Weekly Market Wrap: Nifty Holds 24,000, Sensex Gains 0.46% as VIX Plunges 50% on Iran-US Peace Talks

Mumbai, June 27: Indian equity benchmarks extended their winning streak to a third consecutive week — the longest in seven months — during a holiday-shortened four-day trading week, as easing crude oil prices and progress in Iran-US peace talks supported investor sentiment. The Sensex settled at 77,100.47, gaining 109.25 points (0.14%) on Thursday, while the Nifty 50 closed at 24,056.00, up 34.35 points (0.14%). Markets remained closed on Friday, 26 June, on account of Muharram.

The week was defined by a dramatic India VIX compression from 27.32 to 13.05 — a near-halving in four trading sessions — as progress in US-Iran Switzerland peace talks progressively reduced the geopolitical risk premium. The Nifty traded in a weekly range of 23,789.25 to 24,261.60, with the index briefly slipping below the psychological 24,000 support level during Tuesday’s expiry selloff before recovering.

Nifty Opens Week at 24,102.90 as Iran-US Talks Begin, VIX Spikes to 27.32

Monday, 22 June, marked the commencement of Iran-US peace talks in Switzerland, with markets rallying despite elevated volatility. The Nifty closed at 24,102.90, up 89.80 points (0.37%), while the Sensex surged 291.17 points (0.38%) to 77,094.07. The index climbed as much as 522.66 points intraday to hit a high of 77,325.56.

The India VIX spiked to 27.32 on Monday, reflecting heightened institutional hedging demand amid geopolitical uncertainty. However, the volatility gauge declined 1.29% to 12.80 during the session as peace talks progress, reassured markets.

Top Nifty gainers on Monday included Cipla (up ₹63.90 to ₹1,416), Tech Mahindra (up ₹25.60 to ₹1,435), and Dr. Reddy’s Laboratories (up ₹18.60 to ₹1,291). Reliance Industries rose 1.30% to ₹1,327 after its annual general meeting announcements, while Infosys gained 1.34% to ₹1,065.

Losers included Asian Paints (down ₹58.91 to ₹2,674), Titan Company (down ₹47.40 to ₹4,373), and Nestle India (down ₹12.90 to ₹1,402). Sectoral participation remained broad-based, with Nifty Media gaining 1.42%, Nifty Pharma advancing, and Nifty IT rising 0.74%. Nifty Metal rose 0.59%, and Nifty PSU Bank gained 0.51%.

Nifty Weekly Expiry Triggers 1.16% Selloff as Nifty Slips to 23,824.10

Tuesday, 23 June, witnessed the week’s sharpest single-day decline as Nifty 50 weekly options expiry triggered expiry-day selling pressure. The Nifty fell 1.16% to close at 23,824.10, touching an intraday low of 23,789.25. The Sensex crashed 893.39 points (1.16%) to 76,200.68.

The India VIX collapsed to 14.23, signaling a dramatic reduction in geopolitical fear as peace talks progressed. However, the broader market remained under pressure, with IT and metal stocks leading the decline. The Nifty IT sector fell 2.23%, while Nifty Metal plunged 3.22% — the worst-performing sector of the day. Vedanta led losses with a 7.9% fall after a massive block deal, followed by NALCO, Hindustan Zinc, and Jindal Steel, which declined 4-6%.

Also Read: Difference between NSE and BSE

The selloff was exacerbated by a massive ~11% plunge in South Korea’s KOSPI, which triggered global circuit breakers and sent shockwaves through Asian markets. IT stocks, including Infosys (down 3.37%) and TCS (down 3.16%), came under heavy selling pressure. Only Nifty Pharma managed to end in positive territory, rising 0.92%.

Bank Nifty Surges 1.68% as RBI Governor Rules Out Near-Term Rate Hikes

Wednesday, 24 June, markets staged a strong V-shaped recovery, with the Nifty jumping 0.83% to close at 24,021.65 and the Sensex gaining 1.04% to settle at 76,991.22. The index surged 989.69 points (1.29%) intraday to 77,190.37.

RBI Governor Sanjay Malhotra’s dovish comments ruling out near-term rate hikes reinforced expectations that borrowing costs could remain lower for longer, supporting corporate earnings and equity valuations. The Bank Nifty surged 1.68%, with ICICI Bank rising 2.7% to ₹1,374 and HDFC Bank gaining 2% to ₹790. The Nifty IT sector rallied 2.05%, emerging as the top sectoral gainer and leading the market’s recovery above the 24,000 level.

Further cooling in Brent crude prices — hitting multi-month lows near $76.50 per barrel — provided additional support. Market breadth on the BSE was positive, with 2,215 stocks advancing, 2,034 declining, and 181 unchanged.

