10 points or 0.37 per cent to 24,853.40.
Investors preferred to stay on the sidelines due to rising global crude oil prices and the upcoming US Fed interest rate decision later this week, according to experts.
Pharma shares also came under pressure after reports stated that US President Donald Trump has warned that tariffs on pharmaceuticals and semiconductor products would be announced shortly.
Sun Pharma emerged as the biggest loser among Sensex shares, dropping by 2.18 per cent. Eternal, Tata Motors, Bajaj Finance, IndusInd Bank and Bajaj Finserv were also among the laggards.
In contrast, Tech Mahindra, Infosys, Asian Paints and Maruti were among the gainers.
"The benchmark equity index experienced moderate losses amid rising risk of an escalation of conflicts in the Middle East. This uncertainty pushed Brent crude prices higher -- an unfavourable development for India, given its heavy reliance on oil imports, thereby dampening earnings growth," Vinod Nair, Head of Research, Geojit Investments Limited, said.
Israel appeared to be expanding its air campaign on Tehran as US President Donald Trump posted an ominous message warning residents of the capital to evacuate.
The BSE smallcap gauge dropped 0.67 per cent and midcap index declined 0.56 per cent.
Among BSE sectoral indices, metal went lower by 1.29 per cent, services (1.09 per cent), oil & gas (0.92 per cent), commodities (0.86 per cent), energy (0.73 per cent), consumer discretionary (0.64 per cent) and realty (0.64 per cent).
IT, teck and BSE Focused IT were the gainers.
Among Nifty sectoral indices, Nifty Pharma dropped the most by 1.89 per cent. Granules India, Lupin, Natco Pharma, Laurus Labs and Aurobindo Pharma were major losers.
Market breadth was negative on BSE as 2,483 stocks declined while 1,496 advanced and 139 remained unchanged.
In Asian markets, South Korea's Kospi and Japan's Nikkei 225 index settled in positive territory, while Shanghai's SSE Composite index and Hong Kong's Hang Seng ended lower.
European markets were trading lower in mid-session deals.
US markets ended higher on Monday.
Global oil benchmark Brent crude jumped 1.69 per cent to USD 74.47 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,539.42 crore on Monday, according to exchange data, while Domestic Institutional Investors (DIIs) bought equities worth Rs 5,780.96 crore.
On Monday, the 30-share BSE Sensex jumped 677.55 points or 0.84 per cent to settle at 81,796.15. The Nifty climbed 227.90 points or 0.92 per cent to 24,946.50.
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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.
