Market Wrap, June 17: NIFTY50 ends below 24,900 level, SENSEX slips 213 points; pharma stocks decline on tariff reports

The Indian stock market settled lower on Tuesday, June 17, amid rising geopolitical concerns with the Iran and Israel conflict escalating. Investors were jittery as US President Donald Trump said pharma tariffs will be announced soon.

Except for IT, all the other sectors ended in red with market breadth favouring declines. The broader market also ended lower on Tuesday.

The pharma stocks declined following Trump's statement that tariffs on the sector will be announced soon.

According to exchange data, on Monday, the foreign institutional investors (FIIs) sold equities worth ₹2,539.42 crore on a net basis, while the domestic institutional investors (DIIs) bought ₹5,780.96 crore worth of equities.

Globally, the Asian stocks closed mixed following Israel's military evacuation warning to 330,000 people in Iran's capital, Tehran.

Japan’s Nikkei 225 ended 0.58% higher at the 38,536.74 level, while the Shanghai Composite closed marginally down by 0.04% to the 3,387.40 level.

South Korea’s Kospi index gained 0.12% to settle at 2,950.30, and Hong Kong’s Hang Seng was seen at the 23,980.30 mark, slipping 0.34%.

Meanwhile, with retreating oil prices, the US stocks closed higher on Monday.

The Dow Jones Industrial Average gained 317.30 points, or 0.75%, to close at the 42,515.09 level, the S&P 500 advanced 56.14 points, or 0.94%, to end at 6,033.11, and the Nasdaq Composite rose 294.39 points, or 1.52%, to settle at the 19,701.21 level.

As many as 2,691 stocks traded on the NSE on Tuesday. Out of this, 1,946 declined and 939 advanced, while 76 scrips remained unchanged.

This, however, indicates that the market breadth favoured negatives.

A total of 57 stocks hit their 52-week highs, while 24 stocks touched their one-year lows. Besides, 91 stocks hit their upper circuit limits, and 70 touched their lower circuit bands on Tuesday.

NSE-listed firms' market capitalisation stood at ₹445.67 lakh crore at the end of the session.

The volatility index India VIX slumped 2.93% to 14.40 levels.

Broader market

The NIFTY Midcap 100 index slipped 0.66%, ending at 58,379.30 levels, while the NIFTY Smallcap 100 gauge fell 0.69% to close at 18,420.35 levels.

Adani Enterprises was the top loser on the index, falling 2.31%. Eternal (-2.06%), Dr Reddy’s (2%), Tata Motors (-1.99%) and Sun Pharma (-1.91%) were the other losing stocks.

On the other hand, Tech Mahindra (1.66%), Infosys (0.87%), Asian Paints (0.86%), Maruti Suzuki (0.54%) and Tata Consultancy Services (0.45%) were the top gainers on the 50-share index.

Sectoral watch

Barring Nifty IT (0.72%), all the sectors ended negative on Tuesday. Nifty Pharma (-1.89%) fell the most, followed by Nifty Metal (-1.43%); Nifty Consumer Durables and Oil each fell 0.73%, and Nifty Media (-0.72%).