Sensex Settles at 77,100.47 Above 77,000 Max Pain as Auto Surges 2.25%

Thursday, 25 June, the final trading session of the week saw the Nifty close at 24,056.00, up 0.14%, while the Sensex settled at 77,100.47, above the 77,000 max pain level. Both indices had risen over 1% during the session — the Nifty aggressively scaled an intraday high of 24,261.60, while the Sensex flirted with an 800-point rally — before profit-taking in the final hour ahead of the long weekend.

Nifty Auto emerged as the top gainer, rising 2.25% on softer crude prices. InterGlobe Aviation (IndiGo) jumped 4.82% following the fall in crude oil prices, while Mahindra & Mahindra gained 3.94% to ₹3,185.30. The stock has surged approximately 23.7% in June, from ₹4,405 at the end of May to an intra-day high of ₹5,449.

Nifty Metal fell 1.37%, the weakest sector of the day, tracking weaker global prices on rising US rate hike expectations. Broader markets weakened, with the Nifty Midcap falling 0.55% and the Smallcap falling 0.47%. Market breadth turned negative, with 2,069 declines versus 1,231 advances on the NSE.

India VIX Plunges from 27.32 to 13.05 as Geopolitical Fears Ease

The most dramatic development of the week was the India VIX collapse from 27.32 on Monday to 13.05 on Thursday — a near-halving in just four trading sessions. The VIX fell 2.5% to 13.1 on Thursday, pointing to easing near-term volatility expectations.

This VIX compression reflects the market’s rapid repricing of Iran-US geopolitical risk as the Switzerland peace talks progressed and is considered the single most bullish structural signal heading into the coming week. The VIX’s near-halving is historically associated with the Nifty transitioning from a high-volatility regime to a calmer, range-bound phase.

Learn: What is India VIX Index?

Nifty 500 Weekly Top Gainers: Kirloskar Oil Engines Surges 25.3%, Oracle Financial Gains 16.8%

Kirloskar Oil Engines emerged as the top weekly gainer in the Nifty 500, surging 25.3% to ₹2,484.30. The stock has gained 45.9% over the past month and 78.4% over three months. Oracle Financial Services rose 16.8% to ₹10,974.50, while Aegis Logistics gained 13.3% to ₹1,140.70. Mahindra & Mahindra (financial services) gained 11% to ₹328.60, and Cohance Lifesciences rose 10.7% to ₹458.10.

InterGlobe Aviation featured among the top gainers with an 8.7% weekly gain to ₹5,450. The stock has risen 21.1% over the past month and 26.9% over three months

141 Stocks Hit 52-Week Highs on Monday; Bharat Forge, Aditya Birla Capital Scale New Peaks

22 June witnessed a remarkable surge in stocks, touching fresh 52-week highs, with 141 securities scaling new one-year peaks on the NSE, while only 19 stocks slipped to fresh lows.

Bharat Forge rose as much as 1% to hit a new 52-week high of ₹2,062 after the company announced a ₹425 crore contract with the Ministry of Defense for the supply of gas turbine generators to the Indian Navy. Aditya Birla Capital rose 2.93% to hit a fresh high of ₹386.90, with the company’s net profit in FY26 rising 21% to ₹3,792 crore.

Polycab India scaled ₹10,126, while Kirloskar Oil Engines touched ₹2,389.80. HFCL touched a 52-week high of ₹220.10 on 22 June, recovering sharply from its 52-week low of ₹59.83 recorded in January 2026.

Primary Market: NSE Files ₹30,000 Crore IPO DRHP, Jio Platforms Files ₹35,000 Crore Draft Papers.

The primary market witnessed significant activity during the week, with two of India’s largest-ever IPOs moving closer to launch. NSE filed its Draft Red Herring Prospectus (DRHP) with SEBI for a ₹30,000 crore initial public offering — entirely an Offer for Sale (OFS) of 14.89 crore equity shares. Key selling shareholders include State Bank of India (selling 2.48 crore shares), MS Strategic (Mauritius) (1.60 crore shares), and General Insurance Corporation (1.07 crore shares). The IPO could become the biggest stock market debut in Indian history.

Jio Platforms filed its DRHP for an IPO comprising a fresh issue of up to 27 crore equity shares with a face value of ₹10 each. The company’s revenue from operations increased to ₹1,46,885 crore in FY26 from ₹1,09,558 crore in FY24, while EBITDA surged to ₹76,255 crore from ₹54,959 crore.

