Market ends with steep losses, media shares outperform; VIX rallies 2.74%

The domestic equity benchmarks ended with significant losses today, weighed down by ongoing tensions in the Middle East. Media, consumer durables and metal shares advanced while IT, auto and FMCG shares declined. The Nifty settled below the 25,000 level.
As per provisional closing data, the barometer index, the S&P BSE Sensex, tanked 511.38 points or 0.62% to 81,896.79. The Nifty 50 index slipped 140.50 points or 0.56% to 24,971.90.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.20% and the S&P BSE Small-Cap index added 0.57%.
The market breadth was negative. On the BSE, 1,862 shares rose and 2,195 shares fell. A total of 183 shares were unchanged.
The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, added 2.74% to 14.05.
Economy:
The HSBC Flash India Composite Output Index, which tracks month-on-month changes in combined output from manufacturing and services, rose to 61.0 in June from 59.3 in May - the highest in 14 months and well above the long-term average.
Manufacturing led the growth, with the Manufacturing PMI Output Index climbing to 61.5 in June from 60.3 in May. The overall Manufacturing PMI rose to 58.4, its best level since April 2024, signalling improved operating conditions.
The HSBC Flash India Services PMI Business Activity jumped to 60.7 from 58.8, showing a strong uptick in service sector growth.
Buzzing Index:
The Nifty Media index soared 4.39% to 1,748.40. The index jumped 4.76% for the second trading session.
Zee Entertainment Enterprises (up 12.64%), Network 18 Media & Investments (up 3.39%), Nazara Technologies (up 3.19%), Dish TV India (up 1.82%), PVR Inox (up 1.07%), Saregama India (up 0.69%), D B Corp (up 0.46%) added.
On the other hand, Sun TV Network (down 1.29%), Hathway Cable & Datacom (down 0.47%) and Tips Music (down 0.31%) edged lower.
Zee Entertainment Enterprises (ZEEL) surged 12.64% after the company released a detailed strategic business update outlining its plans for consolidation, capital infusion, and digital growth.
The company reported that it holds a 17% share of the urban TV viewership market (15+ age group). This comes amid broader industry consolidation that has resulted in a two-player market structure, with Peer-1 holding a dominant 34% share. Zee stated that it remains committed to strengthening its position in the evolving media and entertainment landscape.
Stocks in Spotlight:
Solar Industries India shed 0.52%. The company said that its wholly owned subsidiary, Solar Defence & Aerospace has signed contract with Ministry of Defence, Government of India, to supply defence products.
Ideaforge Technology hit an upper limit of 10% after the company secured an order worth approximately Rs 137 crore, inclusive of all charges to supply Mini UAVs with accessories to Ministry of Defence.
Waaree Renewable Technologies rose 0.13%. The company announced that it has signed a non-binding memorandum of understanding (MoU) with Viet Khanh Joint Stock Company for the execution of engineering, procurement, and construction (EPC) work for a solar power project.
Bharat Electronics (BEL) advanced 3.15% after the company announced it had secured additional orders worth Rs 585 crore since its last disclosure on 5 June 2025.
Godrej Properties fell 1.17%. The company announced that it had sold inventory worth over Rs 2,000 crore during the launch of the first phase of its residential project, Barca @ Godrej MSR City, located in Devanahalli, North Bengaluru.
Nitco jumped 2.04% after the company announced that it has received a fresh Letter of Intent (LoI) from Prestige Estates Projects for an additional tile supply order worth approximately Rs 45 crore.
Zen Technologies hit an upper limit of 5% after the companys board has approved the acquisition of TISA Aerospace (TISA) through a mix of share purchase plus compulsorily convertible debentures (CCDs) from current shareholders of TISA.
Global Markets:
European markets traded lower, while Asian markets ended lower on Monday as investor jitters grew following the US airstrikes on three Iranian nuclear sites, which pushed oil prices higher and reignited fears of a wider Middle East conflict. Brent Crude climbed to $78.52 a barrel, continuing its upward trend amid regional tensions.
On the macro front, Japan delivered a pleasant surprise. Its manufacturing sector returned to expansion in June, with the au Jibun PMI rising to 50.4 from Mays 49.4. The services sector also saw steady growth, with the index nudging up to 51.5 from 51.0.
Back in the US, two of the three major indices closed lower on Friday. The S&P 500 slipped 0.22%, marking its third straight loss, while the Nasdaq dropped 0.51%. The Dow managed a modest gain of 0.08% as investors weighed geopolitical developments and the Feds next move on rates.

