Indian benchmark indices closed lower on Thursday amid weak global cues, escalating geopolitical tensions in West Asia, and continued selling pressure in information technology stocks. The BSE Sensex settled 150.63 points or 0.20% lower at 73,832.55, while the NSE Nifty declined 53.35 points or 0.23% to close at 23,161.60. According to market reports, markets opened sharply lower, tracking weakness in global equities after renewed concerns surrounding the US-Iran conflict pushed crude oil prices higher and dampened investor sentiment. During early trade, the Sensex fell 464.43 points or 0.62% to 73,518.75, while the Nifty dropped 142.9 points or 0.61% to 23,072.05. However, the domestic indices staged a strong recovery during the first half, briefly turning positive around 1:50 pm, with the Sensex trading at 74,059.13, up 75.95 points, and the Nifty hovering near the flat line at 23,217.90. The gains proved short-lived as selling pressure resurfaced in the latter half, dragging the benchmarks back into negative territory by the close.
IT stocks emerged as the biggest laggard, falling over one per cent, with the Nifty IT index dragging lower by losses in major technology companies amid concerns over global demand trends. According to market analysts, sectoral participation remained largely negative, with IT emerging as the top loser, followed by weakness in FMCG, energy and realty counters. FMCG, PSU Bank, Realty, Consumer Durables and Chemicals indices also ended in the red. However, banking and pharmaceutical stocks displayed resilience and helped limit the broader market decline. Nifty Media bucked the trend and ended 1.78% higher at 1,465.50. Among Nifty constituents, Mahindra & Mahindra, ICICI Bank, Kotak Mahindra Bank, JSW Steel and Bharti Airtel were among the top gainers, while Infosys, Adani Ports, HCL Technologies, Eternal and Bharat Electronics figured among the major losers.
Several companies announced significant strategic moves and acquisitions. Happiest Minds launched its new Agentic AI Platform called 'Rel(AI) Build', positioning itself in the growing AI infrastructure market. Maithan Alloys received NCLT approval for merging its subsidiaries Impex Metal and Ierro Alloys into the company, streamlining its operational structure. Gujarat Alkalies successfully acquired a 26% equity stake in Cleanmax Sphere Energy for ₹32 crore, expanding its clean energy portfolio. Tata Capital allotted Non-Convertible Debentures worth ₹2,030 crore on private placement basis, while Ratnaveer Precision plans to issue equity shares worth ₹330 crore on rights basis.
NLC India witnessed the government selling a 2.7% stake, reducing total shareholding to 69.47%. IRCTC saw the government appoint Rajneesh Narain as the new Director (Finance). Edelweiss Financial accelerated its NCD issue closure to June 12 due to strong demand, originally planned for June 19. Motisons Jewellers closed its QIP issue early on June 11, allotting 135.7 crore shares at ₹11.05 per share with a 4.6% discount to floor price. SBI saw the government nominate Sanjay Lohia as a Director on the Central Board.
Looking ahead, market analysts remain cautious about the near-term outlook. Ajit Mishra from Religare Broking noted that the market continues to witness selling pressure on every rise, although rotational buying in select heavyweight stocks is helping contain the decline. He cautioned that a decisive break below the 23,000 mark could trigger the next leg of correction, while upside momentum is likely to remain capped near the 23,500 level. However, market analyst Vipin Dixena highlighted the sharp intraday recovery despite the weak closing, noting that both Sensex and Nifty now display a bullish inverted hammer candlestick pattern on daily charts, signaling buyer resilience. The Nifty June futures are down 0.05% to 23,227 at a premium of 66 points, indicating continued cautious sentiment among investors.
