Stock market down 1%: Why did Sensex, Nifty fall after early gains?
Sensex and Nifty erased early gains to tumble over 1% in the afternoon session. While the Sensex fell 900 points, the Nifty50 lost 200 points from the day's high to trade marginally higher.The S&P BSE Sensex was up 261.25 points to 82,158.04, while the NSE Nifty50 was up 96.85 points to 25,068.75 as of 2:33 pm.Markets declined after Israel announced it had instructed its military to launch an attack on Tehran. This came in response to Iran firing missiles, which Israel said broke the ceasefire following 12 days of conflict.Earlier in the day, the indices had gained as much as 1.3%. Israeli Defence Minister Israel Katz said that he had directed a strong military retaliation, accusing Iran of breaching the truce.The rally in early trade came after US President Donald Trump declared a 'total ceasefire' between Israel and Iran, easing concerns of prolonged geopolitical instability in the Middle East. However, the ceasefire was short-lived as Iran fired missiles on Israel. advertisementAdani Ports led the gainers in the afternoon session with a 2.89% jump, followed by UltraTech Cement up 1.86%, Tata Steel gaining 1.61%, Kotak Mahindra Bank rising 1.60%, and Larsen & Toubro adding 0.98%.
On the losing side, PowerGrid dropped 1.34%, NTPC fell 1.08%, Trent declined 0.94%, Reliance Industries was down 0.46%, and HCL Technologies slipped 0.43%.- Ends
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Business Standard
17 minutes ago
- Business Standard
Rupee logs sharpest gain in a month as crude falls post Iran-Israel truce
The rupee appreciated sharply against the US dollar, recording its highest single-day gain in a month, buoyed by falling crude oil prices and a weakening dollar after the ceasefire between Israel and Iran took effect, dealers said. The local currency strengthened beyond the 86-per-dollar mark to settle at 85.97 per dollar on Tuesday, compared with the previous close of 86.75. The rupee appreciated by 0.91 per cent during the day, marking its second-largest single-day gain in the current calendar year after a 0.93 per cent rise on May 23. 'The pressure was off the rupee as crude fell below $70 per barrel and the dollar index was down,' said the treasury head at a private bank. 'The bearish positions against the rupee were cut on the news of the ceasefire,' he added. Meanwhile, domestic equity markets rallied over 1.3 per cent after US President Donald Trump announced that Iran and Israel had committed to a ceasefire. However, markets gave up most of their gains after Israel accused Tehran of violating the agreement. After hitting a high of 83,018, the Sensex ended at 82,055, with a gain of 158 points, or 0.2 per cent. The Nifty closed at 25,044, up 72.5 points, or 0.3 per cent. The index had touched 25,318 in intraday trade—its highest level in nearly nine months. The rupee has depreciated by 0.5 per cent against the dollar in the current financial year and by 0.4 per cent in the calendar year so far. Brent crude oil prices declined by more than 15 per cent to $69 per barrel on Tuesday. Meanwhile, the dollar index fell by 0.2 per cent to 98. The index measures the strength of the greenback against a basket of six major currencies. Market participants said the rupee is expected to trade with an appreciation bias, with strong resistance seen near 85.80 per dollar. 'The pair is testing a key resistance around 86.70 per dollar. If it moves above this level, it could rise toward 87.20. But if it fails to break higher and falls below 85.80, it may signal a reversal. For now, the trend remains positive as long as support holds,' said Ritesh Bhansali, vice-president, Mecklai Financial Services. The country's foreign exchange reserves, at $699 billion, act as a cushion for the Indian unit. The reserves are slightly below the all-time high of $705 billion attained in September 2024. 'As oil prices fall, the rupee can be expected to move to 85.50. We have a lot of flows this week, apart from HDB Financial Services—such as FTSE rebalancing flows and SBI's Rs 25,000 crore QIP,' said Anil Kumar Bhansali, head of treasury and executive director, Finrex Treasury Advisors. Traders are now eyeing US Federal Reserve Chair Jerome Powell's testimony before US lawmakers on Tuesday and Wednesday. US Federal Reserve vice-chair Michelle Bowman on Monday signalled support for a potential rate cut in July if inflation remains subdued, prompting markets to price in around 55 basis points of easing by year-end.
