The Indian stock market experienced a day of pronounced volatility on June 24, 2025, characterized by an initial surge driven by positive global cues, which was subsequently followed by a significant pullback. This dynamic session underscored the market's inherent sensitivity to geopolitical developments and underlying economic factors. The trading day commenced with robust gains, propelling benchmark indices to new highs, primarily on the back of news regarding a potential de-escalation in the Middle East. However, these early advances were largely reversed as the session progressed, leading to a more subdued close.
Table of Contents
- Market Snapshot: Key Indices and Movement
- Sectoral Performance Overview
- Top Gainers and Reasons
- Top Losers and Reasons
- FII & DII Activity
- IPO Highlights
- Global Markets & Geopolitical Impact
- Economic Data & Policy Developments
- Final Market Wrap Up
Indian benchmarks experienced a highly volatile session on Tuesday, June 24, 2025.
- Sensex: The index initially surged over 900 points in early trade, hitting an intraday high of 83,018.16. However, it then dropped 963 points from this peak, concluding the day at 82,055, which was lower than its previous close of 82,408.17.
- Nifty 50: Similarly, the Nifty 50 climbed past the 25,250 mark, touching a day’s high of 25,317.70. It ultimately closed at 25,044, marking a 273.7 point fall from its intraday high and ending below its prior close of 25,112.40.
Wrap-up: Both benchmark indices experienced significant intraday volatility on June 24, 2025. An initial rally, driven by news of a potential Israel-Iran ceasefire, was largely erased due to accusations of a truce breach in the Middle East.
The market on June 24, 2025, showcased a distinct divergence in sectoral performance, reflecting varied responses to the day's developments.
Top Gaining Sectors:
- Oil & Gas Sector: Recorded a significant rally, with the Nifty Oil & Gas index gaining over 1% in morning trade. This was directly linked to a sharp decline in global crude oil prices, which slipped below $70 per barrel.
- PSU Bank: Emerged as strong performers, contributing significantly to market momentum. Notable gains were seen across Union Bank of India, Punjab & Sind Bank, Canara Bank, UCO Bank, Bank of Maharashtra, Bank of Baroda, Punjab National Bank, and Indian Overseas Bank, all recording advances of over 2%.
Top Losing Sectors:
- Defence Stocks: Experienced considerable profit booking, with some falling by as much as 10%. The Nifty India Defence index declined by 2.5%, with 16 out of its 18 constituents trading in the red.
- IT and Auto Sectors: The trend of declines from June 23 largely persisted, with shares of prominent Indian IT companies including TCS, Infosys, Wipro, and HCL Tech falling by up to 3% following the release of Accenture's Q3 results.
Wrap-up: The divergent performance, with Oil & Gas and PSU Banks rallying while Defence and IT declined, signals strategic capital rotation. Investors are making sector-specific bets influenced by geopolitical shifts and global IT spending concerns.
The day's market movements revealed a clear divergence in individual stock performance.
Top Gainers and Reasons (as of June 24, 2025)
The day's market movements revealed a clear divergence in individual stock performance.
- LT Foods Ltd.: Closed at ₹415.00, surging on strong Q4 FY25 earnings, improved margins, and positive global demand trends for premium and organic rice products.
- JM Financial Ltd.: Closed at ₹139.70, rallying on the back of robust quarterly results, a ₹2 per share dividend announcement, and optimistic outlook in asset management and lending businesses.
- Usha Martin Ltd.: Closed at ₹308.00, climbing after reporting a healthy -0.68% revenue growth in Q4 FY25 and benefiting from technical buying interest following a trend reversal.
- Bajaj Consumer Care: Closed at ₹202.55, advancing 19.99% due to a decisive shift in technical trends, snapping an eight-session losing streak with strong volumes and renewed investor interest, signaling a potential counter-trend reversal.
- Titagarh Rail Systems Ltd.: Closed at ₹875.85, advancing due to significant new rail and metro order wins, a solid ₹30,000 crore order book, and positive momentum in railway infrastructure spending.
