Sensex rises 291 points, Nifty tops 24,100 on cooling crude and FII support

Domestic equities advanced on Monday as cooling oil prices and fresh FII inflows fuelled risk appetite. Buying in heavyweight Reliance Industries and healthcare counters propelled the Nifty past the 24,100 level. The gains were partly offset by weakness in consumer durables and FMCG stocks.

The S&P BSE Sensex gained 291.17 points or 0.38% to 77,094.07. The Nifty 50 index jumped 89.80 points or 0.37% to 24,102.90.

Infosys (up 1.29%), Reliance Industries (up 1.16%) and HDFC Bank (up 0.74%) boosted the Nifty higher today.

The broader market outperformed the frontline indices. The BSE 150 MidCap Index jumped 0.43% and the BSE 250 SmallCap Index rose 0.76%.

The market breadth was strong. On the BSE, 2,634 shares rose and 1,757 shares fell. A total of 206 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 1.29% to 12.80.

Economy:

India's foreign exchange reserves declined by $9.99 billion to $671.63 billion during the week ended June 12, 2026, primarily due to a sharp fall in gold reserves, according to data released by the Reserve Bank of India (RBI) on Friday.

Foreign currency assets (FCAs), a major component of the reserves, increased by $846 million to $544.29 billion during the reporting week.

However, gold reserves declined by $10.75 billion to $103.82 billion. Special Drawing Rights (SDRs) also fell by $66 million to $18.70 billion.

India's reserve position with the International Monetary Fund (IMF) decreased by $11 million to $4.82 billion during the week, RBI data showed.

Maharashtra Monsoon Session 2026:

The Maharashtra Legislature's monsoon session begins today, 22 June 2026, and will continue until 10 July 2026. The three-week session will be held in Mumbai and is expected to deliberate on several important legislative and policy matters concerning the state.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose 0.15% to 6.853 compared with previous session close of 6.843.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 94.6850 compared with its close of 94.3350 during the previous trading session.

MCX Gold futures for 05 August 2026 settlement added 1.12% to Rs 152,624.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.03% to 100.88.

The United States 10-year bond yield advanced 0.56% to 4.488.

In the commodities market, Brent crude for July 2026 settlement fell 73 cents or 0.91% to $79.12 a barrel. Brent crude oil futures edged lower after mediators Qatar and Pakistan said that U.S. and Iranian officials had agreed on a roadmap to reach a final deal within 60 days.

Global Markets:

Most European market declined amid political uncertainty in the United Kingdom following reports that Prime Minister Keir Starmer could face growing pressure within the Labour Party. Investors also tracked developments surrounding the party's leadership dynamics.

Asian market traded mixed on Monday as investors assessed the latest developments in the Iran conflict and awaited key inflation data that could offer clues on the U.S. Federal Reserve's interest rate trajectory.

U.S. markets were closed on Friday, 19 June, for the Juneteenth holiday.

On Thursday, U.S. equities rebounded after the Federal Reserve signalled the possibility of interest rate cuts later this year. The S&P 500 rose 1.08% to 7,500.58, while the Nasdaq Composite gained 1.91% to 26,517.93. The Dow Jones Industrial Average advanced 72.15 points, or 0.14%, to 51,564.70.

Stocks in Spotlight:

Kirloskar Oil Engines hit the 20% upper circuit after the company secured a significant order from HyperNext to deploy high-capacity power systems for hyperscale data centres in India. The order comprises 192 MW, 96 units of KOEL's 2500 kVA Optiprime dual core power systems.

Cipla jumped 4.82% to Rs 1,417 after a foreign brokerage reiterated its 'Buy' rating on the stock, retained a target price of Rs 1,700 and placed it on a 90-day Positive Catalyst Watch.

Sun Pharmaceutical Industries added 1.40% after the company said that it has entered into an agreement for acquiring 100% outstanding shares of Innovcare Lifesciences for a total consideration of Rs 271.2 crore.

Aurobindo Pharma shed 0.12%. The company announced that its wholly owned subsidiary, Aurobindo Pharma USA, Inc., has received approval from the U.S. Federal Trade Commission (FTC) to proceed with the acquisition of Lannett Company LLC.

Knowledge Marine & Engineering Works (KMEW) jumped 13.37% after its consortium bagged a Rs 66.11 crore contract from the Inland Waterways Authority of India (IWAI) for 10 hybrid electric passenger ferries.

NOCIL hit the 20% upper circuit after the government imposed anti-dumping duties on imports of Sulphenamides Accelerators from China, the European Union and the United States for a period of five years. The levy will remain in force for five years unless revoked or amended earlier. NOCIL manufactures Sulphenamides Accelerators under its Pilcure brand, a product widely used in the vulcanisation process that enhances the strength, durability and performance of tyres and other rubber products.

Asian Energy Services jumped 1.43% after the company said that it has secured an engineering, procurement and construction (EPC) contract worth Rs 187.62 crore from Gujarat State Electricity Corporation (GSECL).

Divgi Torqtransfer Systems rose 1.03%. The company announced that it has secured a strategic order from an existing leading Indian original equipment manufacturer (OEM).

Power Mech Projects rallied 1.69% after the company announced that it had secured a contract worth Rs 1,008.90 crore from JSW Thermal Energy.

Stanley Lifestyles rose 2.75% after it has received an order from Infopark Developers, a Tata Realty company, for the supply of armchairs for an office area.

Rail Vikas Nigam (RVNL) rose 0.54%. The company has secured a Rs 2,977 crore contract from NMDC for developing infrastructure facilities at Vizag, Andhra Pradesh.

Initial Public Offer (IPO):

Turtlemint Fintech Solutions received bids for 1,69,94,964 shares as against 3,29,01,878 shares on offer, according to stock exchange data at 16:21 IST on 22 June 2026. The issue was subscribed 0.52 times.

The issue opened for bidding on 19 June 2026 and it will close on 23 June 2026. The price band of the IPO is fixed between Rs 144 and 152 per share. An investor can bid for a minimum of 98 equity shares and multiples thereof.

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