Indian stocks faced significant selling pressure on Tuesday, with the Nifty 50 dropping below 23,850 and the Sensex losing nearly 900 points. The rupee weakened against the US dollar, although domestic institutional investors (DIIs) continued to show support, while foreign investors closed the day with slight inflows. Additionally, the government announced an offer for sale (OFS) in IRFC as part of its divestment strategy, following a series of significant stake sales and OFS announcements since May.
Stock Market Decline: Major factors behind the 300-point drop on the Nifty on Tuesday
Indian equity markets ended sharply lower on Tuesday, June 23, with the Nifty 50 index closing down over 300 points and the Sensex falling by more than 500 points.
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Rupee drops 11 paise to settle at 94.74 against the US dollar
The rupee fell 11 paise to finish at 94.74 (provisional) against the US dollar on Tuesday, impacted by a strong dollar and struggling domestic markets.
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DIIs maintain buying momentum; FIIs show slight inflows on June 23
Domestic institutional investors remained net purchasers on June 23, continuing to support Indian equities, while foreign institutional investors (FIIs) recorded minor inflows. This institutional buying occurred despite a widespread market sell-off that pushed benchmark indices lower.
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IRFC OFS: Government to sell up to 2% stake in Navratna PSU via Offer for Sale
The government has announced an Offer for Sale (OFS) in Indian Railway Finance Corporation (IRFC), aiming to divest a 1% stake in the firm, with an additional 1% available through a greenshoe option.
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Will markets stabilize?
After a challenging session that pushed the Nifty to 23,824, investors will be keen to see if the benchmark can stabilize and regain lost ground during Wednesday’s trading amid ongoing global and domestic uncertainties.
Nifty Outlook for June 24: Index targets 23,800 after expiry-induced sell-off
The Nifty opened on a weak note and faced additional pressure as a steep sell-off across Asian markets affected investor sentiment. Continuous selling throughout the session brought the benchmark down, with the Nifty closing near the 23,800 level.
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Nasdaq drops over 2% as tech stocks drag Wall Street down
US stocks opened significantly lower on Tuesday, with the Nasdaq Composite dropping about 2.4% as a sell-off in memory chip manufacturers and AI-related tech stocks raised concerns over the durability of the sector’s rally.
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Stocks to Monitor for June 24: Infosys, IRFC, Honasa Consumer, Delhivery, and others
Infosys is expanding its AI IT deal with GlobalFoundries, and NLC India along with IOCL is planning a green joint venture. YES Bank, Delhivery, IRFC, Honasa Consumer, and Satin Creditcare have made announcements worth watching ahead of Wednesday’s trading session.
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Concerns over monsoon, developments in Iran, and ED actions draw attention
Beyond the markets, worries regarding the monsoon amplified after Agriculture Minister Shivraj Singh Chouhan cautioned that a 43% rainfall deficit could hinder kharif sowing, prompting contingency measures in numerous states. On a global scale, US President Donald Trump asserted that Iran agreed to long-term nuclear inspections, while domestically, the Enforcement Directorate conducted searches at Rajesh Exports in connection with a Sebi investigation into alleged revenue inflation.
Poor monsoon may impact kharif crops, warns agri minister Shivraj Singh Chouhan; rainfall 43% below normal
Growing concerns over rainfall deficits and the potential for a stronger El Niño in the upcoming months have heightened worries over crop yields, prompting the Centre to formulate contingency measures for 12 states that heavily rely on monsoon rains.
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Trump claims Iran has agreed to nuclear inspections
US President Donald Trump reiterated on Tuesday that Iran has consented to allow nuclear inspections for an extended period, despite contrary statements from Iran.
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ED conducts searches at Rajesh Exports amid Sebi probe into alleged revenue inflation
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The Enforcement Directorate has carried out searches at locations associated with Rajesh Exports following Sebi’s allegations that the company overstated its revenues by over ₹15 lakh crore through its international subsidiaries. The company has denied any wrongdoing, asserting that its financial reporting is correct.
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We will see you on Wednesday with another exciting Top 10@10
