Global jitters rattle Dalal Street, Nifty slips below 23,150

The domestic equity benchmarks ended sharply lower on Monday, extending losses for a second consecutive session. Sentiment weakened amid a broad selloff across Asian market, rising crude oil prices and escalating tensions in West Asia. Concerns over a potential U.S. interest rate hike also weighed on investor mood. The Nifty closed below the 23,150 mark, dragged lower by metal and auto stocks. Selling pressure was widespread across sectors. Healthcare stocks, however, bucked the trend and ended in positive territory.

The S&P BSE Sensex tanked 719.08 points or 0.97% to 73,524.26. The Nifty 50 index lost 243.70 points or 1.04% to 23,123. In two consecutive trading sessions, the Sensex declined 1.13% while the Nifty 50 fell 1.38%

Reliance Industries (down 2.18%), Larsen & Toubro (down 2.09%) and HDFC Bank (down 1.21%) were major Nifty drags today.

The broader market underperformed the frontline indices. The BSE 150 MidCap Index fell 1.70% and the BSE 250 SmallCap Index shed 1.88%.

The market breadth was weak. On the BSE, 1,181 shares rose and 3,192 shares fell. A total of 180 shares were unchanged.

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 7.85% to 17.03.

Numbers to Track:

The yield on India's 10-year benchmark federal paper shed 0.16% to 7.964 compared with previous session close of 6.975.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 95.7375 compared with its close of 95.1800 during the previous trading session.

MCX Gold futures for 6 August 2026 settlement fell 1.33% to Rs 153,529.

The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.23% to 99.82.

The United States 10-year bond yield rose 0.48% to 4.563.

In the commodities market, Brent crude for August 2026 settlement surged $3.92 or 4.21% to $97.01 a barrel after reports indicated that Israel had launched fresh attacks on Lebanon over the weekend despite a ceasefire, raising concerns over regional stability and the smooth flow of oil shipments through the strategically important Strait of Hormuz.

Global Markets:

European shares traded lower on Monday as oil prices rose after renewed hostilities between Israel and Iran heightened concerns about stability in the Middle East and raised uncertainty over efforts to sustain a U.S.-backed ceasefire.

Asian indices also declined, with investor sentiment weakened by fears of a broader regional conflict following Israeli strikes on targets in western and central Iran.

Meanwhile, Japan's economy grew 0.5% quarter-on-quarter in the first quarter of 2026, accelerating from 0.2% growth in the previous quarter and exceeding market expectations of 0.3%. Growth was supported by stronger consumer spending, increased public investment and resilient export demand, although business investment remained subdued amid higher interest rates and weaker corporate sentiment.

On Friday, U.S. markets closed sharply lower. The Nasdaq Composite dropped 4.18% to 25,709.43, marking its steepest decline since April 2025. The S&P 500 fell 2.64% to 7,383.74, while the Dow Jones Industrial Average lost 695 points to close at 50,866.78, a day after reaching a record high.

The selloff followed a stronger-than-expected U.S. jobs report for May, which pushed Treasury yields higher and reinforced concerns that elevated borrowing costs could weigh on companies investing heavily in artificial intelligence infrastructure.

Investors will closely monitor upcoming inflation data this week, while market attention will also be on the planned public listing of SpaceX on Friday.

Stocks in Spotlight:

EMS surged 10.35% after the company announced that it has emerged as the lowest bidder (L-1) for a sewerage infrastructure project awarded by UP Jal Nigam (Urban), Varanasi. The said order value is Rs 102.84 crore and it wil executed within 24 months.

H G Infra Engineering rose 2.84% after the company received the provisional completion certificate from Adani Road Transport for Ganga Expressway project in Uttar Pradesh (UP). The contract is valued at Rs 4,970.99 crore.

Zee Entertainment Enterprises fell 1.05%. The company announced that its board will meet on Wednesday, 19 June 2026 to consider raising funds through the issuance of equity shares through various modes in one or more tranches.

Cupid Breweries and Distilleries jumped 4.96% after signing pact with United Spirits to buy an operational manufacturing unit in Gopalpur, Odisha, for Rs 22.50 crore.

Le Travenues Technology (Ixigo) fell 2.49%. The company's board has approved the acquisition of a 54.66% stake in Brevistay Hospitality for Rs 65.69 crore through a mix of secondary and primary share purchases.

Sigma Advanced Systems declined 4.39%. The company secured an export contract worth $21.97 million (around Rs 208 crore) for the manufacture and supply of 40,000 units of 155 mm M107 artillery shell bodies to a North American customer.

Adani Ports and Special Economic Zone (APSEZ) fell 1.05%. The company said that it has secured a 10-year marine services contract for Argentina's first liquefied natural gas (LNG) export project.

Waaree Renewable Technologies slipped 2.36%. The company announced that it has received a Letter of Award (LoA) from Sunsational Power Private Limited (SPPL) for the execution of an Engineering, Procurement and Construction (EPC) contract.

Lupin shed 0.58%. The company announced a strategic collaboration with Spanish pharmaceutical company Laboratorios ERN S.A. for the launch of Luforbec (beclometasone/formoterol) 100/6, a fixed-dose combination inhaler.

Creative Newtech surged 13.44% after the company along with its consortium partner has received an advance work order (AWO) from Bharat Sanchar Nigam (BSNL), acting on behalf of Digital Bharat Nidhi, Government of India.

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