The Prime Daily: 12 June 2026

By Prime Research | Published at: Jun 12, 2026 09:19 AM IST

Open Free Demat Account

Hopes of IRAN-US Breakthrough Bouy Global Markets

Indian markets posed to open on a constructive note, buoyed by progress on U.S. – Iran agreement

U.S. equities rallied sharply on Thursday, led by a strong rebound in semiconductor stocks, after President Donald Trump announced the suspension of planned strikes on Iran and signalled that a deal with Tehran is nearing completion.

Trump yesterday stated that the U.S. is close to finalizing an agreement ensuring Iran will not develop nuclear weapons, adding that the deal is in its final stages and expected to be signed soon.

The S&P 500 advanced 1.75% to close at 7,394.30, while the Nasdaq Composite surged 2.54% to 25,809.66. The Dow Jones Industrial Average gained 929.97 points, or 1.86%, to settle at 50,848.75.

A rebound in Micron Technology, Advanced Micro Devices and Intel provided momentum to the market. The iShares Semiconductor ETF (SOXX) gained more than 8%.

On the macro front, the U.S. Producer Price Index rose 1.1% in May, exceeding expectations of 0.7%. However, core PPI, which excludes food and energy, came in at 0.4%, slightly below estimates of 0.5%.

Crude oil prices declined sharply, with WTI falling toward $86 per barrel, its lowest level since April, following easing geopolitical tensions.

Treasuries rallied on Thursday, sending yields lower across the board, as oil dropped. Gold extended its climb to over $4,210 an ounce. The dollar was a touch stronger against all its Group-of-10 peers.

Asian markets opened firmly higher, tracking the strong rally on Wall Street amid optimism surrounding the potential U.S.–Iran agreement.

Back home, Indian benchmark indices witnessed another volatile session. The Nifty ended 53 points lower at 23,161. After opening with a gap-down of 110 points on weak global cues, the index staged a sharp intraday recovery of over 250 points. However, selling pressure in the latter half erased gains, dragging the index down more than 230 points from the intraday high of 23,327.

Broader markets continued to underperform for the second consecutive session, with the Nifty Midcap 100 and Nifty Smallcap 100 declining by 0.81% and 0.67%, respectively.

After two sessions of gains, the Indian Rupee depreciated by 50 paise yesterday, pressured by rising Middle East tensions, fresh dollar demand due to forward maturities, and a rebound in the dollar index driven by safe-haven flows.

Technically, Nifty found support near the previous swing low of 23,070 and attempted a recovery. This price action indicates the potential formation of a double bottom pattern on the daily chart, highlighting the significance of the 23,070 support level. For further upside, a decisive breakout above 23,425 is crucial. A sustained move above this level could trigger a pullback rally toward the next resistance at 23,700.

Indian markets are set to open higher on conducive global cues.

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: The information shared is intended solely for informational purposes and does not make any investment recommendations

Markets