Stock market today: Indian equities ended lower in Tuesday’s session, June 17, as continued tensions between Iran and Israel kept investor sentiment fragile. The two nations exchanged attacks for the fifth consecutive day, reinforcing risk-off sentiment in the markets.
The Nifty 50 lost 104 points, or 0.42%, to close at 25,842, while the Sensex concluded the session with a drop of 212 points or 0.26% to settle at 81,583 points. The fall was led by the pharma stocks, along with metal and media counters.
The indices remained in a tight range throughout the day, signaling that investors are also awaiting key developments lined up this week, including the U.S. Federal Reserve’s policy decision, which is set to be announced on Wednesday.
The central bank is widely expected to keep rates unchanged, and markets are pricing in no chance of a reduction in July either. Meanwhile, little progress on trade negotiations between the U.S. and its trading partners, along with President Trump’s announcement that pharmaceutical tariffs are coming soon, has also weighed on market sentiment.
US retail sales figures are due today, and weekly jobless claims will be out tomorrow, which will provide further insight into the health of the US economy. While the equities continue to drift lower, gold is seeing a surge in demand as prices rise to $3,390 per ounce on Tuesday, as investors shift their focus to safe haven bets amid heightening Middle East conflict.
Meanwhile, Israel appeared to be expanding its air campaign on Tehran five days after its surprise attack on Iran’s military and nuclear program, as U.S. President Donald Trump posted an ominous message warning residents of the city to evacuate, AP reported.
“IRAN CAN NOT HAVE A NUCLEAR WEAPON,” Trump wrote Monday night before returning to Washington early from a Group of Seven summit in Canada. “Everyone should immediately evacuate Tehran!” he added.
Trump later denied reports that he had rushed back to Washington to work on a ceasefire, saying his early departure “has nothing to do with a ceasefire.” Much bigger than that,” without elaborating.
