Market Wrap, June 12: Indices fall 1%; NIFTY50 slips below 24,900 mark, SENSEX loses 823 points; Tata Motors top loser

The Indian stock market settled 1% lower on Thursday, June 12, as investors turned to profit booking amid rising geopolitical tensions between Iran and Israel and foreign investors pulling out of the equity market.

The sharp rise in crude oil prices also made the market participants jittery. Investors will wait for more updates on the trade talk details between the US and China for further cues.

During the intraday period, NIFTY50 and SENSEX had touched a low of 24,825.90 and 81,523.16 levels, respectively.

The broader market also witnessed pressure and closed over 1% down. All the sectoral indices ended the session in the negative.

According to exchange data, on Wednesday, the foreign institutional investors (FIIs) sold equities worth ₹446.31 crore on a net basis, while the domestic institutional investors (DIIs) purchased ₹1,584.87 crore worth of equities.

Globally, rising geopolitical tensions made US markets jittery on Wednesday. Investors were nervous following Middle East tensions, while a tame inflation report calmed concerns.

The S&P 500 declined 0.27% to end the session at 6,022.24 points. The Nasdaq slipped 0.50% to close at 19,615.88 points, while the Dow Jones Industrial Average ended unchanged at 42,865.77 points.

Taking cues from the US market, most of the Asian stocks ended with cuts on Thursday.

Hong Kong's Hang Seng fell 1.38% to the 24,035.38 level, while the Shanghai Composite was trading marginally higher at the 3,402.66 level. South Korea’s Kospi ended 0.44% up at the 2,920.03 level. Japan's Nikkei 225 was seen at the 38,173.09 level, declining 0.65%.

As many as 2,969 stocks traded on the NSE on Thursday. Out of this, 2,112 declined, and 783 stocks advanced, while 74 scrips remained unchanged.

This indicates that market breadth was majorly in favour of negative.

A total of 56 stocks hit their 52-week highs, while 17 stocks touched their one-year lows. Besides, 92 stocks hit their upper circuit limits, and 41 touched their lower circuit bands on Thursday.

NSE-listed firms' market capitalisation stood at ₹447.52 lakh crore at the end of the session, losing 5.94 lakh crore.

The volatility index India VIX surged 2.54% to 14.02 levels.

Tata Motors was the top loser, falling 2.98%, followed by Titan (-2.62%), Trent (-2.62%), Shriram Finance (-2.57%) and Coal India (-2.51%).

On the other side, Apollo Hospitals (0.96%), Asian Paints (0.73%), Bajaj Finserv (0.46%), Dr.Reddy’s (0.38%) and Tech Mahindra (0.37%) were the top gainers on the 50-share index.

The broader market also declined, with the NIFTY Midcap 100 index falling 1.6% to close at 58,440.85 levels, while the NIFTY Smallcap 100 index settled at 18,465.05 levels, down 1.78%.

Among sectors, Nifty Realty was the biggest laggard, tumbling 2.02%. Nifty Consumer Durables (-1.92%), Nifty Oil and Gas (-1.69%), Nifty Auto (-1.65%) and Nifty Metal (-1.55%) were the other top losers.