Nifty Jumps, Sensex Soars: Top Reasons Behind Today’s Market Move – 23rd June 2026
Indian equities opened on a muted note on Tuesday, with the Sensex slipping over 150 points and the Nifty 50 trading below 24,100, as investors tracked weaker Asian markets and mixed cues from Wall Street. Softer crude prices, with Brent holding just above USD 78 a barrel, and stock specific moves in Reliance, Infosys and Vedanta shaped early trade.
Market overview
| Index | 23 Jun 2026 Open/early trade | Move & % Change | Comments |
|---|---|---|---|
| Nifty 50 | 24,091.20 | -11.71 pts (-0.05%) | Opened below 24,100 after tepid global cues. |
| Sensex | approx. flat to lower | over -150 pts (approx.) | Fell over 150 pts soon after opening bell. |
| GIFT Nifty | 24,183 | +80 pts vs prior close | Indicated mildly positive start before cash open. |
Note: figures are approximate; final exchange data not available at time of publication.
- Nifty slipped into the red as the session progressed.
- Sensex opened marginally lower in pre-open, then extended losses.
- According to NSE data, Nifty previous close was 24,102.90.
- India equities traded against a backdrop of softer crude and firm US dollar.
Global cues
| Market/Asset | Movement | Notes |
|---|---|---|
| S&P 500 futures | -0.3% | Traded lower in Asian hours. |
| Japan Topix | -0.7% | Declined in early trade. |
| Australia S&P/ASX 200 | little changed | Flat around previous close. |
| Hong Kong Hang Seng | little changed | Traded near unchanged levels. |
| Shanghai Composite | -0.1% | Slight decline. |
| Euro Stoxx 50 futures | -0.3% | Pointed to softer European open. |
| Brent crude | +0.38% at USD 78.15 | Stayed below USD 80 as talks eased war worries. |
| US WTI crude | higher at USD 74.19 | Followed Brent higher. |
| Alphabet stock | -7% | Fell after second AI leader exit. |
| Magnificent Seven index | -2.2% intraday | Showed broader US megacap tech weakness. |
- Most Asian markets tracked overnight Wall Street losses.
- Progress in US Iran talks helped keep crude below USD 80.
- Softer oil improved macro sentiment for importers like India.
Key movers
| Stock | Sector | Notable Factor |
|---|---|---|
| Reliance Industries | Energy / Telecom | Rose up to 3% Monday on Jio Platforms IPO plans and AI, new energy push. |
| Infosys | IT services | Dropped up to 2% in early trade. |
| Hindustan Unilever (HUL) | FMCG | Fell up to 2% after open. |
| Vedanta | Metals & mining | Shares tumbled 6% after large block deal. |
- Reliance closed 1.2% higher at ₹1,324.7 on Monday.
- Several brokerages projected up to 35% upside for Reliance after AGM announcements.
- Vedanta saw 7.3 crore shares worth ₹2,149 crore change hands at ₹292 per share.
Sectoral action
| Sector/Index | **Direction (approx.) | Key Drivers |
|---|---|---|
| IT | down | Infosys weakness, global tech selloff after Alphabet slide. |
| FMCG | down | HUL decline weighed on defensives. |
| Energy & resources | mixed | Reliance strength offset by Vedanta block led fall. |
Note: figures are approximate; final exchange data not available at time of publication.
- Tech sentiment tracked Alphabet’s 7% drop and US megacap weakness.
- Energy names reacted to crude stabilising below USD 80.
Technical outlook and stock signals
- Nifty hovered just below 24,100, keeping recent highs in focus.
- GIFT Nifty at 24,183 signalled mild upside bias pre open.
- On June 22, five Nifty stocks showed rising RSI above 50.
- Cipla RSI at 60.96, up from 43.59, CMP ₹1,415.7.
- Dr Reddy’s Laboratories RSI at 53.01, from 45.29, CMP ₹1,290.7.
- Bajaj Auto RSI at 51.04, from 45.78, CMP ₹10,191.
- Reliance Industries RSI at 50.91, from 46.15, CMP ₹1,326.5.
- SBI Life Insurance RSI at 50.61, from 49.55, CMP ₹1,805.5.
