Benchmarks End Flat as Financial Gains Offset West Asia-Driven Selloff

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them

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By Dehuti Jani

June 10, 2026 at 12:07 PM IST

Indian equity benchmarks ended largely unchanged on Wednesday as gains in financial stocks offset weakness across broader markets triggered by renewed escalation in West Asia tensions. The Nifty50 slipped 27.15 points or 0.12% to close at 23,214.95, while the BSE Sensex rose 64.42 points or 0.09% to settle at 73,983.18.

Investor sentiment turned cautious after Iran launched missile and drone attacks on US military bases in Jordan, Kuwait and Bahrain following fresh American strikes near the Strait of Hormuz. The renewed conflict kept pressure on emerging market assets amid concerns over higher energy prices and inflation risks.

Financial and private banking stocks extended gains for a second session, helping limit downside in the benchmarks. However, selling pressure remained broad-based, with 13 of the 16 major sectors ending lower. PSU banks, realty and media stocks underperformed, while FMCG and private banks outperformed.

Hindalco Industries, Coal India and Oil and Natural Gas Corporation were among the top losers on the Nifty50. Broader markets remained under pressure, with the Nifty MidCap and Nifty SmallCap indices declining 1.49% and 1.33%, respectively.

Top Movers of the Day

Axis Bank closed around ₹1,314, up 1.6% on the Nifty, as private banks outperformed with Nifty Private Bank index rising over 1% on continued rotation into large lenders.

HDFC Bank ended near ₹747.80, up 1.3%, supported by higher FCNR(B) deposit rates after RBI’s swap window and positive sentiment after the Bombay HC dismissed a plea against the bank in a high‑profile defamation case.

ICICI Bank finished around ₹1,293, up 1.4%, helped by strength in private banks and expectations of steady credit growth as the sector led gains despite weak breadth in broader markets.

Hindustan Unilever ended close to ₹2,172.30, up around 2%, as FMCG outperformed on defensiveness and broker commentary remained positive, with an ‘overweight’ rating and healthy FY27 margin guidance.

Nestle India gained roughly 2% to ₹1,437.90 on the Nifty and helped lift the FMCG index 1.4%, as investors sought safety in staples amid selling pressure in cyclicals like metals, PSU banks and realty.

Navin Fluorine International rallied to about ₹7,020, up 2.8% and its strongest move in 11 weeks, on heavy buying interest with volumes more than doubling the five‑day average, keeping it just 5% below its 52‑week high.

Clean Max Enviro Energy jumped to around ₹1,364.90 up 10.75% and near a 52‑week high, after announcing a 900 MW renewable energy partnership with Meta across solar and wind projects in Rajasthan and Karnataka.

Hinduja Global Solutions spiked to roughly ₹448.90, up 12.1%, as it launched Project GANGA to roll out high‑speed broadband to over 20 lakh homes in Uttar Pradesh, with volumes surging more than 37x the five‑day average.

Oil India slumped 9.45% to ₹430.95, hitting a four‑month low as profit‑taking and weak sentiment in energy names dragged the stock despite earlier strength in crude‑linked plays.

Welspun Corp dropped to around ₹1,370, down about 3%, after its arm divested a 4.5% stake in Saudi‑based EPIC for roughly US$75.6 million, with the stake sale news triggering supply‑driven selling in the stock.

IFCI fell over 6% to ₹71.71 in the Nifty Smallcap 100, as profit‑booking hit recent outperformers and broader smallcaps tumbled about 1.3% amid weak market breadth.

Futures & Options
Nifty June 2026 futures closed at 23,235.50, a premium of 20.55 points over the spot Nifty 50 close of 23,214.95, indicating cautious positioning amid renewed geopolitical tensions. In the cash market, the Nifty 50 declined 27.15 points or 0.12%, while India VIX edged up 0.36% to 15.63.

Among stock futures, HDFC Bank, Reliance Industries and ICICI Bank were the most actively traded contracts in the NSE F&O segment. The June 2026 derivatives series will expire on 30 June 2026.

Bonds
India’s government bond benchmark yields traded mixed on Wednesday as investors avoided aggressive positions ahead of key US and domestic inflation data releases. The benchmark 6.94% GS 2036 yield ended at 6.9431%, up from 6.9163% in the previous session, while the shorter-duration 6.36% GS 2031 yield rose 6 basis points to 6.5709% amid profit booking after a three-session rally.

Market participants said foreign banks were seen buying government securities, while state-owned banks continued to remain net sellers at current yield levels. Traders largely stayed cautious ahead of the release of US CPI inflation data later in the day and India’s CPI print due on Friday.

Meanwhile, the RBI accepted the full notified amount of 240 billion rupees at the Treasury bill auction across all three maturities. The cut-off yield on the 91-day T-bill was set at 5.2998%, while the 182-day and 364-day papers were accepted at 5.5498% and 5.9100%, respectively.

Forex
Indian rupee ended little changed on Wednesday as traders navigated volatile oil prices, persistent dollar demand and likely intervention by the Reserve Bank of India. The rupee closed at 95.2650 against the US dollar compared with 95.35 in the previous session. The currency traded in a wide intra-day range of 95.11 to 95.56 amid fluctuating market sentiment linked to developments in West Asia.

Market participants said elevated dollar demand linked to maturing non-deliverable forward contracts kept pressure on the rupee, while state-run banks were seen selling dollars and conducting dollar-rupee buy/sell swaps, likely on behalf of the RBI, helping stabilise the currency.

Crypto
Crypto markets remained under pressure on Wednesday as geopolitical tensions and weak global risk sentiment kept investors cautious. The crypto Fear & Greed Index slipped to 9/100, signalling “Extreme Fear” conditions across the market.

Bitcoin fell nearly 3% overnight to around $61,000 before recovering toward the $61,500 level. Ethereum traded near $1,628, remaining under pressure alongside broader weakness in digital assets.

Despite the decline, liquidation activity remained relatively contained compared with previous selloffs, with roughly $400 million in leveraged positions wiped out, including more than $300 million from long trades. Market participants said investors were balancing historically oversold conditions against persistent macroeconomic uncertainty, rising global living costs and escalating tensions in West Asia.

US Stock Futures
US stock futures traded declined sharply on Wednesday after the US launched retaliatory strikes against Iran, escalating geopolitical tensions in West Asia and weighing on global risk sentiment. Futures linked to the S&P 500 fell 0.76%, while Nasdaq-100 futures dropped 1.17%. Futures tied to the Dow Jones Industrial Average declined 0.66%.

Investor sentiment weakened after US Central Command said American forces carried out “self-defence strikes” against Iran following the downing of a US Army Apache helicopter a day earlier. West Texas Intermediate crude prices edged higher toward $89 per barrel amid concerns over renewed supply risks and further escalation in the region.

US Treasury Notes
US Treasury yields edged higher on Wednesday as investors remained cautious ahead of key US inflation data and renewed geopolitical tensions in West Asia. The benchmark 10-year Treasury yield rose toward 4.548%, while the policy-sensitive 2-year Treasury yield hovered near 4.141%, reversing part of the previous session’s decline.

Bond prices came under pressure after renewed US strikes against Iran pushed Brent Crude prices higher, reviving concerns over energy-driven inflation risks. Market participants also adopted a defensive stance ahead of the May US consumer price index report, which could influence expectations around further Federal Reserve rate hikes later this year.

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