Sensex, Nifty snap 3-day losing streak; PSU banks lead broad rally

Snapping the three-day losing streak, Indian equity markets are witnessing a broad-based rally on Friday despite the persistent concerns around the ongoing Israel-Iran tensions showing no signs of improvement.
Last checked, the benchmark BSE Sensex was trading at 82,110.67, up 748.80 points or 0.92 per cent, and the NIfty50 was up 224.55 points, or 0.91 per cent at 25,017.80 levels.
All the major sectoral indices were trading higher, led by the PSU Bank index up over 2 per cent. The public sector bank (PSB) stocks were rallying after the Reserve Bank of India (RBI) released final guidelines on project finance loans that were less strict than previous suggestions.
All 11 constituents of the Nifty PSU Bank index were trading higher led by Punjab National Bank, Union Bank of India, Bank of India, Canara Bank, Central Bank, and State Bank of India up over 1 per cent each.
Among others, the Nifty Realty index, Bank, Energy, Metal, Auto IT, Oil & Gas, and Consumer Durables rose up to 2 per cent.
Following a sharp plunge in Thursday's session, the Nifty Midcap 100 witnessed a rebound rising over 1 per cent and the Nifty Smallcap index around 0.8 per cent.
Prashanth Tapse, senior vice president for research at Mehta Equities, investors should not expect a quick end to the Middle-East conflict, while volatility and wild swings are likely to become a new normal.
According to Srikant Chouhan, head of equity research at Kotak Securities, as long as the market is trading between 24,700/81200 and 24,900/81600, range-bound activity is likely to continue. On the higher side, a successful breakout above 24,900/81600 could take the market to 25000-25050/82000-82200. On the other hand, breaking out of 24,700/81200 could increase the selling pressure. Below this level, the market could retest the levels of 24,500–24,475/80500-80300.
"The strategy should be to take a long trade if Nifty crosses 25000. Keep a stop loss at 24800 for the same. On the other side, expect further weakness below 24700, however, in that case, we need to keep a stop loss at 24900 for the same. However, a close below 24700 would be negative in the short term," Chouhan said.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

Time of India

15 minutes ago

• Time of India

Telecom push: BSNL enters 5G fixed wireless market with Hyderabad launch; plans expansion to six cities by September

State-owned telecom firm BSNL has entered the 5G fixed wireless access (FWA) space, launching its home broadband service in Hyderabad, the company said on Friday. The move pits BSNL against private sector giants Reliance Jio and Bharti Airtel, which are already offering similar services using their 5G spectrum. 'Quantum 5G FWA demonstrates how Indian engineers can create world-class connectivity. It is the first SIM-less, 100 per cent home-grown customised 5G FWA for BSNL,' said BSNL Chairman and Managing Director A Robert J Ravi. 'Today is only a soft launch — many more cities and feature upgrades will follow.' The company said it formally launched the service on June 18 and plans to expand the pilot project to Bengaluru, Pondicherry, Visakhapatnam, Pune, Gwalior, and Chandigarh by September 2025, reported PTI. BSNL is initially offering the service at Rs 999 for a 100 Mbps plan and Rs 1,499 for a 300 Mbps plan. The FWA technology allows telecom providers to deliver wireless broadband by installing an outdoor modem at the subscriber's premises, connecting to the nearest 5G base station. The solution bypasses the need for an optical fibre connection. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now

Business Standard

20 minutes ago

• Business Standard

Biocon closes ₹4,500 crore QIP to boost innovation, expand global access

Biocon Ltd announced on Friday that it has successfully raised ₹4,500 crore through a qualified institutions placement (QIP), marking its first equity fundraising since its initial public offering in 2004. In a regulatory filing, the company stated it had issued over 136.3 million equity shares, each with a face value of ₹5, to eligible institutional investors. The shares were priced at ₹330 per unit, which includes a premium of ₹325. The QIP was open from June 16 to 19, 2025, and received strong interest from both Indian and global investors. Biocon said this response reflects growing confidence in the company's long-term strategic vision. Capital to support innovation and access to affordable healthcare 'The strong response to our QIP reflects deep investor conviction in Biocon's differentiated strategy and consistent execution,' said Siddharth Mittal, CEO and Managing Director of Biocon Ltd. 'This capital raise further strengthens our balance sheet, enabling us to invest in innovation, expand global access to lifesaving biopharmaceuticals, and advance our purpose of delivering affordable healthcare solutions that address pressing health inequities worldwide,' Mittal added. Proceeds allocated for strategic and financial needs Biocon stated that part of the capital raised will be used to purchase outstanding optionally convertible debentures of its subsidiary, Biocon Biologics Limited, from Goldman Sachs India AIF Scheme - 1 and Goldman Sachs India Alternative Investment Trust AIF Scheme - 2. Additionally, the funds will be used to repay, pre-pay, or redeem certain borrowings and financial instruments, and meet other financial requirements, including general corporate expenses.

The Hindu

30 minutes ago

• The Hindu

U.S. steps up Iran-related sanctions as West Asia attacks flare

The United States issued new Iran-related sanctions on Friday (June 20, 2025), taking aim at the procurement of machinery for the country's defence industry at a time when war is flaring in West Asia. The U.S. Treasury Department said it was targeting an individual and eight entities over their roles in the sourcing and transshipment of "sensitive machinery for Iran's defense industry." "The United States remains resolved to disrupt any effort by Iran to procure the sensitive, dual-use technology, components, and machinery that underpin the regime's ballistic missile, unmanned aerial vehicle, and asymmetric weapons programs," said Treasury Secretary Scott Bessent in a statement. Israel-Iran conflict updates: June 20, 2025 He added that Treasury would continue to target Iran's ability to make and proliferate such weapons, "which threaten regional stability and global security." The action comes as conflict is heating up in the Middle East. Iran has been firing daily missile salvos at Israel for the past week, since a wide-ranging Israeli attack on the Islamic Republic's nuclear installations and military bases triggered war. The Treasury's latest targets included Iranian firm Towse Sanaye Nim Resanaye Tarashe and Hong Kong-based Unico Shipping Co, whose vessel was carrying machinery for a designated company. In a separate statement, the Treasury Department said it imposed sanctions directed at Yemen's Iran-backed Huthi rebels as well — on four individuals, 12 entities and two vessels that imported oil and other illicit goods in support of the group. "The Houthis rely on a series of front companies and trusted facilitators to clandestinely generate revenue, procure weapons components, and advance their reign of terror in partnership with the Iranian regime," said US Deputy Treasury Secretary Michael Faulkender. He said the latest move was the department's "most significant to date against the group." In a separate statement, State Department spokesperson Tammy Bruce added that Washington seeks to deprive the Huthis of "resources they need to carry out their reckless and destabilizing actions."