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Business Standard
21 minutes ago
- Business Standard
Barometers extend losses for 3rd day; PSU bank shares decline
The domestic equity benchmarks ended with minor cuts today, extending their losing streak for third day in a row, amid ongoing escalating geopolitical tensions between Israel and Iran. Further impacting sentiment was the US Federal Reserve's decision to hold interest rates, with the central bank projecting elevated inflation and slower economic growth ahead. Market direction will likely continue to be shaped by these geopolitical developments, with investors closely tracking crude oil prices and broader global events. The Nifty settled below the 24,800 level. Barring auto index all the sectoral indices on the NSE ended in the red with PSU bank, media and realty shares declining the most. As per provisional closing data, the barometer index, the S&P BSE Sensex shed 82.79 points or 0.10% to 81,361.87. The Nifty 50 index fell 18.80 points or 0.08% to 24,793.25. in the past three trading sessions, the Sensex and Nifty declined 0.53% and 0.61%, respectively. The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index declined 1.64% and the S&P BSE Small-Cap index dropped 1.77%. The market breadth was weak. On the BSE, 966 shares rose and 3,011 shares fell. A total of 140 shares were unchanged. The initial public offer (IPO) of Arisinfra Solutions received bids for 1,20,92,026 shares as against 1,30,84,656 shares on offer, according to stock exchange data at 15:30 IST on Thursday (19 June 2025). The issue was subscribed 0.92 times. The issue opened for bidding on Wednesday (18 June 2025) and it will close on Friday (20 June 2025). The price band of the IPO is fixed between Rs 210 and 222 per share. An investor can bid for a minimum of 67 equity shares and in multiples thereof. Buzzing Index: The Nifty PSU Bank index dropped 2.04% to 6,734.30. The index declined 3.14% for the three consecutive trading sessions. Central Bank of India (down 3.81%), Punjab & Sind Bank (down 3.75%), UCO Bank (down 3.36%), Bank of India (down 3.31%), Union Bank of India (down 3.07%), Canara Bank (down 3.06%), Indian Overseas Bank (down 3%), Punjab National Bank (down 2.46%), Indian Bank (down 2.16%) and Bank of Baroda (down 2.04%) declined. Stocks in Spotlight: Tata Elxsi fell 3.27%. The company announced that it has signed a memorandum of understanding (MoU) with Infineon Technologies to jointly develop application-ready EV solutions tailored to the Indian market. Markolines Pavement Technologies rose 1.61% after the company announced that it has secured a maintenance contract worth Rs 18.88 crore from Varanasi-Aurangabad NH-2 Tollway. AAVAS Financiers shed 0.35%. The companys board executive committee has approved raising up to Rs 200 crore through a private placement of non-convertible debentures (NCDs). Garware Technical Fibres declined 2.45%. The company announced that it has incorporated a wholly owned subsidiary (WOS), Garware Technical Fibres AS (GTF AS), in Norway. Marksans Pharma slipped 1.24%. The company announced that its wholly owned subsidiary Relonchem has received marketing authorization for the product Oxybutynin hydrochloride Oral Solution from UK Medicines & Healthcare Products Regulatory Agency (UKMHRA). Puravankara advanced 1.18% after the companys wholly owned subsidiary, Starworth Infrastructure & Construction, received a letter of intent (LoI) worth Rs 272 crore from Tru Dwellings. Elcid Investments fell 0.89%. The company announced that Ragini Vakil, chief financial officer (CFO) of the company has tendered her resignation with effect from 18 June 2025. Global Markets: US Dow Jones futures were down 187 points. Wall Street will be shut on Thursday for the Juneteenth holiday, with regular trading set to resume Friday. European shares declined on Thursday, as investors awaited the Bank of Englands rate decision due at midday. Norways central bank has cut interest rates by 25 basis points to 4.25% for the first time since the start of the Covid-19 pandemic. Norges Bank had in March suggested it was expecting to cut its key sight deposit rate in June, and followed through. The Swiss National Bank has cut interest rates by a further 25 basis points to 0% adding to concerns over a potential return to negative rates. Most Asian stocks ended lower as investors digested the U.S. Federal