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Key indices end on strong note on softening crude oil prices
Jun-24-2026

Indian equity benchmarks ended on strong note on Wednesday, as investors cheered the news of several stranded ships passing through the Strait of Hormuz, which was reflected in a sharp fall in the crude oil prices. The recovery was led by heavy buying in Realty, IT and Banking shares.  Also, optimism over advancing US-India trade deal talks, gave markets a fillip. 

Some of the important factors in trade:

India, US hold high-level trade talks to advance interim deal: In a significant step toward strengthening bilateral relations, India and the United States have held high-level trade talks aimed at salvaging and recalibrating a proposed bilateral trade agreement after changes in US tariff policy disrupted a framework negotiated earlier this year. 

RBI issues directions on TReDS platforms to ease MSME access, support lenders: With an aim to simplify the onboarding process for MSME sellers and enable financiers to avail credit guarantees for their exposures, the Reserve Bank of India (RBI) has issued final directions on Trade Receivables Discounting System (TReDS) platforms. 

India’s GDP growth to be at 6.6% in FY27 amid energy stress: S&P Global Ratings said energy stress, sub-par monsoon and slowing global growth will pull down India's GDP growth to 6.6 per cent in the current fiscal.

India should adopt prudent approach towards opening trade with China: Newly appointed CII President R. Mukundan has backed the entry of Chinese investments and technology into India but stressed that the country should adopt a prudent and measured approach when considering opening of trade with Beijing. 

Global front: European markets were trading mostly in green with investors focusing on Middle East peace negotiations and largely making cautious moves. Asian markets settled mostly higher as the U.S.-Iran peace agreement to end the Middle East war and the opening of the Strait of Hormuz helped ease regional tensions. 

Finally, the BSE Sensex rose 790.54 points or 1.04% to 76,991.22 and the CNX Nifty was up by 197.55 points or 0.83% to 24,021.65.

The BSE Sensex touched high and low of 77,190.37 and 76,121.59, respectively. There were 23 stocks advancing against 7 stocks declining on the index. 

The top gaining sectoral indices on the BSE were Realty up by 2.17%, IT up by 1.81%, Bankex up by 1.78%, Oil & Gas up by 0.78% and TECK up by 0.68%, while Capital Goods down by 1.87%, Power down by 1.66%, Industrials down by 0.92%, Utilities down by 0.79% and Telecom down by 0.79% were the top losing indices on BSE.

The top gainers on the Sensex were Interglobe Aviation up by 4.72%, Trent up by 3.61%, Tech Mahindra up by 3.25%, Bajaj Finance up by 2.96% and ICICI Bank up by 2.69%. On the flip side, NTPC down by 2.11%, Tata Steel down by 1.81%, Maruti Suzuki India down by 1.60%, Bharat Electronics down by 1.48% and Bharti Airtel down by 1.27% were the top losers.

Meanwhile, amid the energy stress, expectations of a sub-par monsoon, and slowing global growth, S&P Global Ratings in its report titled 'Economic Outlook Asia-Pacific Q3 2026: AI-Exposed Markets To Outperform' has lowered India’s Gross Domestic Product (GDP) growth projection to 6.6 per cent for the current fiscal year ending March 2027 (FY27). The Indian economy recorded 7.7 per cent growth in the FY26 and 7.1 per cent in FY25. S&P's FY27 growth projection is in line with the RBI estimate of 6.6 per cent.

It said consumer inflation would be 0.5-0.6 percentage points higher in the third quarter in India, and it will rise to 5.1 per cent in FY27 as manufacturers pass on higher energy costs to consumers, alongside recent increases in prices of petrol, diesel, and cooking gas. Also, with the current account deficit on the rise and the rupee weakening, the authorities took measures to encourage foreign capital inflows. These measures have strengthened the rupee vis-a-vis the U.S. dollar somewhat.

S&P said the Asia-Pacific region's outlook is shaped by resilient global activity, energy market stress, and an AI-driven tech export boom. It noted that the impact of energy stress arising from the West Asia conflict is visible, as the industry faces a substantial rise in input costs and suppliers' delivery time. Also, higher fertiliser prices weigh on food production and raise food prices. It further said rising inflation is eroding purchasing power, thus depressing growth. Sharply higher fertiliser prices may weigh on food production and fuel food prices.

CNX Nifty touched high and low of 24,090.05 and 23,789.25, respectively. There were 30 stocks advancing against 19 stocks declining, while 1 stock remain unchanged on the index.

The top gainers on Nifty were Interglobe Aviation up by 4.77%, Trent up by 3.60%, Adani Enterprises up by 3.55%, Tech Mahindra up by 3.21% and Bajaj Finance up by 2.87%. On the flip side, Bajaj Auto down by 2.69%, NTPC down by 2.18%, Maruti Suzuki India down by 1.80%, Tata Steel down by 1.76% and ONGC down by 1.74% were the top losers.

European markets were trading mostly in green; UK’s FTSE 100 increased 8.12 points or 0.08% to 10,436.97, France’s CAC rose 22.99 points or 0.28% to 8,363.70 and Germany’s DAX lost 212.88 points or 0.86% to 24,680.70.

Asian markets settled mostly higher on Wednesday, despite Wall Street’s overnight tech sell-off driven by expectations of a more hawkish US Federal Reserve stance and the possibility of two interest rate hikes this year rather than one. Markets eagerly awaited Thursday's US PCE Price Index data for fresh direction. South Korea's Kospi index rebounded from a historic 9.99% plunge after heavyweight Samsung Electronics surged 9.84% on news of a massive 90 trillion won share buyback program. Hong Kong shares rose, snapping a five-day losing streak after signs of progress in US-Iran peace talks eased concerns over potential disruptions to global energy supplies. Lower oil prices amid indications that more tankers stranded in the Gulf since the start of the Iran war were beginning to move through the Strait of Hormuz, helped reduce inflation worries and boosted appetite for risk assets across markets. However, Japanese markets fell notably as the Bank of Japan signalled further interest rate hikes in a summary of opinions from its June board meeting.

Asian Indices

Last Trade            

Change in Points

Change in %      

Shanghai Composite

4,110.81

4.56

0.11

Hang Seng

23,412.18

75.90

0.33

Jakarta Composite

5,883.88

-217.45

-3.70

KLSE Composite

1,682.13

2.21

0.13

Nikkei 225

69,174.97

-613.41

-0.88

Straits Times

5,215.99

10.25

0.20

KOSPI Composite

8,471.02

267.18

3.26

Taiwan Weighted

46,043.60

-1,057.05

-2.24
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