Indian equities bounced back strongly on Wednesday after a brutal selloff, as cooling crude prices and signs of de-escalation in West Asia brought buyers back to the table. The BSE Sensex surged 790.54 points or 1.04 percent to end at 76,991.22, while the Nifty 50 climbed 197.55 points or 0.83 percent to close at 24,021.65, reclaiming the psychologically crucial 24,000 level.
Session Snapshot: From Flat Open to Firm Close
Tech, consumer durables power gains; midcaps join the party
The Sensex opened at 76,229.76 against the previous close of 76,200.68 and traded in a wide range of 76,121.59 to 77,190.37 before settling near the day’s high. The Nifty 50 began at 23,795.80 versus its prior close of 23,824.10, touched an intraday high of 24,090.05 and a low of 23,789.25.
Today’s upmove was broad based. Nifty IT advanced 1.64 percent, with Tech Mahindra jumping 2.64 percent and Infosys adding 1.48 percent, shrugging off weak global tech cues. Nifty Media topped sectoral charts, up 1.99 percent. Dr Reddy’s Lab rose 2.08 percent, Adani Enterprises gained 1.74 percent and Trent moved up 1.09 percent.
Laggards included Bajaj Auto, which slipped 1.66 percent after disclosing a ransomware attack that triggered containment protocols. Bharti Airtel fell 1.06 percent, Hindalco lost 1.05 percent, while HDFC Life and SBI Life shed 0.95 percent and 0.79 percent.
Broader markets outperformed. Nifty Midcap 100 added 0.42 percent and Nifty Smallcap 100 rallied 0.89 percent, signalling improved risk appetite.
Corporate & Policy Street: Deals, Disinvestment and Diplomacy
Govt lines up IRFC OFS; India, US push for interim trade pact
1. Centre to sell 2 percent in IRFC via OFS
The government will divest up to 2 percent in Indian Railway Finance Corporation through an offer for sale on June 25 and 26. The floor price is set at 91 rupees per share. The issue comprises a 1 percent base offer and an equal greenshoe option. Non-retail investors can bid on Wednesday, retail on Thursday. The sale is part of the FY27 disinvestment pipeline, which has already fetched 16,480 crore rupees.
2. India US trade talks resume in Delhi
Commerce Minister Piyush Goyal met US Trade Representative Jamieson Greer to advance an interim trade agreement before a 10 percent US tariff waiver lapses on July 24. Both sides are reworking an earlier framework impacted by recent shifts in US tariff policy, aiming for better market access and supply chain alignment.
3. Corporate actions in focus
Biocon said its partner Duopharma Biotech secured insulin supply contracts worth over 225 million Malaysian ringgit from Malaysia’s Health Ministry. Infosys extended its AI led managed services engagement with Nasdaq listed GlobalFoundries, underscoring the demand for enterprise AI solutions.
4. FII DII tussle continues
Foreign Institutional Investors sold Indian equities worth 5,266.01 crore rupees on June 24. Domestic Institutional Investors bought 5,209.60 crore rupees, providing a counterbalance. Market veterans note that FII outflows in the first five months of 2026 have already exceeded the total for 2025, keeping volatility high.
Geopolitics & Macro: Oil Cools, Fed Talk Caps Optimism
Brent near four month lows as tankers exit Hormuz; RBI meet eyed
1. Crude retreats on ceasefire hopes
Brent crude futures fell 1 percent to trade near four month lows after tankers stranded in the Gulf began exiting the Strait of Hormuz. The decline followed a US brokered Israel Lebanon ceasefire and a 60 day US sanctions waiver for Iran. Lower oil supports India’s macros by easing the import bill and inflation outlook.
2. Fed stance keeps global markets cautious
Asian equities slipped 0.5 percent as Fed Chair Jerome Powell cautioned that sustained tariff hikes could weigh on growth while stoking inflation. The hawkish undertone tempered global risk sentiment, even as Indian benchmarks showed resilience.
3. RBI policy, monsoon to set tone
The Reserve Bank’s policy decision is due Friday. Consensus expects the repo rate to stay at 5.25 percent. India’s services PMI rose to a six month high of 61.2 in May, while monsoon progress remains on track. However, Emkay Global flagged that corporate capex growth may slow to 9 percent in FY26 from 18 percent in FY25, a key monitorable.
Market View: Can Bulls Defend 24,000?
Analysts say the recovery is driven by easing geopolitical stress and softer crude. Vinod Nair of Geojit noted that a favourable monsoon and moderating inflation add to the constructive backdrop. Technically, Axis Direct sees near term resistance for Nifty at 23,500 to 23,600. With today’s close at 24,021.65, holding above 24,000 becomes critical for the next leg up. Support is placed at 23,200 to 23,150.
Key takeaway: Falling oil and a tentative West Asia truce handed the advantage to bulls. Yet, with FII selling, Fed uncertainty, and the RBI decision ahead, traders should brace for choppy moves. As Motilal Oswal’s Siddhartha Khemka put it, markets remain highly sensitive to geopolitical developments. For now, D-Street has used the dip to rebuild positions.
