Indices turn rangebound; auto shares decline

The key equity benchmarks traded in narrow range with modest losses in mid-morning trade, amid rising geopolitical tensions between Israel and Iran. Market sentiment remains cautious, with geopolitical factors likely to shape further movement. Investors will closely track crude oil prices, the G7 summit, upcoming Bank of Japan?s policy decision and the outcome of the upcoming U.S. Federal Reserve meeting later this week. The Nifty hovered below the 24,900 level.

Auto stocks declined, retreating from the previous session?s upward momentum.

At 11:25 IST, the barometer index, the S&P BSE Sensex declined 192.60 points or 0.24% to 81,604.30. The Nifty 50 index fell 62.20 points or 0.25% to 24,881.45.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.11% and the S&P BSE Small-Cap index added 0.12%.

The market breadth was positive. On the BSE, 1,923 shares rose and 1,744 shares fell. A total of 223 shares were unchanged.

IPO update:

The initial public offer (IPO) of Oswal Pumps received bids for 5,05,33,032 shares as against 1,62,12,980 shares on offer, according to stock exchange data at 11:24 IST on Tuesday (17 June 2025). The issue was subscribed 3.12 times.

The issue opened for bidding on Friday (13 June 2025) and it will close on Tuesday (17 June 2025). The price band of the IPO is fixed between Rs 584 and 614 per share. An investor can bid for a minimum of 24 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Auto index fell 0.36% to 23,283.95. The index increased 0.18% in the past trading session.

Tube Investments of India (down 1.44%), Samvardhana Motherson International (down 1.08%), Tata Motors (down 0.81%), Eicher Motors (down 0.75%), Bajaj Auto (down 0.58%), Bharat Forge (down 0.41%), Mahindra & Mahindra (down 0.4%) and TVS Motor Company (down 0.29%) declined.

Stocks in Spotlight:

Tata Consultancy Services (TCS) rose 0.32%. The company has announced a strategic partnership with the Council of Europe Development Bank (CEB) to modernize the bank?s operations and enhance efficiency through advanced automation

Macrotech Developers added 0.56% after the firm said it has officially changed its name to Lodha Developers, effective 16 June 2025, following approval from the Ministry of Corporate Affairs (MCA).

Global Markets:

US Dow Jones futures were down 146 points, signaling a weak start for Wall Street.

Asian shares traded mixed on Tuesday as investors kept a close watch on the simmering Israel-Iran tensions.

All eyes are now on the Bank of Japan, which is set to announce its policy decision later in the day. Expectations are that the BOJ will hold interest rates steady at 0.5%, opting for caution amid a murky global trade outlook.

Back in the US, Wall Street closed in the green overnight. Hopes for a de-escalation in the Middle East boosted sentiment, with the Dow Jones climbing 0.75%, the S&P 500 gaining 0.94%, and the Nasdaq leading the rally with a 1.52% jump.

On the corporate front, Roku shares popped after the company unveiled a new exclusive partnership with Amazon Ads. The deal is set to create the largest authenticated Connected TV (CTV) footprint in the US, a major win in the growing streaming ad market.

Meanwhile, the US Federal Reserve begins its two-day meeting today. While interest rates are widely expected to remain unchanged at around 4.5%, the spotlight will be on any hints of a pivot to rate cuts, especially as inflation cools and growth shows signs of fatigue.

Across the border, G7 leaders are gathering in Canada this week. The mood might be tense, with US President Donald Trump?s tariffs on allied imports casting a shadow. Canadian PM Mark Carney has promised a push for peace and stability but hinted at potential retaliatory tariffs if Washington doesn?t ease up on its steel and aluminum duties.

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