Equities Extend Rally to Third Week on Oil Drop; Rupee Gains

An end-of-day recap of all that transpired in the Indian markets, highlighting the major price movements and the factors driving them

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By Dehuti Jani

June 25, 2026 at 11:58 AM IST

Indian equity benchmarks ended marginally higher on Thursday, extending their winning streak to a third consecutive week as lower crude oil prices, a firmer rupee and declining bond yields continued to support investor sentiment. The Nifty50 rose 0.14% to close at 24,056.00, while the BSE Sensex gained 0.14% to 77,100.47. For the week, the Nifty and Sensex advanced 0.2% and 0.4%, respectively, marking their longest weekly winning streak in seven months.

Sentiment remained buoyant after Brent Crude fell 1.4% to around $72.7 per barrel, its lowest level since before the Iran conflict began, as more oil tankers resumed transit through the Strait of Hormuz following the initial US-Iran peace agreement. Softer oil prices continued to improve India's inflation and external sector outlook.

Domestic markets also drew support from RBI Governor Sanjay Malhotra reiterating that a near-term rate hike was unlikely, easing concerns over borrowing costs. The rupee strengthened 0.3% to close at 94.3950 per US dollar as lower crude oil prices and signs of improving foreign portfolio inflows supported sentiment. Government bonds, however, surrendered most of their early gains as traders pared positions ahead of the long weekend and the release of the US Personal Consumption Expenditures Price Index. The benchmark 6.94% GS 2036 yield ended around 6.77%, largely unchanged from the previous session.

Among Nifty50 constituents, InterGlobe Aviation, Shriram Finance and Mahindra & Mahindra led gains. Auto and realty stocks outperformed, while metal and media shares lagged. Broader markets were mixed, with the Nifty MidCap and SmallCap indices declining 0.23% and 0.33%, respectively.

The pharma index gained 2.1% for the week after reports that the US FDA had approached Indian drugmakers regarding the supply of a critical cancer drug, helping the sector outperform the broader market.

Top Movers of the Day

Samvardhana Motherson International surged 5.03% at ₹151.85 after investors kept betting on its auto-linked growth story and fresh overseas expansion plans, which lifted sentiment through the session.

M & M Financial advanced 6.18% to ₹330.05 as buyers chased financial stocks and the name continued to draw momentum support in a firm market.

Oracle Fin Serv expanded 4.65% to ₹10,955.00 on sustained interest in its earnings resilience and steady operating performance, which kept the stock in favour with traders.

Interglobe Aviation rose 4.89% to ₹5,462.00 as softer oil prices supported airline shares by easing fuel-cost worries, giving the stock a clean lift.

Max Healthcareclimbed 3.81% to ₹1,122.90 as healthcare names stayed defensive and attracted steady buying from investors looking for stability.

Ashok Leyland advanced 4.01% to ₹161.12 after the market reacted positively to recent earnings strength and a broader pickup in auto sentiment.

Maruti Suzuki ticked up 3.81% to ₹13,753.00 as auto stocks found support from improving demand expectations and continued confidence in the passenger vehicle space.

TVS Motor rose 3.99% to ₹3,578.00 after strong interest in its electric vehicle business and a broader rally across auto names.

Uno Minda rose 3.04% to ₹1,137.00 as investors stayed upbeat on the auto-components space and kept rotating into sector names with solid growth visibility.

Nalco fell 4.46% to ₹333.00 as metal shares came under pressure from weaker aluminium prices and profit-taking after earlier gains.

Hindustan Zinc dropped 4.26% to ₹518.85 as the metals pack softened and traders trimmed positions in the face of lower silver and base-metal sentiment.

Muthoot Finance slipped 3.39% to ₹3,023.70 as financial stocks saw some selling pressure and investors booked profits after the recent run-up.

Futures & Options
The Nifty 30 June 2026 futures closed at 24,103.30, carrying a premium of 47.3 points over the Nifty’s cash-market close of 24,056. In the spot market, the Nifty 50 added 34.35 points, or 0.14%, to finish at 24,056.

Volatility eased too, with the NSE’s India VIX dropping 2.50% to 13.05. HDFC Bank, Infosys and TCS were the most actively traded individual stock futures in the F&O segment. The June 2026 F&O contracts are set to expire on 30 June 2026.

Bonds
India’s government bond yields ended little changed on Thursday after early gains faded as traders turned cautious ahead of a long weekend and release of key US inflation data. The benchmark 6.94% 2036 bond yield ended at 6.7690%, after easing to 6.76% during the session, broadly unchanged from the previous close of 6.7832%.

Dealers said investors trimmed positions ahead of the Muharram holiday on Friday and release of US Personal Consumption Expenditures Price Index, the Federal Reserve's preferred inflation gauge, later in the day. At the Reserve Bank of India's 280-billion-rupee gilt auction, demand remained selective, with only four of the 279 competitive bids accepted for the 2040 security, reflecting cautious investor positioning.

Forex
Indian rupee staged a recovery as oil prices retreated to pre-Iran-war levels and policy steps boosted dollar inflows. The rupee rose as much as 0.5% today to 94.16, its strongest since early May, after tumbling to a record low of 96.96 last month.

Brent fell to $72.5 per barrel in Asian trading, its lowest since Feb 27, and is down more than 20% this month. August Brent traded below September at $73.6, signalling ample near-term supply as stranded tankers left the Strait of Hormuz.

At the same time, measures by the RBI and the federal government to shore up dollar inflows have reduced depreciation pressure. Foreign purchases of government bonds were the strongest since August 2024, while equity outflows moderated. The combined effect has helped the rupee gain about 0.8% in June.

Crypto
Crypto markets experienced heavy volatility and significant downside pressure. The market cap has experienced a prolonged decline from its late 2025 peak. Bitcoin traded near $61,767 today, after a sharp recovery in the previous session. Earlier this week it slipped below the key $60,000 level, but buyers stepped in and pushed the price back up, restoring market confidence. The total Bitcoin market value stood close to $1.24 trillion, while daily trading volume remained around $42 billion to $44 billion.

Ethereum traded at $1,670 as it tries to steady after a volatile week driven by major structural changes and macro headwinds. The Ethereum Foundation cut 20% of its staff and trimmed its operating budget by 40% while reorganising into five domain clusters, a move that has unsettled some market participants.

US Stock Futures
US stock futures rose today after Micron Technology posted a blowout earnings report and traders prepared for a key May inflation reading. S&P 500 futures climbed 0.7% and Nasdaq 100 futures jumped 2.1%. Futures tied to the Dow were flat.

Micron surged about 16.6% in pre-market trade following results that beat expectations. Qualcomm also rallied, gaining 12.2% after raising guidance for its non-handset revenue in fiscal 2029. Sandisk, Western Digital, Lam Research, KLA and Applied Materials climbed alongside the chip rally.

US Treasury Notes
US Treasury yields were little changed in pre-market trading on Thursday as investors paused after a recent bond rally and awaited the Federal Reserve's preferred inflation gauge for fresh policy signals. The benchmark 10-year Treasury yield hovered near 4.41%, while the policy-sensitive 2-year Treasury yield edged up to around 4.15%.

Markets remained cautious ahead of the release of the Personal Consumption Expenditures Price Index, which is expected to provide further clues on the US inflation outlook and the Federal Reserve's policy path. Softer crude oil prices and signs of easing geopolitical tensions continued to support demand for Treasuries, although investors refrained from taking aggressive positions before the inflation data.

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