The headline equity benchmarks ended with modest losses on Monday, snapping a two-day winning streak, as investor sentiment remained cautious following the escalation of tensions between Iran and the US over the weekend. The sell-off was further exacerbated by a moderate rise in crude oil prices, raising concerns over inflationary pressures and their potential impact on the global economy. Going forward, investors will closely track movements in crude oil and gold prices, along with the progress of the monsoon, for further cues on market direction.

The Nifty settled below the 23,950 mark. Auto, media, and IT stocks declined, while pharma, healthcare, and metal shares advanced.

As per provisional closing data, the barometer index, the S&P BSE Sensex declined 372.10 points or 0.48% to 76,728.37. The Nifty 50 index fell 109.75 points or 0.46% to 23,946.25. In the past two consecutive trading sessions, the Sensex and Nifty rose 1.18% and 0.97%, respectively.

In the broader market, the BSE 150 MidCap Index slipped 0.22% and the BSE 250 SmallCap Index fell 0.57%.

The market breadth was weak. On the BSE, 1,721 shares rose and 2,617 shares fell. A total of 235 shares were unchanged.

In the commodities market, Brent crude for Aug 2026 settlement rose 99 cents, or 1.36% to $73.59 a barrel.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 94.5300 compared with its close of 94.4500 during the previous trading session.

Economy:

India's forex reserves increased by $963 million to $672.587 billion during the week ended June 19, the RBI said on Friday. Foreign currency assets decreased by $3.072 billion to $541.217 billion, according to the RBI.

However, the value of gold reserves increased by $4.110 billion to $107.930 billion during the week. The Special Drawing Rights (SDRs) were down $52 million to $18.647 billion, the apex bank said.

India's reserve position with the IMF slipped $22 million to $4.793 billion in the reporting week, according to the apex bank's data.

New Listing :

Shares of Turtlemint Fintech Solutions were at Rs 137.50 on the BSE, representing a disount of 9.54% as compared with the issue price of Rs 152.

The stock debuted at Rs 136.20, marking a disount of 10.39% to the issue price.

The stock has hit a high of Rs 144.90 and a low of Rs 132.15. On the BSE, over 10.10 lakh shares of the company were traded in the counter.

Initial Public Offer (IPO):

Aastha Spintex received bids for 95,58,120 shares as against 1,36,00,000 shares on offer, according to stock exchange data at 15:30 IST on 29 June 2026. The issue was subscribed 0.70 times.

The issue opened for bidding on 29 June 2026 and it will close on 01 July 2026. The price band of the IPO is fixed between Rs 125 and 136 per share. An investor can bid for a minimum of 110 equity shares and multiples thereof.

CSM Technologies received bids for 1,43,10,648 shares as against 1,11,30,880 shares on offer, according to stock exchange data at 15:30 IST on 29 June 2026. The issue was subscribed 1.29 times.

The issue opened for bidding on 24 June 2026 and it will close on 29 June 2026. The price band of the IPO is fixed between Rs 107 and 113 per share. An investor can bid for a minimum of 132 equity shares and multiples thereof.

Buzzing Index:

The Nifty Auto index dropped 2.08% to 26,417.60. The index jumped 2.25% in the past trading session.

Uno Minda (down 4.19%), TVS Motor Company (down 3.34%), Mahindra & Mahindra (down 2.73%), Maruti Suzuki India (down 2.45%), Eicher Motors (down 2.37%), Tata Motors Passenger Vehicles (down 2.31%), Bajaj Auto (down 2.14%), Ashok Leyland (down 1.98%), Hero MotoCorp (down 1.65%) and Tube Investments of India (down 1.15%) declined.

On the other hand, Bharat Forge (up 2.4%), Sona BLW Precision Forgings (up 1.53%) and Samvardhana Motherson International (up 0.27%) edged higher.

Stocks in Spotlight:

Kotak Mahindra Bank declined 3.33% after the bank announced that its managing director and chief executive officer (CEO), Ashok Vaswani will not seek re-appointment upon the completion of his current term on 31st December 2026.

Bajaj Healthcare soared 14.83% after the company said that Subject Expert Committee (SEC) of Central Drugs Standard Control Organisation (CDSCO) has recommended for grant of approval for manufacturing and marketing of Cenobamate Tablets.

Cenobamate is a next-generation antiseizure medication indicated for the treatment of partial-onset seizures in adults. Clinical studies have demonstrated significant seizure reduction and high seizure freedom rates in patients with inadequately controlled epilepsy, positioning the drug as an important advancement in epilepsy treatment.

