Bourses turn bearish amid profit-booking in oil, pharma
Mumbai: Benchmark Sensex dropped by 212 points on Tuesday due to profit-taking in metal, oil & gas and pharma shares as investors turned cautious due to increased tensions in the Middle East.
The 30-share BSE Sensex declined 212.85 points or 0.26 per cent to settle at 81,583.30. During the day, it dropped 369.14 points or 0.45 per cent to 81,427.01. The 50-share NSE Nifty dropped 93.10 points or 0.37 per cent to 24,853.40. Investors preferred to stay on the sidelines due to rising global crude oil prices and the upcoming US Fed interest rate decision later this week, according to experts.
Pharma shares also came under pressure after reports stated that US President Donald Trump has warned that tariffs on pharmaceuticals and semiconductor products would be announced shortly. Sun Pharma emerged as the biggest loser among Sensex shares, dropping by 2.18 per cent. Eternal, Tata Motors, Bajaj Finance, IndusInd Bank and Bajaj Finserv were also among the laggards. In contrast, Tech Mahindra, Infosys, Asian Paints and Maruti were among the gainers.
'The benchmark equity index experienced moderate losses amid rising risk of an escalation of conflicts in the Middle East. This uncertainty pushed Brent crude prices higher -- an unfavourable development for India, given its heavy reliance on oil imports, thereby dampening earnings growth,' Vinod Nair, Head of Research, Geojit Investments Limited, said. Israel appeared to be expanding its air campaign on Tehran as US President Donald Trump posted an ominous message warning residents of the capital to evacuate.
The BSE smallcap gauge dropped 0.67 per cent and midcap index declined 0.56 per cent. Among BSE sectoral indices, metal went lower by 1.29 per cent, services (1.09 per cent), oil & gas (0.92 per cent), commodities (0.86 per cent), energy (0.73 per cent), consumer discretionary (0.64 per cent) and realty (0.64 per cent). IT, teck and BSE Focused IT were the gainers. Among Nifty sectoral indices, Nifty Pharma dropped the most by 1.89 per cent. Granules India, Lupin, Natco Pharma, Laurus Labs and Aurobindo Pharma were major losers.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Mint
42 minutes ago
- Mint
Iran-Israel conflict: Donald Trump warns Iran has ‘two weeks' to avoid US strikes
US President Donald Trump warned escalating tensions on Friday, giving Iran a "maximum" of two weeks to avoid potential American air strikes. His remarks come as Israel asserts it has already delayed Iran's presumed nuclear ambitions by at least two years. Trump also dismissed European diplomatic efforts, saying it would be "very hard" to ask Israel to halt its ongoing military actions, according to a report by AFP. A series of blasts were heard in Tehran on Friday as Israel kept up the massive wave of strikes it says is aimed at stopping Iran from developing nuclear weapons -- an ambition Tehran has denied. 'According to the assessment we hear, we already delayed for at least two or three years the possibility for them to have a nuclear bomb,' Israel's foreign minister Gideon Saar said in an interview published Saturday. Saar said Israel's week-long onslaught will continue. "We will do everything that we can do there in order to remove this threat," he told German newspaper Bild. As Trump mulls the prospect of joining the war on Israel's side, top diplomats from Britain, France and Germany met their Iranian counterpart Abbas Araghchi in Geneva and urged him to resume talks with the United States that had been derailed by Israel's attacks. French Foreign Minister Jean-Noel Barrot said "we invited the Iranian minister to consider negotiations with all sides, including the United States, without awaiting the cessation of strikes, which we also hope for." But Araghchi told NBC News after the meeting that "we're not prepared to negotiate with them (the United States) anymore, as long as the aggression continues." Trump was dismissive of European efforts, telling reporters, "Iran doesn't want to speak to Europe. They want to speak to us. Europe is not going to be able to help in this." Trump also said he's unlikely to ask Israel to stop its attacks to get Iran back to the table. "If somebody's winning, it's a little bit harder to do," he said. Any US involvement would likely feature powerful bunker-busting bombs that no other country possesses to destroy an underground uranium enrichment facility in Fordo. On the streets of Tehran, many shops were closed and normally busting markets largely abandoned on Friday. Since Israel launched its offensive on June 13, targeting nuclear and military sites but also hitting residential areas, Iran has responded with barrages which Israeli authorities say have killed at least 25 people. A hospital in the Israeli port of Haifa reported 19 injured, including one person in serious condition, after the latest Iranian salvo. More than 450 missiles have been fired at the country so far, along with about 400 drones, according to Israel's National Public Diplomacy Directorate. We will do everything that we can do there in order to remove this threat. Iran said on Sunday that Israeli strikes had killed at least 224 people, including military commanders, nuclear scientists and civilians. It has not updated the toll since.
The Hindu
43 minutes ago
- The Hindu
Pakistan nominates Donald Trump for Nobel Peace Prize for ‘leadership' during India-Pakistan conflict
Pakistan has said in a post on social media platform X that U.S. President Donald Trump should get Nobel Peace Prize in 2026 'in recognition of his decisive diplomatic intervention and pivotal leadership during the recent India-Pakistan crisis'. Mr. Trump has repeatedly claimed credit for playing a substantial role in easing the conflict — despite Indian authorities disputing that. The nomination came after Mr. Trump was asked on Friday (June 20, 2025) about the Nobel and said he should be awarded it for a variety of reasons, including his work on India and Pakistan and arranging a treaty he said would be signed on Monday to end hostilities between the Democratic Republic of the Congo and Rwanda. 'I should have gotten it four or five times,' the President said. 'They won't give me a Nobel Peace Prize because they only give it to liberals.'
Mint
44 minutes ago
- Mint
‘Won't get Nobel Peace Prize': Trump reiterates he ‘stopped' India-Pak conflict, says ‘people know, that's what matters'
US President Donald Trump reiterated on Saturday that he 'stopped' India-Pakistan conflict despite India repeatedly denying the role of the US in May 10 'bilateral understanding' between the two countries. In a post on TRUTH social media, Trump also highlighted a 'wonderful Treaty' that he said the US 'arranged' between the Democratic Republic of the Congo, and the Republic of Rwanda. 'I am very happy to report that I have arranged, along with Secretary of State Marco Rubio, a wonderful Treaty between the Democratic Republic of the Congo, and the Republic of Rwanda, in their War, which was known for violent bloodshed and death, more so even than most other Wars, and has gone on for decades. Representatives from Rwanda and the Congo will be in Washington on Monday to sign Documents,' Trimp's post read. It added, 'This is a Great Day for Africa and, quite frankly, a Great Day for the World!' Later in the social media post, he said he won't get a Nobel Peace Prize 'no matter what I do,' but 'the people know, and that's all that matters to me!' Trump said, 'I won't get a Nobel Peace Prize for this, I won't get a Nobel Peace Prize for stopping the War between India and Pakistan, I won't get a Nobel Peace Prize for stopping the War between Serbia and Kosovo…' 'I won't get a Nobel Peace Prize for keeping Peace between Egypt and Ethiopia (A massive Ethiopian built dam, stupidly financed by the United States of America, substantially reduces the water flowing into The Nile River)…,' he said. "…and I won't get a Nobel Peace Prize for doing the Abraham Accords in the Middle East which, if all goes well, will be loaded to the brim with additional Countries signing on, and will unify the Middle East for the first time in 'The Ages!,' the US President said. He added, 'No, I won't get a Nobel Peace Prize no matter what I do, including Russia/Ukraine, and Israel/Iran, whatever those outcomes may be, but the people know, and that's all that matters to me!'
