Amid renewed tensions in the Middle East, Indian equities resumed their losing streak in Monday’s trade, June 29, with both benchmark indices ending the session near the day’s lows. While gains in pharmaceutical and metal stocks provided some support, heavy selling in auto and technology shares overshadowed the advances, dragging the Nifty 50 down 0.46% to close at 23,946.
The BSE Sensex also ended 0.44% lower at 76,757. The broader markets mirrored the weak trend, with both the Nifty Midcap 100 and Nifty Smallcap 100 indices declining more than 0.3%.
Sectoral performance remained mixed, with the Nifty Auto, Nifty Cement, Nifty Media, Nifty Chemicals, Nifty Oil & Gas, and Nifty IT indices all falling more than 1%. On the positive side, the Nifty Pharma index emerged as the top sectoral gainer, rising 1%, while the Nifty Metal index also posted a strong gain of 0.8%.
Market sentiment weakened after tensions in the Middle East resurfaced. Iran reportedly launched missiles and drones at US military sites in Kuwait and Bahrain early Sunday, shortly after US President Donald Trump warned that the Islamic Republic would cease to exist if it failed to honour an agreement to end the conflict, Reuters reported.
The latest exchange of attacks began on Thursday when Iran targeted a container ship, prompting US strikes the following day. However, Tehran and Washington later agreed to halt recent hostilities in the Gulf and resume talks over their dispute regarding the Strait of Hormuz, a US official said on Sunday.
The renewed exchange of attacks between the U.S. and Iran also revived concerns over global energy supplies, pushing Brent crude futures back above $72 a barrel on Monday after they had recently fallen to four-month lows.
