Final Trade (June 13): ​Sensex drops 573 pts, Nifty closes at 24,719; oil & gas, PSU banks, metals drag

The Indian stock market opened in deep red on Friday as rising geopolitical tensions weighed on investor sentiment. The BSE Sensex tumbled 560 points to hover around 81,130, while the Nifty50 held above the 24,700-mark, supported by a few largecap gainers.

The India VIX often seen as a fear gauge—spiked 7 per cent, indicating heightened volatility due to the Israel-Iran conflict and its implications on crude oil prices and global risk appetite.

Broad market under pressure; IT only green spot

The BSE Midcap and Smallcap indices fell nearly 0.7 per cent each, tracking weakness in the broader market. Most sectoral indices were in the red with oil & gas, PSU banks and metal stocks losing over 1 per cent each. The IT index was the only sectoral gainer, with Tech Mahindra and Wipro lending support.

Adani group, SBI, Bajaj Finserv among top Nifty laggards

Among Nifty50 stocks, Adani Ports, Adani Enterprises, SBI, Bajaj Finserv, and IndusInd Bank were among the top drags. On the flip side, Bharat Electronics (BEL), ONGC, Tech Mahindra, Wipro, and Sun Pharma were the few gainers, offering some cushion to the index.

Geopolitical risks weigh on sentiment

Investor mood remained cautious amid escalating Middle East tensions and crude oil volatility. Analysts believe if the conflict escalates further, sectors like aviation, logistics, and OMCs could come under additional pressure, while defence and select IT stocks may offer a safe haven.

Experts recommend a stock-specific approach as global headwinds continue to dictate short-term market direction.

More to come…