Equities Rise on IT Rebound, Softer Oil; Rupee Snaps Winning Streak

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 22, 2026 at 11:41 AM IST

Indian equity benchmarks ended higher on Monday, supported by gains in technology and pharmaceutical stocks, while lower crude oil prices and progress in US-Iran peace talks improved overall risk sentiment. The Nifty50 rose 90 points or 0.37% to close at 24,102.90, while the BSE Sensex gained 291.17 points or 0.38% to 77,094.07. The benchmarks logged their sixth gain in seven sessions as falling oil prices and easing foreign outflows continued to support domestic markets.

Sentiment was aided by a 1.9% decline in Brent Crude, which slipped below $80 per barrel. Investors also drew comfort from progress in the first round of US-Iran negotiations, which reportedly produced a roadmap for a final agreement within 60 days, easing concerns over energy supply disruptions.

Foreign portfolio investors purchased $515.2 million of Indian equities on Friday, their largest daily inflow since early February, adding to optimism over overseas participation in domestic markets.

Among Nifty50 constituents, Cipla, Infosys, Tech Mahindra and Dr. Reddy's Laboratories were the top gainers. The IT, pharma and healthcare indices outperformed, while FMCG and consumer durable stocks lagged. Broader markets also ended higher, with the Nifty MidCap and Nifty SmallCap indices rising 0.34% and 0.60%, respectively.

The rupee, however, snapped a six-session winning streak and settled at 94.6775 per US dollar, down 0.4%, as a stronger US dollar outweighed support from lower oil prices. Traders cited renewed expectations of a US Federal Reserve rate hike later this year as the key factor underpinning the dollar.

Top Movers of the Day

Kaveri Seed Company jumped 11.48% today to ₹947, making it one of the strongest gainers in the market. The sharp move suggests investors turned positive on the agricultural inputs space amid improving sentiment across select mid-cap counters.

Triveni Turbine climbed 8.97% to ₹732.60 as buying interest returned to engineering and capital goods stocks. The gain reflects continued optimism around industrial demand and order inflows.

Kirloskar Industries surged 15.29% to ₹4,323, emerging as one of the session's standout performers. Strong momentum buying helped lift the stock well above the broader market's pace.

Greaves Cotton advanced 7.03% to ₹212.50, extending gains in the mobility and engineering segment. Investors continued to favour companies linked to transportation and industrial activity.

Sheela Foam rose 6.47% to ₹746 as consumer-focused stocks attracted fresh buying. The move indicates improving sentiment towards discretionary consumption plays.

Bharti Airtel added 0.27% to ₹1,916, posting a modest gain despite a largely mixed market environment. The telecom major continued to attract steady investor interest due to its strong market position.

Menon Pistons soared 18.18% to ₹65.65, making it one of the top percentage gainers of the day. Strong buying activity in the small-cap segment fuelled the sharp rise.

ICICI Bank gained 0.33% to ₹1,351 as banking stocks traded with a positive bias. Investors continued to favour large private lenders amid expectations of resilient credit growth.

Maruti Suzuki edged up 0.11% to ₹13,410, reflecting a cautious but positive tone in the automobile sector. The country's largest carmaker saw modest buying support despite broader market volatility.

Varun Beverages declined 3.31% Today to ₹512, emerging among the notable laggards in the market. Selling pressure weighed on the stock as investors booked profits following its recent run-up.

SAIL fell 3.39% to ₹173.95 as metal stocks faced renewed pressure. Weak sentiment in the steel space prompted investors to trim positions despite broader market resilience.

Nestlé India slipped 1.05% to ₹1,400 as investors turned cautious on defensive consumer stocks. The decline was relatively moderate but reflected softer sentiment in the fast-moving consumer goods segment.

Futures & Options
Nifty June 2026 futures closed at 24,119.90, a marginal premium of 17 points over the spot Nifty 50 close of 24,102.90, indicating a neutral-to-positive undertone in the derivatives market. In the cash market, the Nifty 50 gained 89.80 points or 0.37%, supported by strength in IT and pharma stocks.

Meanwhile, India VIX fell 0.98% to 12.84, suggesting easing near-term volatility expectations. Among stock futures, HDFC Bank, Reliance Industries and Infosys 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 were little changed on Monday as traders avoided large directional bets amid lingering uncertainty over developments in West Asia and a lack of fresh domestic triggers. The benchmark 6.94% GS 2036 yield ended at 6.8473%, compared with 6.8533% on Friday.

Secondary market activity remained subdued, with dealers reluctant to build significant positions as volatile but range-bound Brent Crude prices failed to provide a clear direction for the market. Trading in shorter-tenor bonds also remained muted after a strong rally over the past week. Market participants said tight banking system liquidity and expected GST-related outflows of around 1.2 trillion rupees could keep pressure on the short end of the yield curve.

Forex
Indian rupee snapped a six-session winning streak on Monday as a stronger US dollar outweighed support from easing oil prices. The rupee settled at 94.6775 per US dollar, down 0.4% from Friday's close, after gaining about 1% over the previous six trading sessions.

The domestic currency came under pressure as the dollar index remained near a one-year high following the US Federal Reserve's hawkish policy signals last week. Traders have increased bets on another Fed rate hike later this year, supporting the dollar and reducing demand for emerging-market currencies.

A decline in Brent Crude prices helped limit losses, easing concerns about the impact of the US-Iran conflict on India's import bill and external balances. However, the stronger dollar remained the dominant driver of currency market sentiment.

Crypto
Crypto markets remained cautious on Friday as investors continued to assess the Federal Reserve's hawkish policy outlook and the implications of higher-for-longer US interest rates. Bitcoin traded near $64,190, little changed over the past 24 hours after rebounding from last week's low of around $62,557. Market participants said Bitcoin has entered a consolidation phase, with prices holding within a narrow range as traders look for fresh catalysts to determine the next directional move.

Ethereum traded near $1,736, also little changed on the day. Despite the recent pullback, analysts noted that both Bitcoin and Ethereum continue to hold above key support levels, suggesting investors remain cautious rather than aggressively bearish.

US Stock Futures
US stock futures traded lower early Monday as investors weighed progress in Iran-US negotiations and prepared for a crucial inflation reading later this week that could shape expectations for Federal Reserve policy. Futures linked to the S&P 500 fell 0.5%, while Nasdaq-100 futures declined 0.6%. Dow Jones Industrial Average futures were down 187 points, or 0.4%, signalling a softer start for Wall Street after the Juneteenth holiday closure on Friday.

Oil markets saw sharp swings after reports suggested diplomatic progress between Washington and Tehran. The move followed comments from mediators Qatar and Pakistan indicating that US and Iranian officials had agreed on a framework aimed at securing a broader agreement within the next 60 days. The prospect of easing geopolitical tensions helped calm fears of supply disruptions in the West Asia.

US Treasury Notes
US Treasury yields moved higher in pre-market trading on Monday as investors positioned ahead of key inflation data and continued to assess the Federal Reserve's hawkish policy outlook. The benchmark 10-year Treasury yield rose around 3 basis points to 4.489%, while the policy-sensitive 2-year Treasury yield climbed to 4.22%, reflecting expectations that US interest rates may remain elevated for longer.

Investor focus is firmly on Thursday's release of the Personal Consumption Expenditures Price Index, the Federal Reserve's preferred inflation gauge. The data is expected to provide fresh clues on the inflation trajectory and could influence expectations for future monetary policy decisions.

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