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Economic Times

43 minutes ago

• Economic Times

US stocks open muted as investors await Tehran's response to US strikes

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The Print

2 hours ago

• The Print

Markets slump on heightened tensions in Middle East; Sensex drops 500 pts

After losing over 900 points in day trade, the 30-share index recovered some lost ground to close with a loss of 511.38 points or 0.62 per cent at 81,896.79. Besides, selling pressure in IT, tech and auto stocks amid elevated global crude prices dented market sentiments, traders said. Mumbai, Jun 23 (PTI) Stock market benchmark indices Sensex and Nifty tumbled on Monday, as intensifying tensions in the Middle East after the US bombed three major nuclear sites in Iran unnerved investors. During the day, it tumbled 931.41 points or 1.13 per cent to 81,476.76. As many as 2,204 stocks declined, while 1,854 advanced and 182 remained unchanged on the BSE. The 50-share NSE Nifty dropped 140.50 points or 0.56 per cent to 24,971.90. 'The entry of the US into the Israel-Iran conflict heightened tension as panic selling by investors triggered major correction in early trade. Also, if oil prices shoot up rapidly due to the ongoing war, higher import bills would lead to a fast decline in the local currency against the dollar and weigh on inflation. 'However, FIIs turning out buyers of local shares worth over Rs 10,000 crore in the past 4 sessions shows that India's strong fundamentals continue to attract foreigners despite global uncertainty,' Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said. The US bombed three major nuclear sites — Fordow, Natanz and Isfahan — in Iran, directly engaging itself in the Israel-Iran conflict. From the Sensex pack, HCL Tech, Infosys, Larsen & Toubro, Mahindra & Mahindra, Hindustan Unilever, ITC, Tata Consultancy Services and Maruti were the biggest laggards. In contrast, Trent, Bharat Electronics, Bajaj Finance and Kotak Mahindra Bank were among the gainers. The BSE smallcap gauge climbed 0.57 per cent, and the midcap index rose 0.20 per cent. Among BSE sectoral indices, BSE Focused IT lost 1.48 per cent, IT tanked 1.46 per cent, teck (1.10 per cent), auto (0.88 per cent), FMCG (0.62 per cent), telecommunication (0.50 per cent) and bankex (0.38 per cent). Capital Goods jumped 0.94 per cent, services (0.73 per cent), metal (0.71 per cent), commodities (0.46 per cent) and consumer durables (0.38 per cent). 'Last Friday, markets buildup in anticipation of easing Middle East tensions, following the US announcement of a two-week window to deliberate its involvement in the Israel-Iran conflict. However, the unexpected US airstrike on Iran's nuclear facilities over the weekend disrupted those expectations, triggering a sharp rise in crude oil prices and leading to consolidation in the domestic equity market,' Vinod Nair, Head of Research, Geojit Investments Limited, said. In Asian markets, South Korea's Kospi and Japan's Nikkei 225 index settled lower, while Shanghai's SSE Composite index and Hong Kong's Hang Seng ended higher. European markets were trading lower in mid-session. US markets ended mostly lower on Friday. Global oil benchmark Brent crude climbed 0.49 per cent to USD 77.39 a barrel. Despite the initial setback, the market recovered some of its losses, supported by gains in capital goods and metal stocks, as fears of an immediate oil supply disruption remained low, he added. Foreign Institutional Investors (FIIs) bought equities worth Rs 7,940.70 crore on Friday, according to exchange data. On Friday, the 30-share BSE Sensex surged 1,046.30 points or 1.29 per cent to settle at 82,408.17. The Nifty climbed 319.15 points or 1.29 per cent to 25,112.40. PTI SUM SUM BAL BAL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.

