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June 23, 2026 at 12:37 PM IST
Indian equities witnessed a sharp reversal today as global risk aversion, foreign investor selling and profit booking dragged benchmark indices lower after an initially positive start. The Nifty 50 closed at 23,824.1, down 278.8 points or 1.2%, while the Sensex ended 893.4 points lower at 76,200.7. Both benchmark indices traded in positive territory earlier in the session before broad-based selling emerged across sectors.
Higher US interest rates expectations strengthened the dollar and dampened appetite for risk assets globally. The Indian rupee weakened to 94.7350 per Dollar from 94.6775, while domestic equities declined amid a cautious market environment. The Dollar Index rose to 101.18, reflecting renewed expectations that the US Federal Reserve could keep monetary policy tighter for longer. Global sentiment weakened sharply, with US equity futures pointing lower and technology stocks coming under pressure after a steep sell-off in South Korea's market raised concerns about the outlook for the semiconductor sector and broader global growth.
Investors increasingly favoured defensive assets as market volatility picked up. US Treasury yields fell after a decline in crude oil prices helped reduce immediate inflation concerns, encouraging demand for government debt. Within Indian equities, pharmaceutical stocks led the gains, with Laurus Labs, Aurobindo Pharma, Zydus Lifesciences, Cipla, Dr Reddy’s Laboratories and Sun Pharma attracting buying interest. In contrast, information technology stocks remained under pressure. Overall, stronger US rate expectations and weakness across global equity markets outweighed the relief from lower crude oil prices, keeping investors firmly in a risk-averse mood.
Top Movers of the Day
Laurus Labs jumped 3.18% to ₹1,481.50, extending gains as investors cheered recent R&D updates. The stock’s momentum reflected sector interest in specialty pharmaceuticals today.
Aurobindo Pharma rose 2.88% to ₹1,534.80 on buying across formulations and API businesses. Traders cited steady export demand as a supportive factor.
Info Edge climbed 2.79% to ₹1,012 after upbeat investor interest in its classifieds and fintech ventures. The share move followed renewed optimism about hiring trends.
Zydus Lifesciences gained 2.44% to ₹1,112 as defensive pharma names attracted flows amid broader market caution. The company’s stable product mix appealed to risk-averse buyers.
Bharat Forge advanced 1.72% to ₹2,140 on hopes of a recovery in auto and industrial demand. Investors noted improving order visibility for forging units.
Cipla rose 1.36% to ₹1,435, helped by steady demand in respiratory and chronic therapy segments. The stock benefitted from defensive buying today.
Dr Reddy’s Laboratories inched up 0.79% to ₹1,300.90 as generic approvals and steady US sales supported sentiment. Analysts flagged its diversified revenue mix as a plus.
Sun Pharma grew 0.22% to ₹1,867 on modest buying after recent consolidation.
BASF India surged 4.90% to ₹3,748, leading the winners as chemical stocks found favour. Strength in specialty chemicals and margin prospects underpinned the rally.
Hindustan Unilever slipped 1.14% to ₹2,160 as FMCG names paused after recent gains. Traders said revenue-normalisation concerns weighed on sentiment.
Infosys fell 3.42% to ₹1,029 amid weakness in IT services stocks and profit-taking. Investors monitored near-term deal visibility and discretionary spending trends.
Tata Consultancy Services dropped 3.19% to ₹2,060 on broad sector selling and booking of gains. The fall reflected cautious client spending outlook for technology services.
Futures & Options
The Nifty June 30, 2026 futures closed at 23,810, a discount of 14.1 points to the cash Nifty, which ended at 23,824.10 after falling 278.8 points or 1.2% today. Volatility spiked as India VIX jumped 8.6% to 13.94, with HDFC Bank, Infosys and Tata Consultancy Services the most actively traded single-stock futures ahead of the June 30, 2026 F&O expiry.
Bonds
Indian government bonds ended higher today, supported by a decline in crude oil prices and continued foreign portfolio investor interest ahead of an expected announcement on India's inclusion in the Bloomberg Global Aggregate Index.
The benchmark 6.94%, 2036 bond settled at a yield of 6.8364%, down from 6.8473% on Monday. Market sentiment improved after Brent crude fell to around $76 a barrel from about $79 a day earlier, easing concerns over imported inflation and strengthening the outlook for domestic bonds.
Foreign investors were likely adding to gilt positions in anticipation of a Bloomberg index inclusion decision, which is expected within the next two weeks. Since the RBI's June 5 policy announcement, overseas investors have purchased over 343 billion rupees of government securities under the fully accessible route.
Gains at the shorter end of the curve were capped by tight banking system liquidity, which has kept money market rates elevated. Meanwhile, state government bond auctions saw healthy demand, with nine states raising 179 billion rupees against a notified amount of 169 billion rupees.
Forex
The rupee weakened against the dollar on Tuesday as expectations of further Federal Reserve rate hikes boosted the greenback, while the Reserve Bank of India's continued dollar purchases added pressure on the local currency.
The rupee closed at 94.7350 per dollar against 94.6775 in the previous session, after moving in a range of 94.6300-94.9200 during the day. Market participants said investors have raised expectations of additional Fed tightening amid persistent inflation concerns, pushing the Dollar Index above 101 and lifting US Treasury yields.
According to CME FedWatch data, traders are now pricing in around 50 basis points of additional Fed rate hikes by year-end. The stronger dollar weighed on most Asian currencies, including the rupee.
Dealers also pointed to RBI's ongoing reserve accumulation and efforts to reduce forward dollar liabilities, which have led the central bank to absorb incoming dollar flows. As a result, traders increasingly see the rupee gravitating towards the 95-per-dollar level in the near term.
Lower crude oil prices offered some support, but were insufficient to offset the impact of dollar strength and RBI intervention. Market participants now await upcoming US economic and inflation data for further policy cues.
Crypto
Bitcoin slid into the final week of June under fresh selling pressure, trading near $62,699 after a sharp drop over the last 24 hours. The cryptocurrency has lost almost 2.0% in a day, prompting concern among short‑term traders. In Indian rupee terms, Bitcoin sits close to ₹5,900,000 per coin, with daily trading volume remaining elevated above $25 billion.
Ethereum trades near $1,648 today, down about 5.5% in the last 24 hours as macro pressure hits the market. ETH is testing support around $1,650–$1,700 and sits below key moving averages.
US Stock Futures
US stock futures plunged as much as 2.0% today. Nasdaq 100 futures fell more than 2.0%. S&P 500 futures declined just over 1.0%. Dow Jones futures proved relatively resilient, down about 0.4%.
Nasdaq Composite dropped 1.3% and the S&P 500 ended lower as investors rotated out of megacap tech names. The immediate trigger came from South Korea, where the Kospi plunged 10.0% and trading was briefly halted after heavy selling in chipmakers. Shares of SK Hynix and Samsung Electronics both tumbled more than 12.0% following reports that SK Hynix may slow expansion of AI memory-chip production and shift focus back to conventional DRAM.
US Treasury Notes
Trading volume in US Treasury notes climbed steadily today as yields dipped modestly across the curve. The benchmark 10-year treasury yield fell by about 3 bps to trade near 4.5%, recovering slightly after selling pressure pushed it past 4.5% a day earlier. The policy-sensitive 2-year yield pulled back roughly 4 bps to about 4.2%, stopping its advance toward a new 16-month high.
A sharp drop in crude oil prices was the main catalyst, easing near-term energy-driven inflation worries ahead of several important macroeconomic releases. That oil-led risk-off tone coincided with block trades and defensive positioning in treasury markets, lifting turnover as investors sought shelter in high-quality government debt.
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