The Indian stock market witnessed another choppy session on Thursday, June 11, with both headline indices remaining range-bound for most of the day before closing lower amid escalating tensions in the Middle East.
Weak participation from heavyweight stocks and continued selling pressure in technology counters also weighed on sentiment, causing the Nifty 50 to end 0.24% lower at 23,158. The Sensex, too, closed 0.15% lower compared with its previous close.
The broader markets mirrored the weak trend, with both the Nifty Midcap 100 and Nifty Smallcap 100 ending the session with losses of nearly 1%.
Tensions in the Middle East escalated after the US extended its attacks on Iran for a second consecutive day. The strikes came after US President Donald Trump warned that Tehran would “pay the price” for stalled negotiations, while Iran retaliated with attacks targeting Bahrain, Kuwait, and Jordan.
Iran’s foreign ministry said the latest attacks had rendered the existing ceasefire agreement “meaningless.” Traders, however, drew some reassurance from the belief that a broader escalation was not in the interest of either side.
The renewed attacks reignited concerns that a potential peace deal in the region could be pushed further away, while also reviving fears that disruptions to shipping through the Strait of Hormuz may persist for longer than previously anticipated.
Aegis Logistics rallies on brokerage upgrade; Zee, Doms Industries extend gains
Aegis Logistics emerged as the top performer in the Nifty 500 pack, gaining 16% to ₹942 apiece after JM Financial raised its target price to ₹1,200 and reiterated its ‘Buy’ rating, citing strong growth prospects in the company’s LPG distribution business.
Zee Entertainment also witnessed renewed buying interest, with the stock surging 8.3% to ₹111 apiece, a day after the company announced plans to raise ₹2,300 crore to fund its strategic and business initiatives.
Meanwhile, shares of Doms Industries closed 6.5% higher at ₹2,257 apiece after the company entered into an Asset Purchase Agreement (APA) with Reynolds Pens India and five other entities — all subsidiaries of Newell Brands Inc. — to further strengthen its portfolio of stationery and art products.
Blue Jet Healthcare, Wockhardt, Poly Medicure, Tejas Networks, Saregama India, Apar Industries, and Aavas Financiers also ended higher, gaining between 3% and 6%.
Vodafone Idea shares rebounded 2% after remaining under pressure for three consecutive sessions.
Sugar stocks, including Balrampur Chini Mills, rallied after the government extended central excise duty exemptions to petrol blended with 22%, 25%, 27%, and 30% ethanol, marking a significant policy step to support higher ethanol blending levels beyond the existing E20 programme.
Jain Resource Recycling leads losers; Paytm, Ola Electric and Adani stocks decline
Among the laggards, Jain Resource Recycling emerged as the top loser, with the stock plunging 9.7% to ₹305 apiece. It was followed by Balkrishna Industries, CCL Products India, and Cemindia Projects, all of which ended the session with losses of more than 5%.
Paytm shares came under significant selling pressure, falling 4% towards the close to their lowest level since April 7. Select Adani Group stocks also remained under pressure, with Adani Energy Solutions and Adani Power declining 4.5% and 2.3%, respectively.
The sustained rally in Ola Electric shares came to a halt as the stock tumbled 3.8% to ₹45.5 apiece, although it still remains more than 100% above its recent lows. Reliance Power extended its losing streak to a second consecutive session, falling another 4% to ₹25.72 apiece.
Other stocks, including Tata Technologies, IDBI Bank, Engineers India, Sammaan Capital, Pine Labs, and Welspun Living, also witnessed selling pressure and ended the day with losses of more than 3%.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
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