Indian equity benchmarks witnessed a gap-down opening on Monday, tracking weakness across Asian peers as escalating geopolitical tensions in the Middle East dampened risk appetite. Fresh Israeli airstrikes on Beirut triggered a rise in crude oil prices and strengthened the U.S. dollar, heightening concerns over global market stability. Investors also assessed the possibility of tighter U.S. monetary policy after robust employment data increased expectations that the Federal Reserve could deliver an interest rate hike before the end of 2026. Sensex and Nifty were trading lower with cut of over 0.85% each in early deals led by selling in IT and Realty counters. IT stocks remained under pressure as globally investors hit the brakes on the soaring AI-rally as investors questioned lofty valuations in technology-linked stocks. Traders overlooked the government data showing India's Gross Domestic Product (GDP) growth jumped to 7.7% in the FY26, retaining its position as the world's fastest-growing major economy despite global trade and geopolitical uncertainties.
The BSE Sensex is currently trading at 73593.43, down by 649.91 points or 0.88% after trading in a range of 73318.94 and 73662.40. There were 5 stocks advancing against 25 stocks declining on the index.
The sole gaining sectoral index on the BSE was Healthcare up by 0.24%, while IT down by 1.79%, Realty down by 1.79%, Telecom down by 1.56%, Industrials down by 1.48% and Metal down by 1.45% were the top losing indices on BSE.
The top gainers on the Sensex were Power Grid up by 1.09%, SBI up by 0.76%, Sun Pharma up by 0.29%, Axis Bank up by 0.15% and Adani Ports & SEZ up by 0.13%. On the flip side, Eternal down by 2.18%, Interglobe Aviation down by 2.18%, TCS down by 2.17%, Mahindra & Mahindra down by 1.97% and Larsen & Toubro down by 1.80% were the top losers.
Meanwhile, with an aim to deepen economic ties and strengthen bilateral trade, Commerce and Industry Minister Piyush Goyal has stated that India and the United States (US) are rapidly moving towards resolving all outstanding issues in the proposed interim trade agreement. According to him, both countries are likely to finalize and implement the ‘very, very vibrant’ first phase of the pact by mid-July 2026.
Goyal noted that a US team visited New Delhi from June 2 to 4 to advance negotiations and finalize the agreement. The delegation held extensive discussions with the Indian team, and the minister also met with its members. He said ‘We are fast moving towards closing all the open ends’. Emphasizing the significance of the proposed arrangement, he added that the agreement represents only the first tranche of a broader bilateral trade pact and would provide India with preferential market access compared to its competitors.
He further stated that a high-level US delegation is likely to visit India later this month (June 2026) to continue discussions. The US remained one of India’s largest trading partners during FY2025-26. India’s exports to the US rose marginally by 0.92% to $87.3 billion during FY2025-26, while imports from the US increased by 15.95% to $52.9 billion, reflecting continued growth in bilateral trade.
The CNX Nifty is currently trading at 23159.15, down by 207.55 points or 0.89% after trading in a range of 23070.15 and 23185.20. There were 8 stocks advancing against 42 stocks declining on the index.
The top gainers on Nifty were Power Grid up by 0.79%, Nestle up by 0.77%, SBI up by 0.64%, Dr. Reddy's Lab up by 0.52% and Apollo Hospital. up by 0.52%. On the flip side, Wipro down by 5.41%, Interglobe Aviation down by 2.54%, Hindalco down by 2.09%, Mahindra & Mahindra down by 2.07% and TCS down by 2.06% were the top losers.
All Asian markets were trading lower; Nikkei 225 slipped 2513.12 points or 3.77% to 64,075.00, Taiwan Weighted lost 1513.6 points or 3.36% to 43,557.34, KOSPI dropped 404.38 points or 4.96% to 7,756.21, Hang Seng declined 288.95 points or 1.17% to 24,673.00, Jakarta Composite fell 141.56 points or 2.53% to 5,453.21, Straits Times weakened 73.05 points or 1.45% to 4,976.91 and Shanghai Composite was down by 50.91 points or 1.26% to 3,976.83.
