Benchmark indices surrendered early gains to end lower on Monday as profit booking weighed on sentiment. The Nifty slipped below the 23,950 mark after touching an intraday high of 24,120. Selling pressure in auto and IT stocks dragged the market lower. Persistent Systems tumbled after announcing a voluntary public takeover offer for Munich-based digital engineering company Nagarro SE. Pharma stocks bucked the broader weakness and ended higher.

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.

Kotak Mahindra Bank (down 2.93%), Mahindra & Mahindra (down 2.43%) and Reliance Industries (down 1.20%) dragged the Nifty lower today.

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, 1,712 shares rose and 2,629 shares fell. A total of 232 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, rose 4.29% to 13.61.

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.

Numbers to Track:

The yield on India's 10-year benchmark federal paper was down 0.15% to 6.764 as compared with previous close 6.774.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 94.53 compared with its close of 94.45 during the previous trading session.

MCX Gold futures for 5 August 2026 settlement declined 0.99% to Rs 142,739.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.09% to 101.27.

The United States 10-year bond yield rose 0.30% to 4.382.

In the commodities market, Brent crude for Aug 2026 settlement rose 46 cent or 0.64% to $72.45 a barrel.

Global Markets:

US Dow Jones futures rose 202 points, pointing to a positive start for Wall Street later on Monday.

Most European indices traded lower as investors remained cautious despite easing US-Iran tensions, with concerns lingering over the durability of the ceasefire and the risk of renewed disruptions to Middle East oil supplies.

Asian indices ended mixed after fresh attacks in the Middle East revived fears of a renewed escalation in the US-Iran conflict and prolonged regional instability.

Over the weekend, the United States struck Iranian military targets in response to Tehran's attacks near the Strait of Hormuz. US President Donald Trump later warned of further action, saying on Truth Social that US aircraft had struck Iranian missile and drone storage facilities and coastal radar sites after Iran violated the ceasefire agreement.

On Friday, US markets ended mixed. The Nasdaq Composite fell 0.24% to 25,297.62, extending its losing streak to a fifth straight session, while the S&P 500 edged 0.05% lower to 7,354.02. The Dow Jones Industrial Average slipped 44.51 points, or 0.09%, to 51,876.11.

For the week, the S&P 500 declined nearly 2% and the Nasdaq lost 4.6%, while the Dow outperformed with a gain of 0.6%.

Chipmakers remained under pressure after a media report said OpenAI is considering delaying its initial public offering until next year, citing the weak post-listing performance of SpaceX and heightened volatility in AI-related stocks. The report also fuelled concerns over the sustainability of AI infrastructure spending if capital market funding is delayed.

New Listing:

Shares of Turtlemint Fintech Solutions were at Rs 135.40 on the BSE, a disount of 10.92% 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, 10.10 lakh shares of the company were traded in the counter.

Stocks in Spotlight:

Persistent Systems slumped 11.35% after the company announced its plan to acquire Germany-based Nagarro SE. Persistent Systems has announced a voluntary public takeover offer for Nagarro SE at '81 per share. The offer is all-cash. Persistent has already secured around 21% stake from Nagarro's largest shareholder, and the deal needs minimum acceptance of 50% plus one share. If completed, the combined company will become much larger. Persistent and Nagarro together are expected to create a company with around $2.9 billion annual revenue run-rate, more than 46,000 employees and presence across 40+ countries. The deal may be strategically useful, but investors remained cautious over the execution of the large cross-border transaction.

Hexaware Technologies surged 4.53% after the company became an Anthropic Authorized Reseller for Amazon Bedrock. The authorization allows Hexaware to sell, integrate and support Anthropic's Claude AI models for enterprise customers worldwide. It also strengthens the company's AI-first strategy by expanding its capabilities across the AI lifecycle, from model access and customization to implementation and managed services.

Kotak Mahindra Bank declined 2.93% 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.

Waaree Energies fell 4.10% after a U.S. Customs and Border Protection (CBP) determination raised concerns over its exports to the United States. The company clarified that the investigation found no exports of solar modules made with Chinese-origin solar cells, adding that the ruling is limited to certain historical import entries and does not affect its ongoing manufacturing, customer deliveries or commercial operations. Waaree also said it fully cooperated with the investigation, the CBP drew no adverse inference against it, and it is evaluating legal remedies against the 23 June 2026 determination related to alleged evasion of anti-dumping and countervailing duties.

Bajaj Healthcare soared 16.26% 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. The drug is indicated for the treatment of partial-onset seizures in adults.

Omaxe surged 8.40% 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 1.31% after the company announced that it has secured purchase orders worth Rs 435.85 crore in the normal course of business.

Strides Pharma Science rose 1.92% 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 7.86% 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 1.12% 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% 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.

Initial Public Offer (IPO):

Aastha Spintex received bids for 1,14,06,450 shares as against 1,36,00,000 shares on offer, according to stock exchange data at 16:21 IST on 29 June 2026. The issue was subscribed 0.84 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 1,48,67,688 shares as against 1,11,30,880 shares on offer, according to stock exchange data at 16:21 IST on 29 June 2026. The issue was subscribed 1.34 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.

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