Reserves widely expected decision to keep interest rates unchanged. Adding to the cautious mood, ongoing tensions between Israel and Iran continued to weigh on sentiment. Taiwans central bank kept its policy rate unchanged at 2% on Thursday, as widely expected, given the islands robust tech-driven economy and moderating inflation, and maintained its economic growth outlook for the year. The Philippine central bank cut its key interest rate by quarter percentage point to 5.25% for a second time this year and signaled theres scope for further easing with inflation likely to remain modest and economic growth at risk from global uncertainties. As expected, the Fed held its benchmark rate steady at 4.25%-4.5% on Wednesday, marking no change since December. Fed Chair Jerome Powell indicated the committee would wait to assess the inflationary impact of President Trumps tariff measures before considering any policy shifts. Despite the hawkish pause, the Fed still pointed to two rate cuts by the end of the year. Geopolitical concerns remain front and center. Investor nerves were further rattled after Iran's Supreme Leader Ayatollah Ali Khamenei dismissed President Trump's calls for unconditional surrender. His remarks, delivered via a televised statement on Wednesday, were his first since Friday, when Israel escalated its offensive against Iran. Back on Wall Street, US equities ended mixed on Wednesday. The Dow slipped 0.10%, the S&P 500 edged down 0.03%, while the Nasdaq bucked the trend with a 0.13% gain.
Business Standard
21 minutes ago
- Business Standard
Adani Ports drops 9.24% in seven days as Israel-Iran tensions escalate
Adani Ports and Special Economic Zone India fell 2.50% to Rs 1,338, extending losses for the seventh consecutive trading session. Shares of the Adani Ports and Special Economic Zone lost 9.24% in seven consecutive trading sessions from its recent closing high of Rs 1474.35 on 10 June 2025. On the BSE, 57,330 shares were traded in the counter so far compared with average daily volumes of 1.36 lakh shares in the past two weeks. The stock hit a 52-week high of Rs 1,604.15 on 01 Aug 2024. The stock hit a 52-week low of Rs 993.85 on 21 Nov 2024. The stock had underperformed the market over the past month, down 4.89% compared with a 1.14% fall in the Sensex. The counter had underperformed the market in the past year and fell 7.40% as against a 5.29% jump in the Sensex. On the technical front, the stock's daily RSI (relative strength index) stood at 23.593. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30. On the daily chart, the stock was trading below its 50-day and 100-day simple moving average (SMA), placed at 1,407.28 and 1,432.13, respectively. These levels will act as crucial resistance zones in the near term. The stock of Adani Ports & Special Economic Zone has come under pressure due to the ongoing conflict between Israel and Iran. The decline is primarily attributed to the companys significant exposure to Haifa Port in Israel. According to reports, Iranian missile strikes have caused significant damage to several important sites in Israel. This includes the Tel Aviv Stock Exchange building, hospitals, state media offices, and other infrastructure. There have been multiple reports of civilian casualties and injuries. Today marks the seventh day of the Israel-Iran war, with ongoing missile attacks aimed at central and northern Israel. Investors are being cautious as they closely monitor developments in the region and their possible effects on Adani Ports international operations. Adani Ports and Special Economic Zone (APSEZ), a part of the globally diversified Adani Group, has evolved from a port company to an integrated transport utility providing end-to-end solutions from its port gate to customer gate. It is the largest port developer and operator in India, with 7 strategically located ports and terminals on the west coast (Mundra, Tuna Tekra & Berth 13 in Kandla, Dahej, and Hazira in Gujarat, Mormugao in Goa, Dighi in Maharashtra and Vizhinjam in Kerala) and 8 ports and terminals on the east coast (Haldia in West Bengal, Dhamra and Gopalpur in Odisha, Gangavaram and Krishnapatnam in Andhra Pradesh, Kattupalli and Ennore in Tamil Nadu and Karaikal in Puducherry). The companys consolidated net profit jumped 47.8% to Rs 3,014.22 crore on a 23.1% increase in net sales to Rs 8,488.44 crore in Q4 FY25 over Q4 FY24.