Wrap-up: The top gainers on this day largely saw significant increases, potentially driven by various company-specific factors or broader market sentiment not immediately detailed for each stock.
While some sectors gained, defence stocks and IT majors faced significant selling pressure.
- Garden Reach Shipbuilders & Engineers (GRSE): Closed at ₹3,492.35, falling 6.25% as part of a broader selloff in defence stocks, driven by profit booking amid signs of easing geopolitical tensions.
- KPIT Technologies Ltd.: Closed at ₹1,390.80, slipping over -0.22% after the company issued a cautionary business update, citing persistent global macro uncertainty and delayed deal closures affecting near-term growth visibility.
- BEML Ltd.: Closed at ₹4,786.90, declining 7.08% as investors booked profits across defence-related counters on de-escalating geopolitical concerns, reversing earlier sharp gains.
- Oil India Ltd.: Closed at ₹446.80, down 5.38%, tracking weakness in global crude prices and profit booking after recent strength in energy sector counters.
- Linde India Ltd.: Closed at ₹6,559.50, declining 4.48% amid sector-wide weakness in industrial gases and chemicals, with profit booking following a sustained rally over the past few weeks.
Wrap-up: The perceived de-escalation of Israel-Iran tensions led to significant profit-booking in defence stocks, while concerns about global IT spending, highlighted by Accenture's results and KPIT Tech's cautionary update, continued to weigh on IT sector heavyweights.
Understanding the flow of funds from Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) is crucial for market sentiment.
- Foreign Institutional Investor (FII) Activity: On June 23, 2025, FIIs were net sellers in the Indian equity cash segment, offloading shares worth ₹1,874.38 crore. This indicates a continuation of cautious or negative FII sentiment observed on several days in June.
- Domestic Institutional Investor (DII) Activity: In contrast, DIIs remained strong net buyers on June 23, injecting a substantial ₹5,591.77 crore into the equity cash market. DIIs have consistently provided robust support to the Indian markets throughout June.
Wrap-up: The continued net buying by DIIs served as a crucial cushion against the selling pressure exerted by FIIs. This strong domestic liquidity and underlying confidence have been instrumental in preventing sharper market corrections, particularly given the recent geopolitical uncertainties and broader global economic risks.
This divergence suggests that while foreign investors might be reacting to global risk-off sentiment, domestic investors maintain a bullish long-term outlook on the Indian growth story.
The Indian primary market remained active with two new Initial Public Offerings (IPOs) opening for subscription on June 24, 2025.
- Ellenbarrie Industrial Gases IPO: Commenced its subscription period on June 24 and is scheduled to close on June 26. The issue size is ₹852.53 crore, with a price band of ₹380-₹400 per share. On Day 1 (June 24), the IPO saw limited subscription, with an overall subscription of just 0.03 times. The Grey Market Premium (GMP) stood at ₹7, suggesting a modest 1.75% gain.
- Globe Civil Projects IPO: Also opened for bidding on June 24 and will conclude on June 26. It is entirely a fresh issue, aiming to raise ₹119.00 crore. The price band is ₹67-₹71 per share. On Day 1, the subscription status was more encouraging, with a total subscription of 1.10 times. The GMP was ₹15, indicating a significant 21.13% gain per share.
Upcoming IPOs in the Next Day/Near Future:
- HDB Financial Services IPO: This highly anticipated and largest Non-Banking Financial Company (NBFC) issue of the year, valued at ₹12,500 crore, is poised to open for subscription from Wednesday, June 25, to Friday, June 27. The price band is ₹700-₹740 per share, with a GMP of ₹80, suggesting a potential 11% premium.
- Kalpataru Estates IPO: This ₹1,590 crore IPO also opened for bidding on June 24 and is scheduled to close on June 26. Priced between ₹387 and ₹414 per share, analysts have assigned a "Neutral" rating due to concerns over high debt and valuation.
- GNG Electronics Limited IPO: Recently received SEBI approval for its IPO, adding to the pipeline of new listings in the near future.
Wrap-up: The contrasting Day 1 subscription rates for Ellenbarrie Industrial Gases and Globe Civil Projects, along with the significantly higher GMP for the latter, indicate a highly discerning investor base, actively evaluating IPOs based on perceived listing gains and fundamentals.
