Markets opened on a mildly positive note on Tuesday but slipped into the red within minutes of trading, with benchmark indices weighed down by sharp selling in information technology stocks even as pharma and financial names provided support.

Sensex, which closed at 77,094.07 on Monday, opened at 77,086.05 and was trading at 77,022.40, down 71.67 points or 0.09 per cent at 9.25 am. The Nifty 50, which ended the previous session at 24,102.90, opened at 24,071.30 and was quoting at 24,086.50, down 16.40 points or 0.07 per cent at the same time.

Monday’s session had ended on a positive note, with the Nifty gaining 89.8 points or 0.37 per cent and the Sensex advancing 291 points, supported by pharma stocks and a rebound in IT. Defence, media and pharma indices rose over 1 per cent in that session, though select consumer and FMCG stocks saw intraday profit booking.

Among the top gainers in early trade on Tuesday, Dr. Reddy’s Laboratories led the pack, rising 1.53 per cent to ₹1,310.50 after opening at ₹1,297.20. Trent gained 1.43 per cent to ₹3,226.20, opening at ₹3,172.10. Shriram Finance rose 1.03 per cent to ₹1,003.05 against an open of ₹984.50. Adani Enterprises advanced 0.76 per cent to ₹3,083 while Sun Pharmaceutical gained 0.74 per cent to ₹1,876.60.

On the losing side, Infosys fell the most, declining 2.21 per cent to ₹1,041.90 on heavy volumes of over 22.30 lakh shares worth ₹23,214.14 lakhs. Hindalco dropped 2.07 per cent to ₹993.20. TCS fell 1.37 per cent to ₹2,098.70, HCL Technologies declined 1.24 per cent to ₹1,116.50, and Tata Steel was down 1.08 per cent to ₹196.83.

The weakness in IT stocks reflected global cues, with the Nasdaq underperforming overnight amid profit-taking in large-cap technology names. Metals too remained under pressure as reflected in Hindalco and Tata Steel's early losses.

On the macro front, Brent crude holding below $80 a barrel — with some analysts quoting it near the $74–75 range — remained a key support for Indian markets. Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Investments, noted that..."improving prospects for peace in West Asia and the sharp correction in Brent crude to below $80 have improved the prospects for GDP growth and corporate earnings in FY27."

However, he flagged a concern on the monsoon front. ..."the concern now is the poor monsoon, so far this season. The deficit now is huge at 42.2 per cent." A poor monsoon, he warned, could impact rural demand and sectors like FMCG if a feared super El Niño leads to a sharp shortfall.

On the trade front, U.S. Trade Representative Jamieson Greer is expected to visit India this week for discussions with Commerce Minister Piyush Goyal over a bilateral trade agreement. Ponmudi R, CEO of Enrich Money, noted that..."any progress likely to be viewed positively by markets given its potential to strengthen trade ties and support long-term economic growth."

Asian markets traded mixed in the morning session after a similar Wall Street close, as investors tracked developments in U.S.-Iran nuclear negotiations. Comments from the U.S. Vice President that there is..."a good foundation for finalising the proposed agreement" kept sentiment from deteriorating further.

Technically, analysts are watching the 24,000 mark closely as a critical support. Shrikant Chouhan of Kotak Securities noted that..."below 24,100/77,200, we could see a gradual intraday correction to 23,900–23,800/76,500–76,200." He added that..."level-based trading would be an ideal strategy for day traders."

Rajesh Palviya of Axis Direct pointed out that a decisive breakout above 24,150–24,200 could..."trigger fresh short covering and pave the way towards 24,400," while a breach below 24,000 may drag the index towards 23,900–23,800. India VIX declined 0.98 per cent to 12.84, staying near the lower end of its recent range, a signal that volatility remains contained for now. Global markets will also watch the U.S. Federal Reserve's FOMC meeting on July 28–29 closely, given elevated inflation and the 10-year U.S. yield holding firm near 4.5 per cent.

Published on June 23, 2026