- Rising RSI above 50 indicated strengthening momentum in these stocks.
- Traders often view such signals as potential buying opportunities in momentum markets.
Macro and currency snapshot
| Statistic | Value/Change | Context |
|---|---|---|
| USD/INR open | 94.69 | Rupee opened marginally weaker vs prior close 94.6775. |
| Prior USD/INR close | 94.6775 | Rupee had fallen 0.4% on Monday. |
| Benchmark 6.94% 2036 G-sec yield | 6.8473% (prior close) | Expected to trade in 6.82% to 6.87% range. |
Note: figures are approximate; final exchange data not available at time of publication.
- Traders saw rupee supported by lower oil, capped by Fed rate hike worries.
- Currency desk expected opening range of 94.55 to 94.60 per dollar.
- Bond traders cited easing war worries and oil below USD 80 as supportive.
Thematic watch: Nifty India Internet Index and power stocks
- Nifty India Internet Index tracks firms deriving major business from digital platforms.
- Index base date is 1 October 2021, base value 1,000.
- It includes 27 stocks, reviewed semi annually and rebalanced quarterly.
- Single stock weight is capped at 20%.
- Largest constituent Eternal at 19.30% weight.
- Other key weights: PB Fintech 13.86%, One 97 Communications 11.24%.
- Info Edge (India) at 9.09%, FSN E Commerce Ventures at 8.57%.
- Swiggy holds 8.46% weight.
- Sector allocation: consumer services 59.86%, financial services 38.63%.
- Media and publication names form 1.51% of the index.
- Recent returns as of 19 June 2026 per NSE data:
– 1 week: 5.06%.
– 1 month: 3.24%.
– 3 months: 12.90%.
– 6 months: -11.43%.
– Year to date: -10.58%.
- Passive products tracking the index include:
– Groww Nifty India Internet ETF, AUM ₹33 crore.
– Mirae Asset Nifty India Internet ETF, AUM ₹28 crore.
– Groww Nifty India Internet ETF FoF, AUM ₹12 crore.
- In the power space, Jefferies highlighted nine stocks with double digit upside potential.
- Names include NTPC, Adani Power, Power Grid, Adani Green Energy.
- Also Adani Energy Solutions, JSW Energy, Torrent Power.
- Hitachi Energy India and Siemens Energy complete the list.
- Target prices imply up to 31% upside in some cases.
- Valuations cited ranged from low teens to over 150 times forward earnings.
FAQ
Q: Why did Nifty open below 24,100 today?
- Nifty tracked weaker Asian markets and softer US futures, with profit booking in Infosys and HUL, despite supportive crude prices below USD 80.
Q: How are crude prices influencing Indian markets now?
- Brent around USD 78.15 and WTI at USD 74.19 eased concerns on India’s import bill, supporting rupee and bonds, though equity reaction remained stock specific.
Q: What is driving interest in Reliance Industries currently?
- Investors reacted to plans to list Jio Platforms, expand artificial intelligence initiatives and accelerate new energy business, with brokerages projecting up to 35% upside and RSI momentum turning positive.
Frequently Asked Questions
Why did Nifty open below 24,100 today?
Nifty followed weaker Asian markets and softer US cues, with selling in Infosys and HUL offsetting support from lower crude.
How are crude prices affecting Indian equities now?
Brent near USD 78 and WTI around USD 74 reduce macro stress on India, aiding sentiment but not preventing stock specific declines.
What signals are technical indicators giving for Reliance Industries?
Reliance RSI rose above 50, indicating strengthening momentum after gains linked to Jio Platforms IPO and new energy plans.
Disclaimer
The stocks mentioned in this article are not recommendations. Please conduct your own research and due diligence before investing. Investment in securities market are subject to market risks, read all the related documents carefully before investing. Please read the Risk Disclosure documents carefully before investing in Equity Shares, Derivatives, Mutual fund, and/or other instruments traded on the Stock Exchanges. As investments are subject to market risks and price fluctuation risk, there is no assurance or guarantee that the investment objectives shall be achieved. Lemonn (Formerly known as NU Investors Technologies Pvt. Ltd) do not guarantee any assured returns on any investments. Past performance of securities/instruments is not indicative of their future performance.
