The BSE Sensex surged by 1,000.36 points, or 1.21%, to close at 83,755.87. It traded within a range of 83,812.09 to 82,816.26 during the day, showing a strong upward momentum.
Similarly, the NSE Nifty gained 304.25 points, also up 1.21%, settling at 25,549.00. The Nifty touched an intraday high of 25,565.30, with the lowest point at 25,259.90.
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Impact on the Stock Market
While the broader market indices saw a mixed performance, with Nifty Midcap100 and Nifty Smallcap100 down by 0.59% and 0.42% respectively, the Bank Nifty was the star performer of the day. The banking index soared by 1.13%, touching an intraday high of 57,263.45, before settling at 57,206.70—up by 1.03%.
| Sector/Index | Performance |
| IT & BPM sector | -0.13% |
| Healthcare sector | 0.38% |
| Oil & Gas sector | 1.86% |
| Real estate sector | -1.00% |
| PSU Bank in India | 0.43% |
Top gainers today
| Company | Price (in ₹) | Change % |
| Titan Company Share Price | 3,652.20 | 3.58 |
| Infosys Share Price | 1,614.90 | 2.11 |
| M&M Share Price | 3,215.50 | 2.08 |
| Grasim Share Price | 2,831.80 | 1.83 |
| JSW Steel Share Price | 1,024.45 | 1.73 |
Top losers today
| Company | Price (in ₹) | Change % |
| Bharat Elec Share Price | 406.05 | -2.97 |
| Kotak Mahindra Share Price | 2,198.30 | -1.14 |
| Eicher Motors Share Price | 5,576.00 | -0.94 |
| ONGC Share Price | 241.91 | -0.82 |
| Axis Bank Share Price | 1,213.30 | -0.65 |
Market Aftermath: Impact on Stocks
BPCL, IOC, HPCL stocks surge as crude oil prices fall
The sharp drop in crude oil prices played a key role in the rally of shares from domestic oil marketing companies (OMCs). Shares of BPCL, IOC, and HPCL surged as crude prices fell to levels last seen before the geopolitical tensions between Israel and Iran escalated.
BPCL’s shares rose by 1.8% to ₹325.3, while IOC gained 2.2%, and HPCL saw a 1.8% jump, reaching ₹415.1. The fall in crude oil prices, driven by a firm ceasefire between Israel and Iran, provided a significant boost to these stocks. The price of Brent crude oil futures dropped to $68.21 per barrel, and this softening of prices is a positive development for OMCs, who benefit from lower input costs.
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Bank Nifty hits record high: HDFC Bank and Axis Bank lead the way
Bank Nifty’s upward momentum continued, setting a fresh all-time high of 57,076.95. Leading this rally were heavyweight stocks like HDFC Bank and Axis Bank, both of which saw significant gains. HDFC Bank’s shares hit a fresh all-time high of ₹2,008 per share, extending their gains for the third consecutive session. This was further boosted by its subsidiary, HDB Financial Services, witnessing increased investor interest for its ₹12,500 crore IPO.
Axis Bank, on the other hand, saw a rise of over 1.5%, reaching ₹1,231.60 per share. The consistent uptrend in these major banking stocks has elevated the Bank Nifty to new highs and shows positive prospects for the sector moving forward.
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Reliance Industries Crosses ₹20 Trillion Market Cap
Another major highlight from the market today was Reliance Industries, which saw a 2% rise in its share price, reaching ₹1,496.8 per share on the BSE. This move pushed the company’s market capitalisation above ₹20 trillion again, making it one of the most valuable companies in India.
Reliance’s strong performance is primarily attributed to its strategic shift towards artificial intelligence and deep tech. Mukesh Ambani, the chairman of Reliance, has expressed that the company is entering a new phase of growth with a focus on AI and 5G infrastructure. Additionally, the company has made significant strides in the esports business, with its subsidiary RISE Worldwide forming a joint venture with BLAST Esports to enter the global gaming market. These moves suggest that Reliance is diversifying its business interests to ensure long-term growth.
Crude Oil Sees a Slight Rebound
While crude oil prices had been falling due to the geopolitical ceasefire, the futures market showed a slight rebound. As of Thursday morning, the September Brent oil futures were at $66.72, up by 0.44%, and the West Texas Intermediate (WTI) crude futures were trading at $65.16, a gain of 0.37%. This rise in oil prices came after a significant drop in US crude oil inventories.
The US Energy Information Administration (EIA) reported a 5.8 million barrel decrease in crude oil inventories for the week ending June 20. This drop in inventory levels, coupled with strong demand for gasoline and jet fuel, suggests that global demand remains resilient, even with the fall in crude prices earlier in the week.
Conclusion: A day of optimism but caution remains
In summary, the Indian stock market had a strong outing today, with major indices posting solid gains and specific sectors, notably banking, driving the momentum. Reliance Industries’ continued dominance and BPCL, IOC, and HPCL’s performance were also key highlights of the day.
The Bank Nifty’s performance stands out as one of the most significant developments today, buoyed by continued buying in major private sector banks such as HDFC Bank and Axis Bank. While there are positive signals for the market, still caution is advised for smaller stocks, as reflected by the underperformance of the Nifty Midcap100 and Nifty Smallcap100 indices.
Crude oil, a key global driver, showed some signs of stabilization, with a slight rebound in prices following earlier falls. The outlook for crude oil will continue to play a major role in shaping the fortunes of oil and gas companies, alongside the broader market sentiment.
While today’s rally was certainly driven by optimism, it’s essential to keep an eye on global economic factors, as well as sector-specific developments, to understand the sustainability of this upward trend in the Indian stock market.
For more stock market insights, check out the StockGro blog.