Mint
25 minutes ago
- Mint
Sensex, Nifty 50 slip; mid, small-caps bleed; investors lose ₹4 lakh crore— 10 key highlights from Indian stock market
Indian stock market benchmarks, the Sensex and the Nifty 50, ended marginally lower, while the mid-cap and small-cap segments suffered deep losses on Thursday, June 19, as escalating tensions between Israel and Iran kept sentiment fragile. The Sensex ended 83 points, or 0.10 per cent, lower at 81,361.87, while the Nifty 50 settled 19 points, or 0.08 per cent, down at 24,793.25. On the other hand, the BSE Midcap index plunged 1.64 per cent and the Smallcap index crashed 1.77 per cent. The overall market capitalisation of BSE-listed firms dropped to nearly ₹ 442.5 lakh crore from ₹ 446.3 lakh crore in the previous session, making investors poorer by about ₹ 4 lakh crore in a single day. Market sentiment remained weak as the risk of Israel-Iran conflict turning into a bigger geopolitical crisis grows. US President Donald Trump has warned that it was too late for Iran to negotiate. Trump also hinted at 'something big' next week. Moreover, the US Fed has revised growth and inflation forecasts of the US, sketching a stagflationary picture of the world's largest economy. The US Federal Reserve left the policy rate unchanged at 4.25 per cent to 4.50 per cent on June 18, reiterating the risks arising from the trade war triggered by President Donald Trump's tariff policies. "The Indian equity index experienced rangebound movement with a negative bias as cautious sentiment spread across the globe, driven by concerns over potential U.S. involvement in the Middle East conflict," said Vinod Nair, Head of Research, Geojit Investments Limited. "Investor mood was further affected by the Fed's decision to keep interest rates unchanged while signalling persistent inflation and slower economic growth, which weighed on software export stocks," Nair said. Shares of Tata Consumer (up 2.14 per cent), Eicher Motors (up 1.71 per cent) and Mahindra & Mahindra (up 1.58 per cent) ended as the top gainers. Adani Ports (down 2.52 per cent), Bajaj Finance (down 2.29 per cent) and Shriram Finance (down 2.08 per cent) ended as the top losers. As many as 33 stocks closed lower in the Nifty index. Barring Nifty Auto (up 0.52 per cent), all sectoral indices ended lower, with Nifty PSU Bank (down 2.04 per cent), Media (down 1.91 per cent), Realty (down 1.60 per cent) and Metal (down 1.29 per cent) losing big. Nifty Bank fell 0.45 per cent, while the Financial Services index dropped 0.38 per cent. The Nifty Private Bank index slipped 0.30 per cent. Vodafone Idea (64.10 crore shares), KBC Global (23.83 crore shares) and GTL Infrastructure (13.66 crore shares) were the most active stocks in terms of volume on the NSE. Aakash Exploration Services (up 20 per cent), Onelife Capital Advisors (up 10 per cent), SPML Infra (up 9.87 per cent), Punjab Chemicals & Crop Protection (up 9.61 per cent) and Aeroflex Industries (up 9.24 per cent) were among the 11 stocks that rose more than 5 per cent on the NSE. Cinevista (down 11.28 per cent) and M K Proteins (down 10.97 per cent) were the two stocks that crashed more than 10 per cent on the NSE. As many as 107 stocks, including Interarch Building Solutions, HCC, Reliance Power, Hindustan Motors and Sigma Solve, hit their lower circuits in intraday trade on the NSE. On the other hand, Jindal Photo, Softtech Engineers and Aakash Exploration Services were among the 46 stocks that hit their upper circuits. The advance-decline ratio tilted heavily towards the decliners. Out of 4,117 stocks traded on the BSE, 959 advanced and 3,018 declined. Some 140 stocks remained unchanged. Vodafone Idea, Protean eGov Technologies and Easy Trip Planners were among the 79 stocks that hit their 52-week lows in intraday trade on the BSE. However, AU Small Finance Bank and Muthoot Finance were among the 73 stocks that hit their 52-week highs during the session. Read all market-related news here Read more stories by Nishant Kumar