The Print
20 minutes ago
- The Print
‘Don't know what the F*** they are doing'—Trump lashes out at Israel & Iran for violating ceasefire
Speaking to reporters, he also said, 'These two countries have been fighting so long and so hard they don't even know what the f*** they're doing.' In unusually strong language, particularly when it comes to Israel, Trump said, 'As soon as we made the deal, they dropped a load of bombs—the biggest we've ever seen. I'm not happy with Israel.' New Delhi: US President Donald Trump Tuesday lost his cool with both Iran and Israel, after reports of both countries violating the ceasefire hours after he announced it. Shortly after, in a post on Truth Social, Trump claimed that Israeli warplanes were turning back from Iranian airspace and would perform a 'friendly plane wave' as a gesture of de-escalation. This followed, according to media reports, an 'exceptionally firm and direct call' between Trump and Netanyahu. Iran and Israel exchanged strikes for the 12th day Tuesday, even as Trump announced the ceasefire on Truth Social. The development came hours after Iran fired dozens of missiles at an American air base in Qatar in retaliation for US strikes on Iranian nuclear facilities Sunday. Trump also backtracked from his remarks on regime change Tuesday, telling reporters he didn't 'want' it 'No. If there was, there was, but no, I don't want it. I'd like to see everything calm down as quickly as possible,' he said, 'Regime change takes chaos, and ideally we don't want to see so much chaos.' He had earlier floated the possibility, saying in a post on Truth Social Monday, 'If the current Iranian Regime is unable to MAKE IRAN GREAT AGAIN, why wouldn't there be a Regime change???' On Tuesday, he further told reporters, 'You know, the Iranians are very good traders, very good businesspeople, and they got a lot of oil. They should be fine. They should be able to rebuild and do a good job.' 'They're never going to have nuclear, but other than that they should do a great job.' He also earlier posted a message along similar lines on Truth Social, where he said, 'IRAN WILL NEVER REBUILD THEIR NUCLEAR FACILITIES!' He took credit for the ceasefire being followed. 'Heading to NATO where, at worst, it will be a much calmer period than what I just went through with Israel and Iran. I look forward to seeing all of my very good European friends, and others. Hopefully, much will be accomplished!' he said on Truth Social, following it up with 'China can now continue to purchase Oil from Iran. Hopefully, they will be purchasing plenty from the U.S., also. It was my Great Honor to make this happen!' Iran claims nuclear scientist killed The ceasefire brokered to halt 12 days of escalating conflict between Israel and Iran, was accepted by both sides. However, soon after, Israel claimed Iran fired missiles into its airspace after the ceasefire went into effect. Iranian state media, meanwhile, denied any such attacks. According to Iran's central military command via state TV, Israeli attacks occurred in three waves up to 5:30 am UK time—just before the truce was supposed to take effect. Iranian state TV claimed that a senior Iranian nuclear scientist, Mohammad Reza Sedighi Saber, was killed in an Israeli airstrike Tuesday. 'ISRAEL. DO NOT DROP THOSE BOMBS. IF YOU DO IT IS A MAJOR VIOLATION. BRING YOUR PILOTS HOME, NOW!' Trump said on Truth Social. Netanyahu's office confirmed that Israel targeted an Iranian radar installation in response to a missile attack early Tuesday but said further military action was paused after a direct appeal from Trump. 'After President Trump spoke with Prime Minister Netanyahu, Israel chose not to carry out additional strikes,' a statement said. Israel later confirmed it had conducted a limited strike against a radar installation near Tehran in response to what it called 'Iranian violations'. According to Netanyahu's office, Iran launched one missile at 07:06 local time and two more at 10:25—both after the ceasefire's official start. The Israeli statement also noted Trump's 'immense appreciation' for Israel's military campaign and his 'confidence in the stability of the ceasefire'. (Edited by Sanya Mathur) Also Read: Israel-Iran conflict continues hours after ceasefire, Tel Aviv vows retaliation to violations by Tehran
India Today
20 minutes ago
- India Today
24 June 2025: Trump denounces Medvedev's nuclear‑to‑Iran threat
India Today Podcasts Desk UPDATED: Jun 24, 2025 19:40 IST On News at 7, this 24 June, Jamshed Qamar Siddiqui brings you the day's most crucial headlines. Israel's Defense Minister Israel Katz has instructed the IDF to 'respond forcefully' with high-intensity strikes on Tehran after accusing Iran of breaching a recently brokered ceasefire by launching missiles at Israel. The U.S. House of Representatives has officially banned WhatsApp from all government-issued devices. Produced by- Garvit Srivastava Sound Mix - Rohan Bharti
