Sensex, Nifty Slip in Red After Starting the Day in Green

Mumbai, June 18 – Indian benchmark indices staged a temporary recovery on Wednesday morning but slipped in red at around 11:00 A.M, with the Sensex down by 23.07 points to 81,560.23 and the Nifty 50 also down by 8.75 points to 24,844.65, driven by muted performance in auto and banking stocks despite heightened geopolitical tensions in West Asia and elevated oil prices.

Key Market Highlights (as of 11:00 AM, June 18th)

• Sensex down 23.07 points at 81,560.23
• Nifty 50 down 8.75 points to 24,844.65
• Nifty Auto surged 0.73%, leading sectoral gains
• Nifty Midcap 100 and Smallcap 100 down by 0.41% at 58,142.65 and 0.17% at 18,388.35, respectively
• Market breadth favoured advances with 1,920 stocks up against 976 declines

Auto and Banks Provide Some Relief

Gains in IndusInd Bank, Maruti Suzuki, M&M, Titan Company, and Shriram Finance stabilised the Nifty, as investor sentiment remained muted due to global concerns. Sectoral indices largely stayed mixed, with Consumer Durables up 0.43%, and Nifty Bank and Oil & Gas inching up over 0.2% each. However, Pharma, Energy, and Infra showed mild declines.

Oil Prices Surge Amid Israel-Iran Conflict

Global crude oil prices surged over 4% due to escalating tensions between Israel and Iran. Brent crude settled at $76.45/barrel, up $3.22, and WTI closed at $74.84/barrel, up $3.07. This spike, fueled by reports of potential U.S. military action, reflects increased geopolitical risk, even with no immediate supply disruptions.

Technical View: Nifty Stalls Near Resistance

Technically, the Nifty held above its 20-day SMA at 24,830, but failed to reclaim the psychological 25,000 mark, which continues to pose a stiff resistance. The RSI slipped to 53, indicating waning momentum, with immediate support seen at 24,700 and 24,650.

Stock in Focus: BSE Ltd And Hindustan Zinc

• BSE Ltd fell 6% intraday before recovering, after Jefferies flagged potential volume decline (5–10%) due to the shift in F&O expiry schedules.
• Hindustan Zinc dropped 6% after Vedanta offloaded a 1.71% stake worth Rs 3,323 crore via block deals, priced 5% below its last close.

Eyes on the Fed

Sensex and Nifty saw a choppy session on June 18, recovering briefly before slipping again amid global uncertainties. Auto and banking stocks, such as Maruti and IndusInd Bank, offered some support, while sectors like pharma and infrastructure lagged. Rising oil prices due to the Israel-Iran conflict kept markets cautious. Investors are now closely watching the US Fed’s upcoming interest rate decision.

Disclaimer:  At HDFC SKY, we take utmost care and due diligence in curating and presenting news and market-related content. However, inadvertent errors or omissions may occasionally occur.

If you have any concerns, questions, or wish to point out any discrepancies in our content, please feel free to write to us at content@hdfcsec.com.

Please note that the information shared is intended solely for informational purposes and does not make any investment recommendations