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The headline equity indices erased all their early gains and traded with substantial losses in afternoon trade. The Nifty slipped below the 23,950 mark. Metal stocks witnessed profit booking after advancing for two consecutive trading sessions. At 12:30 ST, the barometer index, the S&P BSE Sensex, dropped 478.47 points or 0.62% to 76,615.60. The Nifty 50 index fell 155.35 points or 0.64% to 23,947.55. The broader market outperformed the frontline indices. The BSE 150 MidCap Index slipped 0.45% and the BSE 250 SmallCap Index declined 0.40%. The market breadth was weak. On the BSE, 1,464 shares rose and 2,570 shares fell. A total of 204 shares were unchanged. Derivatives: The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rallied 3.91% to 13.35. The Nifty 30 June 2026 futures were trading at 23,996 at a premium of 48.45 points as compared with the spot at 23,947.55. The Nifty option chain for the 30 June 2026 expiry showed a maximum call OI of 123.9 lakh contracts at the 25,000 strike price. Maximum put OI of 94.1 lakh contracts was seen at a 24,000 strike price. Economy: Growth in India's eight core industrial sectors slowed to 0.5% in May 2026, marking the second-lowest level in 21 months, according to official data released by the Ministry of Commerce and Industry on June 22, 2026. Data from the Index of Eight Core Industries showed that five of the eight sectors recorded contractions during the month. The crude oil sector contracted by 4.6% in May, worsening from a 3.9% decline in April and a 1.8% decline in May 2025. The natural gas sector also remained under pressure, shrinking by 4.9%, its weakest performance in the last three months. The fertiliser sector contracted for the third consecutive month, declining by 0.9% in May. However, this was an improvement compared with contractions of 8.6% in April and 24.6% in March. Among the eight core sectors, only steel, cement and electricity registered growth in May 2026. The electricity sector recorded the strongest growth, with expansion accelerating to 8.7%, helped by a low base as the sector had contracted by 4.7% in May last year. The steel sector continued to grow but at a slower pace, with growth easing to 5%, the lowest level in 13 months. Meanwhile, the cement sector saw growth improve slightly to 8.4% in May from 8.2% in April. Overall, the latest data indicate a broad slowdown in core sector activity, with growth supported mainly by electricity, cement and steel output. According to data released by S&P Global and HSBC on Tuesday, the preliminary HSBC India Manufacturing Purchasing Managers' Index (PMI) eased to 54.5 in June from 55.0 in May, signaling a softer pace of expansion in factory activity. The services sector witnessed a sharper slowdown, with the Services PMI falling to 57.3 in June from 59.8 in the previous month. Consequently, the Composite PMI, which combines manufacturing and services activity, declined to 57.4 from 59.3 in May. Buzzing Index: The Nifty Metal index dropped 2.70% to 12,737.85. The index rose 0.62% in the past two consecutive trading sessions. Vedanta (down 7.95%), National Aluminium Company (down 5.32%), Hindustan Zinc (down 4.17%), Jindal Steel (down 3.27%), Hindalco Industries (down 2.84%), Adani Enterprises (down 2.67%), NMDC (down 2.54%), Tata Steel (down 2.43%), Steel Authority of India (down 2.42%) and Jindal Stainless (down 1.71%) declined. Stocks in Spotlight: Dhabriya Polywood slipped 2.08%. The company announced that its wholly owned subsidiary, Dynasty Modular Furnitures Pvt. Ltd., has received a work order worth Rs 13.05 crore from M3M Group for the execution of modular kitchen works. Interarch Building Solutions added 2.40% after the company has secured a contract worth Rs 165 crore from a domestic customer to manufacturing steel building system. Powered by Capital Market - Live News
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