India's Sensex yo-yos as investors fret over Israel-Iran ceasefire details

At one point, Sensex was barreling along 1000 points up - but reality struck

Last updated: June 24, 2025 | 14:27

Manoj Nair, Business Editor

1 MIN READ

Sensex's had quite the mixed day, and there were also some technical aspects coming into play.

IANS

Dubai: After the initial relief rally, Indian stock markets have shed much of the exuberance by the close of trading. The Sensex had at one point gained 1,122 points, then ended up shedding as much as 1,000 points as investors grew doubts over whether the ceasefire between Israel and Iran can hold.

On Sensex, defence sector stocks got hit badly during the down trend, and it will be shaken investor base that will be returning to the market on Wednesday.

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“Sure, while the markets have come off their highs and lost the bulk of their intra-gains, they continue to remain in a broad but well-identified trading range,” said Foram Chheda, founder of ChartAnalytics.co.in.

The Sensex eventually closed the day at 82,092 points, from 81,896 on Monday.

As for the Nifty, “The underlying trend stays intact and key indices will likely stay above key support levels,” said Foram. “The options data show there is a high probability of Indian markets staying in a range. And once the monthly derivatives expiry is out of the way, we can see the key indices attempting to break out of this trading range.

“The main reason for today’s sharp movement is not selling but technical adjustments taking place as the markets head into monthly derivative expiry on Thursday.”

Manoj NairBusiness Editor

Manoj Nair, the Gulf News Business Editor, is an expert on property and gold in the UAE and wider region, and these days he is also keeping an eye on stocks as well. Manoj cares a lot for luxury brands and what make them tick, as well as keep close watch on whatever changes the retail industry goes through, whether on the grand scale or incremental. He’s been with Gulf News for 30 years, having started as a Business Reporter. When not into financial journalism, Manoj prefers to see as much of 1950s-1980s Bollywood movies. He reckons the combo is as exciting as it gets, though many will vehemently disagree.