Business Standard

2 hours ago

• Business Standard

Blend core SIP strategy with dip-buying for tactical market gains

Trading volumes in exchange-traded funds (ETFs) on the National Stock Exchange (NSE) typically spike when the Nifty drops more than 1 per cent, according to media reports. This indicates that savvy investors use such declines as buying opportunities. ETF advantage ETFs are well-suited for dip-buying as they offer intraday liquidity. 'Unlike mutual funds, which are priced only at day-end, ETFs trade in real time, allowing investors to act immediately during sharp intraday declines,' says Arun Patel, founder and partner, Arunasset Investment Services. ETFs have low expense ratios and don't have an exit load. They also provide diversification so that investors don't have to bet on individual stocks. Upside of buying the dip Buying after a market fall enables investors to acquire assets at more attractive valuations. 'Investors get more value for the same investment. It can help lower their average cost of holdings,' says Patel. Behaviourally, the strategy converts volatility into opportunity. 'If done calmly, dip-buying can enhance long-term returns,' says Sanjeev Govila, certified financial planner and chief executive officer, Hum Fauji Initiatives. Further dips possible after buying Dip-buying during bear phases or early in a sell-off can backfire. 'It often amounts to catching a falling knife. Investors may misread temporary bounces or technical signals, only to face deeper declines,' says Patel. 'Markets can continue declining after purchase, testing the investor's patience,' says Govila. If the trend persists, many investors tend to throw in the towel and exit at a loss. Deploying too early leaves investors without dry powder for better opportunities that may come later during the downturn. Evaluate the context Assessing the context is critical. 'Dip-buying is most effective when you can anticipate a turning point — when central banks or governments are likely to step in with supportive measures like rate cuts, liquidity infusions, or fiscal stimulus that may help stabilise the market,' says Patel. Govila suggests the 5-10-15 rule. 'A 5 per cent decline is usually noise, 10 per cent declines deserve attention, while 15 per cent plus declines often present genuine opportunities,' he says. Deployment strategy Avoid overcommitting by setting up a dedicated 'dip fund'. 'Create a separate pool of, say, 5–10 per cent of your total equity allocation, earmarked for such opportunities,' says Govila. Staggered buying reduces regret and improves cost-efficiency. 'Follow the 25-50-25 strategy: Deploy 25 per cent on the first significant decline, 50 per cent if the market falls further, and reserve 25 per cent for extreme scenarios,' he says. Rule-based triggers tied to valuations or index levels can help avoid emotional decisions. Investors should write down their investment rationale before placing such bets. 'Having a written plan, a pre-defined buying ladder, and a long-term mindset rooted in asset quality helps build conviction,' says Ram Medury, founder and chief executive officer, Maxiom Wealth. Be prepared for a long wait Dip-buying can at times require patience. If the dip occurs during a strong uptrend or is triggered by a temporary change in sentiment, recovery can come within months. After the taper tantrum of 2013, the market rebounded strongly within a few quarters as macro stability returned. The Covid-19 crash of March 2020 also saw a swift rebound within a year. If the decline is part of a broader correction or triggered by macroeconomic stress, the wait can be longer. After the 2008 global financial crisis, Indian equities needed nearly two years to recover. 'Historically, markets have taken 12–30 months to recover fully after meaningful corrections. And sector-focused dips may take longer to play out than broad-market dips,' adds Govila. Combine with SIPs Those who buy on dips should not abandon systematic investment plans (SIPs). 'SIP should be the core strategy for retail investors because it is systematic, discipline-driven, and avoids the emotional pitfalls of market timing,' says Medury. SIPs should not be paused during volatile phases. 'Monthly savings done through SIPs provide the power of compounding if done continuously for the long run,' says Swati Saxena, founder and chief executive officer, 4Thoughts Finance. It is best to integrate the two approaches. 'SIPs will provide the benefit of rupee-cost averaging and you can also do opportunistic buying during market downturns,' says Abhishek Kumar, Sebi-registered investment adviser and founder, Saxena suggests routing monthly savings through SIPs and lump-sum investing through dip investing. Key mistakes to avoid Experts say that not every 5 per cent correction is a buying opportunity. Sometimes, those corrections are justified — by lower growth, tighter liquidity, or global shocks. 'Buying prematurely in a falling knife scenario (for example, smallcaps in 2018) can hurt,' says Medury. He suggests using valuation indicators (like P/E relative to historical averages), macro cues (like crude oil spike, GDP growth), and technical support zones to assess the depth of the downturn. Do not engage in dip-buying using leverage, emergency funds, or money needed for short-term goals. Placing heavy bets on a specific sector can also backfire.