Sensex, Nifty 50 Ends In Green Amid Reports Of Iran Violating Ceasefire

The Indian stock market saw a sudden drop on June 24 after early gains. The Sensex fell by more than 1,100 points from its highest level of the day, while the Nifty 50 briefly dipped to the 25,000 mark after news reports said that Israel accused Iran of breaking a ceasefire and launched military strikes on Tehran. However, the benchmark indices managed to close in green.

Despite the sharp swings, the Sensex closed 158 points higher at 82,055.11 but fell about 900 points from the day's high, while the Nifty ended up 72 points at 25,044.35 after briefly crossing 25,300 intraday for the first time in 2025, but later dropped more than 1% from that level.

Top Gainers And Losers:

Adani Ports, Joi Finance, Shriram Finance, Grasim, Tata Steel and SBI Life were top nifty gainers today ending with over 2%. While, ONGC, Powergrid, Indusind Bank, Trent and HCL Tech were the losers, fallig around 1%.

Nifty Bank, Auto, Private Bank, and Consumer Durables also posted gains of 0.7% each. Among the sectoral performers, the Nifty PSU Bank index led the gains with a 1.5% rise, followed by Nifty Metal, which added 1%.

Bank Nifty closed 403 points higher at 56,462 but was still down about 400 points from its intraday high. Meanwhile, the Nifty Midcap index gained 416 points to end the day at 58,822. On the downside, Nifty Media was the only major laggard, slipping 1%.

"A reasonable negative candle was formed on the daily chart with long upper shadow. Technically, this market action indicates false upside breakout attempt of broader high low range of the last one month around 25200 levels. This could signal there is a possibility of some more consolidation in the short term before surging higher again.

The short-term trend of Nifty remains positive amidst range movement. Further sustainable move above 25200-25300 levels could open further upside towards 25600 for the near term. Immediate support is placed at 24900 levels," said Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities.

What Led today's Market Fluctuations?

Reports suggested that Israeli Defence Minister Israel Katz ordered strikes on Tehran after Iran launched missiles, breaking the ceasefire. He stated that this action was a response to Iran's "blatant violation" and that Israel would continue high-intensity operations.

Just a day earlier, US President Donald Trump had announced a ceasefire agreement between the two nations. Iran has since denied breaking the agreement.

Experts believe that while this tension may not last long, markets are likely to remain volatile. Geopolitical risk is becoming a regular factor affecting global and Indian markets.

"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," said Vinod Nair, Head of Research at Geojit Investments.

Highlights Of The Day:

• As international crude oil prices softened, oil marketing companies gained, while upstream oil firms came under pressure.
• IndiGo rose 3%, benefiting from lower fuel costs, and paint stocks also showed positive momentum.
• Vodafone Idea jumped over 5% after favourable remarks from the Telecom Minister.
• Garden Reach Shipbuilders declined 9%, and HAL fell 3% due to profit booking in defense stocks.
• KPIT Tech dropped 6% following slower-than-expected deal conversions.
• SBI Card gained 3% on improved credit card market share in May.
• Astec Life surged 13% after its board approved a ₹250 crore rights issue.
• Ambuja Cements climbed 4% on plans to expand capacity in West Bengal, while JSPL and Page Industries both ended around 2% higher.

Rupee VS Dollar:

Indian rupee closed 1% higher against US dollar at 85.93 per dollar today, June 24 as compared to Monday's close of 86.75.

"The Indian Rupee staged a strong comeback, surging 78 paise against the US Dollar to close at 85.97, marking its highest close since June 12th. This significant appreciation was primarily driven by a sharp fall in crude oil prices following reports of an Israel-Iran ceasefire. A weaker Dollar Index and robust domestic equity markets also provided substantial support to the Indian Rupee," said Devarsh Vakil, Head of Prime Research, HDFC Securities.

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