Stock Market Mid-Day Report, June 24, 2026: Sensex Up Over 700 points, Nifty Eyes 24K as Geopolitical Easing, Trade Deal Hopes Fuel Rally

Mumbai, June 24: Indian benchmark indices built strong upward momentum through the midday session on Wednesday, with the BSE Sensex climbing 705.55 points or 0.93% to 76,906.23 and the NSE Nifty 50 adding 172.25 points or 0.72% to 23,996.35 as of 12:09 pm, both indices steering firmly toward the psychological 77,000 and 24,000 thresholds respectively. The recovery, which gained steam after a hesitant open, was powered by a confluence of easing geopolitical tensions, growing optimism around a potential US-India bilateral trade agreement, and a broad-based return of risk appetite across financial stocks and technology counters. 

The catalyst on the geopolitical front was significant: in a historic vote on Tuesday, the United States Senate passed a war powers resolution directing President Donald Trump to halt US military action against Iran, with the measure clearing both chambers of Congress for the first time under the War Powers Act since its enactment in 1973. Closer to home, reports indicated that a US-India trade deal may be signed before July 24, offering markets an additional boost as investors priced in the prospect of stronger bilateral economic ties and smoother market access for Indian exports. 

Top Gainers and Losers 

Among the Nifty 50 constituents, Trent led the gainers’ chart, with its last traded price (LTP) surging to Rs 3,241.70 from a previous close of Rs 3,142.90, a sharp jump of 3.14%, while ICICI Bank rose to Rs 1,375.50 against Rs 1,338.30, gaining 2.78% and both stocks reflecting strong institutional interest in consumer discretionary and private banking counters. IndiGo was up 2.76% to Rs 5,098.10 from Rs 4,961.40 as aviation demand optimism held firm, while Dr. Reddy’s Laboratories advanced 2.52% to Rs 1,334.10 from Rs 1,301.30 on continued pharma sector resilience, and Adani Enterprises rose 2.33% to Rs 3,032.00 from Rs 2,962.90. 

On the losing side, Bajaj Auto was the steepest decliner, with its LTP slipping to Rs 9,760 from a previous close of Rs 10,025, a fall of 2.64% amid ex-dividend adjustments, while NTPC fell 1.82% to Rs 357.95 from Rs 364.60; SBI Life dropped 1.67% to Rs 1,756.30 from Rs 1,786.20; Maruti Suzuki shed 1.56% to Rs 13,241 from Rs 13,451; and HDFC Life declined 1.43% to Rs 588.90 from Rs 597.45. 

Broader and Sectoral Markets 

In the broader markets, the Nifty 100 advanced 0.64% to 25,066.90, the Nifty 200 gained 0.53% to 13,885.40, and the Nifty 500 was up 0.43% to 23,110.80, reflecting widespread buying beyond blue-chip counters and suggesting healthy market breadth underpinning the headline index gains. On the downside, the Nifty Smallcap 100 edged lower by 0.09% to 18,788.65, the Nifty Smallcap 250 dipped 0.17% to 17,717.85, and the Nifty Microcap 250 slipped 0.34% to 25,050.35, indicating some caution persisting at the lower end of the market-cap spectrum. 

Among sectoral indices, Nifty Private Bank surged 1.70% to 28,235.80, Nifty Bank jumped 1.52% to 58,052.10, and Nifty IT climbed 1.30% to 27,362.25, with the latter staging a notable recovery on the back of a global tech rebound and currency tailwinds. On the other side, Nifty India Defence fell 0.91% to 9,564.90, Nifty CPSE declined 0.69% to 6,773.50, and Nifty Auto shed 0.37% to 26,399.35, the auto sector weighed down partly by the ex-dividend drag on Bajaj Auto. 

Middle East Conflict 

The geopolitical backdrop turned markedly more benign as the US Senate voted 50-48 in favour of a war powers resolution directing President Trump to halt military operations against Iran, a vote that both chambers of Congress passed — a first in over five decades under the War Powers Act — amplifying market expectations that the Iran conflict could be moving toward a diplomatic resolution. Washington also granted Tehran a 60-day sanctions waiver following initial peace talks. 

Asian Markets 

Asian equity markets presented a mixed picture on Wednesday morning, with Australia’s S&P ASX All Ordinaries Index gaining 0.32% to 9,017.00 and Hong Kong’s Hang Seng edging up 0.10% to 23,358.85, offering some positive regional cues. However, headwinds were evident elsewhere, with Japan’s Nikkei 225 losing 0.55% to 69,407.92 and South Korea’s KSE 100 falling 0.44% to 177,692.92, as investors weighed divergent growth signals across the region. 

US Markets 

Wall Street closed on a weak note on Tuesday, with the Nasdaq Composite sliding 2.21% to 25,587.04, its steepest single-session fall in recent weeks, as technology stocks bore the brunt of selling pressure following concerns over stretched valuations and the impact of AI-related chip export restrictions. The S&P 500 dropped 1.44% to 7,365.46 and the Dow Jones Industrial Average edged marginally lower by 0.09% to 51,666.84, with the broad selloff underscoring caution ahead of upcoming economic data releases in the United States. 

Oil Prices 

Crude oil prices extended their decline on Wednesday, with Brent crude futures slipping 0.5% to $76.71 a barrel and US West Texas Intermediate losing 0.5% to $72.85 a barrel, both benchmarks hovering near four-month lows as the prospect of improved crude flows through the Strait of Hormuz weighed on prices. The 60-day sanctions waiver extended to Iran by Washington following preliminary peace discussions was a key catalyst, as it allows Tehran to resume oil exports, adding potential supply to an already cautious market.  

Morning Trade 

Indian benchmark indices bounced back firmly at the open on Wednesday, shaking off Tuesday’s steep profit-booking selloff as a combination of upbeat geopolitical signals and improving bilateral trade prospects with the United States lifted sentiment on Dalal Street. The BSE Sensex was trading at 76,486.75, up 286.07 points or 0.38%, while the NSE Nifty 50 stood at 23,879.20, higher by 55.10 points or 0.23%, as of 9:41 to 9:42 am, a constructive start that reflected buyers stepping in confidently after Tuesday’s sharp decline. By midday, bulls had extended their grip decisively, with the Sensex gaining over 700 points and the Nifty knocking on the 24,000 door, signalling that the market’s underlying momentum remains intact despite Tuesday’s 893-point crash in the Sensex and 278-point fall in the Nifty. 

Sources

•  nseindia.com, bseindia.com