Omaxe surged 8.98% after announcing its entry into the hospitality segment with plans to develop 19 hotels across five states over the next 4'5 years. The company said it will invest approximately Rs 6,200 crore in phases to build around 5 million sq ft of hospitality assets across 13 cities, including key locations in Uttar Pradesh, Delhi, Haryana, Madhya Pradesh, and Punjab.

DCX Systems added 1.57% after the company announced that it has secured purchase orders worth Rs 435.85 crore in the normal course of business. The company received orders worth Rs 431.83 crore, comprising an export order of Rs 409.40 crore for the supply of electronic kits and domestic and export orders worth Rs 22.43 crore for the manufacture and supply of cable and wire harness assemblies. Separately, its wholly owned subsidiary, Raneal Advanced Systems, received domestic and export orders worth Rs 4.02 crore for the manufacture and supply of printed circuit board assemblies.

Persistent Systems tumbled 11.48%. The company's proposed acquisition of German digital engineering firm Nagarro SE. Persistent has signed an agreement to combine with Munich-headquartered Nagarro and has acquired an approximately 21% stake in the company

Persistent said the all-cash offer values Nagarro at EUR 81 per share, representing a premium of about 140% to Nagarro's undisturbed closing price on 25 June 2026 and about 94% to its three-month volume-weighted average price.

On an illustrative pro-forma trailing 12-month basis, the combined business would generate revenue of $2.795 billion, EBITDA of $463 million, EBIT of $337 million and profit after tax of $215 million.

Om Power Transmission shed 0.38%. The company has secured a Letter of Award from SAEL Industries for the supply, erection, stringing, testing, and commissioning of a single-circuit 220 kV transmission line, valued at Rs 18.50 crore.

Strides Pharma Science rose 1.71% after the company announced a strategic investment by a consortium led by Ascent Capital, along with co-investor Vintage Classic, in its wholly owned subsidiary, Pivot Path.

Astral tumbled 8.83% after the company's board approved the demerger of its chemicals business into a separate entity, Astral Chemie and the amalgamation of wholly owned subsidiary Al-Aziz Plastics.

Transrail Lighting rose 1.38% after the company announced that it has secured new international orders worth approximately Rs 459 crore primarily in the Transmission & Distribution (T&D) business.

Vikran Engineering jumped 6.22% after the company accepted a turnkey EPC work order worth Rs 3,517.98 crore from NOPL Solar Projects for the development of a 969 MW AC solar power project across multiple locations in Maharashtra. The scope of work includes design, engineering, procurement, supply of solar PV modules and inverters, erection, testing and commissioning of the project.

Oberoi Realty rose 0.15%. The company announced an ultra-luxury project, Three Sixty North, spread across 14.8 acres and located on Golf Course extension road, Sector 58, Gurugram.

Waaree Energies fell 3.98% after a determination by the U.S. Customs and Border Protection (CBP) sparked concerns over the company's exports to the United States.

Global Markets:

The US Dow Jones index futures were currently up by 196 points, signaling a positive opening for US stocks today.

European markets declined, while Asian markets ended mixed on Monday as investors remained cautious despite reports that the US and Iran had agreed to halt recent hostilities and resume diplomatic talks. Sentiment stayed subdued amid lingering uncertainty over the durability of the truce and the outcome of upcoming negotiations, with developments in the Middle East and their potential impact on global oil supplies remaining in focus.

The U.S. attacked Iranian military targets over the weekend in retaliation to Tehran carrying out strikes along the Strait of Hormuz. President Donald Trump then threatened to annihilate Iran, saying in a Truth Social post: 'United States aircraft just struck Iranian missile and drone storage locations, and coastal radar sites, for violating the Cease Fire Agreement, AGAIN!'

Last week, the Nasdaq Composite posted its fifth consecutive losing session Friday as investors rotated out of key technology stocks and into more defensive areas of the market.

The tech-heavy index dropped 0.24% to close at 25,297.62, while the S&P 500 ticked down 0.05% to 7,354.02. The Dow Jones Industrial Average shed 44.51 points, or 0.09%, to end at 51,876.11.

The S&P 500 slid nearly 2% on the week, while the Nasdaq fell 4.6% in the period. The Dow outperformed, rising 0.6% week to date.

Chip stocks were weaker after a media report stated that OpenAI is considering delaying its IPO to next year because of SpaceX's poor performance following its debut and overall volatility in AI-related shares.

The report raised concerns about the sustainability of their infrastructure spending given the delay in funding from the capital markets,' a global research house reportedly said.

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