SBI Mutual Fund, India’s largest asset management company, received SEBI’s approval for its ₹13,000 crore IPO. The issue will be entirely an Offer for Sale of 20.37 crore equity shares by existing shareholders — State Bank of India and Amundi India Holding. The IPO is expected to hit the market in early July. Unlisted shares of SBI Mutual Fund have delivered nearly 3.8x returns over the past three years.

SEBI Approves IPOs of AGS Health, PGP Glass, Shreni Shares and SRIT India

SEBI approved IPO plans of AGS Health (expected to raise ₹4,500 crore), PGP Glass (approximately ₹4,100 crore), Shreni Shares (fresh issue of 69 lakh shares plus OFS of 82 lakh shares), and SRIT India (fresh issue of 1.68 crore equity shares).

FIIs and DIIs Turn Net Buyers; Investor Wealth Declines by ₹2.37 Lakh Crore.

Foreign portfolio investors (FPIs) purchased shares worth a net ₹2,305.31 crore during the week. On Thursday alone, FPIs bought shares worth a net ₹383.8 crore. Domestic institutional investors (DIIs) bought shares worth ₹11,100.94 crore during the week.

Despite the positive flows, investor wealth declined by ₹2.37 lakh crore during the week, with the total market capitalization of BSE-listed companies falling to ₹475.16 lakh crore. The market breadth was weak, with 2,627 stocks declining and 1,602 advancing on the BSE. The Nifty 50 had a market capitalization of ₹474.80 lakh crore as of 25 June.

Sectoral Performance: Auto and Pharma Shine; Metals and IT Decline Over 3-4%

Sectoral performance remained mixed during the week. Banking stocks led the gains, rising 0.25%, followed by finance, automobiles and ancillaries, and healthcare. Nifty Auto gained 2.25% on Thursday, crossing its 200-day moving average. Pharma and healthcare gained 2.1% for the week after reports that the US FDA reached out to Indian drugmakers for a critical cancer drug. Private banks rose 1.5% in the week after the RBI allowed loans against foreign-currency deposits.

Software and IT services declined over 3%, while metals and mining fell over 4%, emerging as the biggest laggards. Nifty Metal declined 4.4% for the week. PSU banks, consumer durables, and FMCG ended lower during the week.

Key Drivers: Oil Crash, RBI Measures, and US-Iran Peace Talks

Crude Oil Collapse: Brent crude fell to as low as $72.4 per barrel, back to pre-Iran-war levels, as more tankers resumed passage through the Strait of Hormuz. Lower oil prices benefit India, the world’s third-largest oil importer, by reducing the import bill, easing inflationary pressures, and improving corporate margins.

RBI Supportive Measures: RBI Governor Sanjay Malhotra’s comments ruling out near-term rate hikes and the central bank’s clarification allowing lenders to extend loans against foreign currency deposits contributed to the gains. The RBI’s move to allow domestic lenders to extend loans to non-residents against foreign currency deposits is expected to boost FX deposit mobilization and aid bank margins.

US-Iran Peace Talks: Progress in the Switzerland talks progressively reduced geopolitical risk premium, with Iran’s military joint command halting offensive operations against Israel. The two sides agreed on a 60-day roadmap toward a final agreement.

Global Context: Gold and Silver Head for Fourth Consecutive Weekly Decline

In global markets, precious metals remained under pressure, with gold and silver heading for a fourth consecutive weekly decline, weighed down by a stronger US dollar and expectations of prolonged higher US interest rates. Silver slipped 1.96% to $56.95 per ounce during early Comex trade, while gold traded at $4,008.76, down 0.46%. Brent crude was at $73.73 per barrel, down 2.05%.

The Sensex and Nifty logged their longest weekly winning streak in seven months, with the Nifty gaining 0.80% and the Sensex 0.46% over the week. The India VIX collapsed from 27.32 to 13.05 as geopolitical fears eased. Key support for Nifty stands at 23,800, while resistance is seen at 24,200-24,250. Sectoral rotation favoured auto, pharma, and financials, while metals and IT lagged. Primary market activity remained robust with NSE, Jio Platforms, and SBI Mutual Fund IPOs advancing toward launch.

Source

• https://www.nseindia.com/index-tracker/NIFTY%2050

• https://www.nseindia.com/index-tracker/NIFTY%20BANK

• https://www.niftyindices.com/indices/equity/sectoral-indices/nifty-auto

• https://www.niftyindices.com/indices/equity/broad-based-indices/NIFTY-Midcap-100

• https://www.niftyindices.com/indices/equity/broad-based-indices/nifty-smallcap-500

• https://www.niftyindices.com/indices/equity/sectoral-indices/nifty-oil-and-gas-index

• https://www.niftyindices.com/indices/equity/sectoral-indices/nifty-it

• https://www.bseindia.com/sensex/code/16/

• https://www.nseindia.com/