Barometers trade sideways; broader market underperforms

The key equity indices traded sideways in mid-morning trade as investor sentiment remained cautious following the escalation of tensions between Iran and the US over the weekend. The Nifty traded above the 24,050 mark. Pharma stocks rebounded after declining in the previous trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex, shed 9.58 points or 0.01% to 77,090.89. The Nifty 50 index rose 7.35 points or 0.03% to 24,061.85.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index shed 0.38% and the BSE 250 SmallCap Index dropped 0.53%.

The market breadth was negative. On the BSE, 1,665 shares rose and 2,361 shares fell. A total of 257 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, advanced 2.60% to 13.39.

In the commodities market, Brent crude for August 2026 settlement rose 21 cents or 0.29% to $72.81 a barrel.

Initial Public Offer (IPO):

Aastha Spintex received bids for 19,55,800 shares as against 1,36,00,000 shares on offer, according to stock exchange data at 11:10 IST on 29 June 2026. The issue was subscribed 0.14 times.

The issue opened for bidding on 29 June 2026 and it will close on 01 July 2026. The price band of the IPO is fixed between Rs 125 and 136 per share. An investor can bid for a minimum of 110 equity shares and multiples thereof.

CSM Technologies received bids for 89,21,352 shares as against 1,11,30,880 shares on offer, according to stock exchange data at 11:10 IST on 29 June 2026. The issue was subscribed 0.80 times.

The issue opened for bidding on 24 June 2026 and it will close on 29 June 2026. The price band of the IPO is fixed between Rs 107 and 113 per share. An investor can bid for a minimum of 132 equity shares and multiples thereof.

Economy

India's forex reserves increased by $963 million to $672.587 billion during the week ended June 19, the RBI said on Friday.

Foreign currency assets decreased by $3.072 billion to $541.217 billion, according to the RBI.

However, the value of gold reserves increased by $4.110 billion to $107.930 billion during the week. The Special Drawing Rights (SDRs) were down $52 million to $18.647 billion, the apex bank said.

India's reserve position with the IMF slipped $22 million to $4.793 billion in the reporting week, according to the apex bank's data.

Buzzing Index:

The Nifty Pharma index jumped 1.82% to 25,424.70. The index slipped 0.20% in the past trading session.

Dr Reddys Laboratories (up 3.96%), Ajanta Pharma (up 3.45%), Torrent Pharmaceuticals (up 2.96%), J B Chemicals & Pharmaceuticals (up 2.81%), Cipla (up 2.67%), Ipca Laboratories (up 2.59%), Glenmark Pharmaceuticals (up 2.41%), Mankind Pharma (up 2.34%), Lupin (up 2.24%) and Laurus Labs (up 2.1%) advanced.

On the other hand, Wockhardt (down 1.54%), Piramal Pharma (down 0.60%) and Abbott India (down 0.25%) edged lower.

Stocks in Spotlight:

DCX Systems advanced 2.82% after the company announced that it has secured purchase orders worth Rs 435.85 crore in the normal course of business.

Puravankara rose 2.78% after it has entered into a joint development agreement (JDA) for a 6.4-acre land parcel in Sarjapur, Bengaluru, with an estimated gross development value (GDV) of around Rs 1,000 crore.

Global Markets:

Asian markets traded mixed on Monday as tensions between Iran and the U.S. escalated once again following renewed attacks in the Middle East, which threaten to prolong the war.

The U.S. attacked Iranian military targets over the weekend in retaliation to Tehran carrying out strikes along the Strait of Hormuz. President Donald Trump then threatened to annihilate Iran, saying in a Truth Social post: 'United States aircraft just struck Iranian missile and drone storage locations, and coastal radar sites, for violating the Cease Fire Agreement, AGAIN!'

Crude prices rose as traders weighed the potential of further disruption in the energy space. International Brent oil climbed 0.8% to $72.57 per barrel. West Texas Intermediate futures advanced 1.1% to $70.

Last week, the Nasdaq Composite posted its fifth consecutive losing session Friday as investors rotated out of key technology stocks and into more defensive areas of the market.

The tech-heavy index dropped 0.24% to close at 25,297.62, while the S&P 500 ticked down 0.05% to 7,354.02. The Dow Jones Industrial Average shed 44.51 points, or 0.09%, to end at 51,876.11.

The S&P 500 slid nearly 2% on the week, while the Nasdaq fell 4.6% in the period. The Dow outperformed, rising 0.6% week to date.

Chip stocks were weaker after a media report stated that OpenAI is considering delaying its IPO to next year because of SpaceX's poor performance following its debut and overall volatility in AI-related shares.

The report raised concerns about sustainability of their infrastructure spending given the delay in funding from the capital markets,' a global research house reportedly said.

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