The impending large-scale HDB Financial Services IPO and other offerings are fundamentally crucial for deepening the Indian capital markets and signal growing investor confidence.
Several key events, both domestic and international, significantly influenced the trajectory of the Indian stock market.
- Israel-Iran Ceasefire and Subsequent Accusations: The fluctuating news regarding the Israel-Iran conflict remained the paramount global factor influencing markets. An initial announcement of a ceasefire spurred a significant global and domestic market rally, leading to a sharp decline in crude oil prices.
However, subsequent accusations of a truce breach led to a rapid reversal in market sentiment, highlighting the extreme fragility of geopolitical peace. S&P specifically noted that the global economy faces rising risks from Middle East turbulence.
- Crude Oil Updates: Brent crude futures fell significantly during the day, even dipping below $70 per barrel, directly attributable to the ceasefire news. This was a clear positive for India, being a major oil-importing nation. However, the risk of higher oil prices due to renewed tensions remains a persistent concern for India's current account outflows and rupee stability.
- Global Market Performance: European markets reacted positively to the ceasefire news, with the STOXX 600 jumping 1.4% and Germany leading with a 2% gain. This positive global sentiment initially provided a strong tailwind for Indian markets.
Wrap-up: The immediate and profound impact of the Israel-Iran conflict news, particularly its effect on global crude oil prices, underscores India's inherent vulnerability to global energy price fluctuations. While lower crude prices are a significant boon, any renewed geopolitical tension could quickly reverse the positive impact.
Beyond the immediate headlines, a confluence of economic data and global factors continued to exert influence on the Indian stock market.
- GDP Growth Projections: S&P Global Ratings revised India's GDP growth forecast for Fiscal Year 2026 (FY26) upwards to 6.5%. This optimistic outlook aligns with the RBI's projection and is attributed to normal monsoons, lower global crude oil prices, and ongoing monetary easing. India is projected to remain the world's fastest-growing major economy.
- Inflation Trends: S&P estimates India's inflation to average 4% in 2025, a notable decrease from 4.6% in 2024. Retail inflation fell to 4.6% in FY25, its lowest level since FY19. This easing inflation environment provides the RBI with increased flexibility for its future monetary policy decisions.
- Core Sector Growth and Trade Deficit: Core sector growth for May was subdued at 0.71%. Despite being lower, the trade deficit continues to suggest potential pressure on the Current Account Deficit (CAD) for FY26.
- Rupee Movement: The Indian rupee commenced trading stronger against the US dollar on June 24, opening at ₹86.13. However, S&P forecasts the rupee to potentially weaken to ₹87.5 a dollar by the end of 2025, citing potential for INR volatility due to heightened risk-aversion in global financial markets and the impact of higher oil prices.
Wrap-up: S&P's upward revision of India's GDP forecast, coupled with falling retail inflation, paints a compelling picture of robust domestic economic health. This resilience acts as a substantial buffer against external shocks, making India an increasingly attractive and relatively stable investment destination despite broader global uncertainties. However, the market's rapid reversal on geopolitical news highlights its inherent and persistent vulnerability to global oil price fluctuations.
The Indian stock market faced a volatile day on June 24, 2025, closing with most of its early gains erased. The day was characterized by an initial surge on positive Middle East news and falling crude prices, followed by a sharp pullback due to accusations of a truce breach. This underscored the market's extreme sensitivity to geopolitical developments.
While benchmark indices experienced significant swings, domestic institutional investors continued to provide crucial support, absorbing FII outflows and highlighting the market's increasing resilience.
Sectoral performance was divergent, with Oil & Gas and PSU banks rallying, while defence and IT stocks faced declines. The IPO market remained active with new offerings, and the strong domestic economic outlook continues to provide a foundational positive narrative for India.
Looking forward, investors will be closely monitoring upcoming domestic and international economic data, particularly US PCE and GDP figures, and India's IIP and fiscal deficit updates, which will provide crucial insights into economic health and market direction.