The Indian markets witnessed a sharp correction on Thursday, halting a six-session winning streak. Weak global cues, rising crude prices, aviation setbacks, and policy overhang in digital payments led to broad-based selling. Both benchmark indices breached key support levels intraday, triggering stop-losses and accelerating the fall.
Table of Contents
- Key Market Indices Performance
- Top Stock Market News of the Day
- FII & DII Activity
- IPO and Listing Highlights
- Top Gainers and Losers
- Broader Market & Sectoral Snapshot
- Economic & Global Factors at Play
- Key Events for Tomorrow
- Final Summary
- Sensex closed at 81,691.98, down 823.16 points or -1.00%.
- Nifty 50 ended at 24,888.20, losing 253.20 points or -1.01%.
- Both indices breached key psychological levels of 82,000 (Sensex) and 25,000 (Nifty) during the session.
Wrap-up: A decisive negative session for Indian equities as weak global cues and profit booking dragged indices below crucial supports. Market capitalisation of BSE-listed firms fell by ₹5 lakh crore in a single session.
Global Developments
- US-Iran tensions escalated alongside Israeli military speculation.
- US-China trade deal optimism dimmed with mixed tariff signals.
- Brent crude surged to $70/barrel, raising macroeconomic worries.
Domestic Headlines
- Air India plane crash hit aviation stocks hard.
- Paytm tanked 10% as Finance Ministry ruled out MDR on UPI.
- RBI held an accommodative stance post recent rate cuts.
Wrap-up: Global geopolitical issues and domestic policy uncertainties combined to spook investors. Rising crude, regulatory risks in digital payments, and an aviation incident intensified selling pressure.
- FIIs (11 June provisional): Net Sellers ₹446.3 crore.
- DIIs: Net Buyers ₹1,584.9 crore.
- Heavy FII outflows likely persisted on 12 June judging by market weakness.
Wrap-up: Sustained DII support was insufficient to offset FII selling, contributing to market pressure.
Upcoming IPOs:
Oswal Pumps, Aten Papers & Foam, Patil Automation, Samay Project Services, and Pine Labs’ ₹6,000 crore IPO DRHP by June-end.
Wrap-up: Investor interest in primary markets remained strong in select issues, despite broader market weakness.
Top Gainers:
- ONGC gained ₹+0.45 (+0.18%) to close at ₹247.80, benefiting from the surge in crude prices.
- Asian Paints rose ₹+9.60 (+0.43%) to end at ₹2,218.05, supported by a large block deal worth ₹7,703 crore.
- Bajaj Finserv added ₹+14.60 (+0.73%) to settle at ₹2,027.00, on positive sector sentiment.
- Dr Reddy's Laboratories moved up ₹13.48 (+1.02%) to close at ₹1,364.90, tracking pharma sector resilience.
Top Losers:
- Tata Motors declined by ₹-21.25 (-2.89%) to ₹715.00, dragged down by auto sector weakness.
- Infosys dropped ₹-23.30 (-1.43%) to ₹1,607.40, hit by global IT concerns.
- Paytm plunged ₹-65.05 (-6.77%) to ₹895.15, after MDR reintroduction hopes were dashed.
- InterGlobe Aviation (IndiGo) slipped -2.65%% to ₹5,483.25
- SpiceJet shed -1.78% to ₹44.68
Wrap-up: Strength in select oil, paint, and financial stocks was overshadowed by sharp losses in auto, IT, and fintech counters.
- Declining shares: 1,987
- Advancing shares: 1,433
- Unchanged: 117
Sectors:
- Worst: Realty, Auto, Metal, Oil & Gas (down >1.5%)
- Resilient: Media, Telecom, marginal Pharma uptick
Wrap-up: Broad market weakness was evident as declines outpaced advances, with defensives and selective pharma holding ground.
- Middle East conflict pushed crude to $70/barrel.
- US May inflation rose 0.1%, keeping Fed rate cut hopes alive.
- India’s May CPI forecast at 2.7%, likely easing.
- Gold at $3,395/oz, INR steady at ₹85.50–₹85.75/$.
Wrap-up: Global risk aversion and commodity volatility weighed on sentiment. Domestic inflation prospects remain moderate.
- India Forex Reserves data release.
- May Balance of Trade (Exports, Imports) numbers.
- Dividend record date for 14 major companies (₹88/share payouts).
Wrap-up: Macro data and dividend events likely to dictate tomorrow’s tone. A break below 24,800 may signal deeper correction.
A volatile session driven by global geopolitical tensions, weak overseas cues, and domestic headwinds led to a sharp correction. While oil, paint, and select financials held firm, broader market breadth was negative. Traders should watch key technical support at 24,800 on Nifty and monitor upcoming macroeconomic data for direction.