Stock Market LIVE Updates: GIFT Nifty suggests a firm start; US markets fall, Asia mixed

Godrej Properties today announced that it will develop a premium residential project on a strategically located ~ 14-acre land parcel in Hoskote, East Bengaluru. The proposed development is expected to offer approximately 1.5 million square feet of saleable area with an estimated revenue potential of ~ Rs 1,500 crore.

The United States Food and Drug Administration (USFDA) conducted a Good Clinical Practices (GCP) compliance inspection of company’s facility at Semicon Park, Bengaluru, during June 9-13. The inspection concluded with zero observations and no Form 483 was issued. The inspection has been classified as No Action Indicated (NAI).

Additionally, however, the company has received Establishment Inspection Report (EIR) from USFDA for its manufacturing facilities at Biocon Park, SEZ, Bengaluru. The EIR concluded the inspectional outcome as Voluntary Action Indicated (VAI). The routine current Good Manufacturing Practices (cGMP) inspection of Biocon Park was conducted by the USFDA during February 10-20, 2025.

The Board will meet on June 18 to consider the first interim dividend on equity shares, if any, for the financial year 2025-26.

The US Food and Drug Administration (USFDA) conducted a Good Manufacturing Practices (GMP) inspection of company’s Halol facility in Gujarat, during June 2-13. At the conclusion of the inspection, the US FDA issued a Form-483, with 8 observations.

Additionally, the Board has appointed Kirti Ganorkar as the company’s Managing Director, for five years, effective September 1, 2025. Dilip Shanghvi will continue as the Executive Chairman of the company’s Board.

Despite mixed global cues, the Indian indices opened marginally lower on June 16.

The Sensex was up 154.44 points or 0.19 percent at 81,273.04, and the Nifty was up 49.30 points or 0.20 percent at 24,767.90. About 290 shares advanced, 430 shares declined, and 83 shares unchanged.

Cipla, L&T, Shriram Finance, Bajaj Finance and Asian Paints were among major gainers on the Nifty, while losers were Dr Reddy’s Labs, Kotak Mahindra Bank, Jio Financial and Axis Bank.

The nifty ended 170 points down on Friday due to the Israel-Iran conflict, but well off its opening bell lows. Technically speaking, we have been highlighting that 24462 remains a critical support level that bulls have to defend – and even with Friday’s early session drop, this level held. More importantly, the rebound led to the formation of a bullish “belt hold line” which is the same bullish pattern that caught the early April lows.

The battle lines are clear – bulls need to keep 24462 intact and give us a daily close above 24826, while bears need to protect this resistance level to have any chance of pushing the market lower. Risk assets are in the green this morning, not by much, but the fact that the weekend escalation hasn’t seen another opening slump is an indication that investors expect the crisis to de-escalate.

Gold rose for a fourth straight session to a near two-month high on Monday, as intensified clashes between Israel and Iran over the weekend stoked fears of a broader regional conflict, pushing investors towards safe-haven assets.

Spot gold gained 0.3% to $3,442.09 an ounce, after hitting its highest level since April 22 earlier in the session.

U.S. gold futures advanced 0.3% to $3,461.90.

The new geopolitical tensions pulled the Index lower on June 13th to 24,719. After last week’s steep fall, the Index has re-entered its critical range of 24,500–25,100. A decisive breakout on either sides, supported by sustained momentum is essential for determining the trend ahead. The immediate resistance is seen at 24,850, while 24,500 remains a strong support level.

Meanwhile, bearish divergence in the RSI triggered a corrective move in BankNifty, pulling it lower, with key resistance and support levels at 56,000 and 55,100, respectively.

Sector-wise, the IT sector showed a bullish Flag and Pole breakout, hinting at a possible end to its bearish phase, although confirmation is still pending. One should keep an eye on the Pharma sector as it is all set to provide a breakout from an Inverted Head and Shoulder Formation. While the FMCG sector has broken its consolidation on the downside, suggesting a continuation of its bearish trend.

The Realty sector experienced a corrective pullback due to profit booking, but its broader uptrend remains intact.

On lower timeframe, markets are currently oversold and may be due for a short-term bounce but geopolitical developments are likely to drive the market in the short term.

Markets may log gains in early Monday trades mirroring the uptick in Gift Nifty index, but pessimism in other global indices and the subsequent negative factors could weigh on sentiment as the trading progresses. With both Israel and Iran refusing to budge from their stance and the resultant rise in crude oil prices could depresess investors’ sentiment going ahead.

Further, FIIs turning net sellers of local equities over the past 3 sessions would keep investors on the edge, while the US Fed unlikely to tinker with interest rates in this week’s policy meeting would also add to growing uncertainty.

Benchmark indices are trading lower in the pre-opening session.

The Sensex was down 405.61 points or 0.50 percent at 80,712.99, and the Nifty was down 10.50 points or 0.04 percent at 24,708.10.