Gold prices witnessed a notable rise on Tuesday, June 9, with the yellow metal climbing ₹1,095 to reach ₹1.53 lakh per 10 grams for 24-carat purity, according to the India Bullion and Jewellers Association (IBJA). Silver, however, saw a marginal decline of ₹1,307 per kg, settling at ₹2.46 lakh.

The uptick in gold comes amid ongoing global economic uncertainties and steady domestic demand during the wedding season. Market participants noted that the movement reflects a mix of international cues and local buying interest.

Steady Demand Supports Gold Rally

Bullion traders in major markets like Mumbai, Delhi, and Chennai reported brisk inquiries from jewellers and investors. The 22-carat gold, popular for jewellery, also mirrored the trend, though exact figures vary slightly across cities due to making charges and local taxes.

According to IBJA data, the price of 10 grams of 24-carat gold now stands at ₹1,53,000, up from Monday’s closing levels. This marks a continuation of the broader upward trajectory seen in recent months.

Yearly Gains Remain Impressive

This year has been particularly strong for precious metals. Since the beginning of 2026, gold has gained nearly ₹19,000 per 10 grams, while silver has added around ₹15,000 per kg. On December 31, 2025, 10 grams of gold was trading at approximately ₹1.33 lakh. The metal had also touched an all-time high of ₹1.76 lakh per 10 grams on January 29 this year.

Silver, which closed 2025 at around ₹2.30 lakh per kg, has similarly shown resilience, peaking at ₹3.86 lakh earlier in the year before correcting.

Factors Driving the Precious Metals Market

Analysts attribute the sustained rally to several factors, including inflation hedging, geopolitical tensions, and central bank buying globally. In India, cultural affinity for gold as an investment and gift item continues to provide strong floor support.

“Domestic demand remains robust, especially ahead of key festivals and marriage seasons,” said a senior trader in Zaveri Bazaar, Mumbai. Sources familiar with the market added that rupee movements against the dollar also play a crucial role in price discovery.

Silver Prices Ease Slightly

Unlike gold, silver prices eased on Tuesday. One kilogram of the white metal dropped ₹1,307 to trade at ₹2.46 lakh. Market watchers pointed to profit-booking after recent gains and relatively softer industrial demand cues as possible reasons for the mild correction.

Silver often moves in tandem with gold but is more sensitive to industrial consumption in sectors like electronics and solar energy.

Tips for Buyers: What to Keep in Mind

Jewellers and consumer forums continue to advise caution while purchasing gold. Experts recommend insisting on BIS-hallmarked jewellery only. The hallmark, an alphanumeric code such as AZ4524, confirms the purity and authenticity of the metal.

Buyers should also cross-check the prevailing price on the day of purchase through reliable sources like the IBJA website or apps of reputed jewellers. Verifying the exact weight at the time of buying remains equally important to avoid any discrepancies.

Outlook for Gold and Silver

With the monsoon session of Parliament underway and key economic data releases expected in the coming weeks, volatility in the bullion market may persist. Global developments, particularly US Fed rate decisions and any escalation in international conflicts, could influence prices further.

For now, the mood in India’s bullion market remains cautiously optimistic. Many investors view the current levels as an opportunity to accumulate, while jewellers hope for steady demand in the coming days.

The Reserve Bank of India’s gold reserves and broader macroeconomic indicators are also being closely watched by industry stakeholders. As summer gives way to the wedding and festive period later this year, demand for physical gold could see another leg up.

Domestic equity benchmarks staged a modest recovery during early trading on Tuesday, led by buying interest in auto and realty shares. The Sensex climbed around 200 points to hover near the 73,700 mark, while the Nifty advanced over 70 points to trade above 23,200.

The uptick comes a day after the market witnessed a sharp selloff, erasing most gains from the previous week. Investors appeared to be selectively accumulating stocks, though broader sentiment remained guarded.

Auto and Realty Lead the Pack

Sectoral indices showed a clear bias. The auto index gained nearly a percent, with heavyweights like Mahindra & Mahindra and Maruti Suzuki contributing to the rise. Realty stocks also saw renewed interest, possibly on expectations of steady demand.

Banking and IT shares, however, showed mixed trends. While some frontline banking counters recovered minor losses, others remained under pressure. According to dealers, the buying was largely driven by domestic institutional investors (DIIs), who have been net buyers in recent sessions.

Mixed Signals from Global Peers

Overseas, Asian markets offered a mixed picture. South Korea’s Kospi jumped over 3.7 per cent, while Japan’s Nikkei added nearly a per cent. On the other hand, Hong Kong’s Hang Seng slipped 0.6 per cent, weighed down by concerns over China’s economic recovery.

Overnight cues from Wall Street were also uneven. The Dow Jones Industrial Average dipped 0.16 per cent, but the Nasdaq and S&P 500 ended higher, supported by technology stocks. That divergence kept Indian investors cautious about chasing sharp upsides.

FII Selling Continues Unabated

Foreign institutional investors (FIIs) remained net sellers for yet another session. Provisional data showed they offloaded equities worth roughly Rs 5,556 crore on Monday. In contrast, DIIs stepped in with purchases of about Rs 5,165 crore.

Over the past 30 days, FIIs have pulled out more than Rs 81,500 crore from Indian markets, while DIIs have pumped in over Rs 1 lakh crore. This ongoing tug-of-war between foreign and domestic money has kept the indices range-bound despite intermittent rallies.

Recap: Monday’s Sharp Fall

Just a day earlier, the market had ended in the red. The Sensex tumbled 719 points to close at 73,524 on June 8, while the Nifty dropped 244 points to settle at 23,123. Traders attributed that decline to profit-booking in financials and lingering concerns over global interest rates.

The recovery on Tuesday morning, therefore, is being viewed as a technical pullback rather than a change in trend. “We are seeing selective buying, but volumes are not very high,” a Mumbai-based dealer said, requesting anonymity.

What to Watch

Market participants will now track the movement of the rupee against the dollar and any fresh commentary from US Federal Reserve officials. Additionally, monthly auto sales data and progress of the monsoon remain near-term triggers for broader sentiment.

For now, the indices are holding small gains. But with FIIs still on the selling side, traders are advised to remain nimble, as volatility is unlikely to ease completely.

Petroleum ministry says strategic reserves and commercial stocks secure supply as refiners report under-recoveries on petrol, diesel

 India currently holds the equivalent of about 76–80 days of fuel cover across strategic petroleum reserves, refinery inventories and commercial stocks, Petroleum Minister Hardeep Singh Puri said on Monday, even as oil companies told the government they are incurring large daily losses on retail fuels.

According to officials, the minister made the assessment in a briefing with senior ministry staff and industry representatives, stressing that short-term shocks in the Middle East would be manageable from existing stocks and alternative sourcing. “We have a comfortable cushion to meet short disruptions,” an official summary of his comments showed.

Refiners report steep under-recoveries

In a separate briefing the same day, Additional Secretary Praveen Khanuja said state-run refiners are facing under-recoveries — the gap between administered pump prices and actual costs — of roughly ₹30 per litre on diesel and about ₹6 per litre on petrol. That, Khanuja said, translates into an estimated daily loss of about ₹600–700 crore for oil companies, excluding LPG.

Industry sources familiar with the discussions confirmed the figure and said companies have flagged the strain to the ministry, urging support measures if sustained volatility pushes losses higher.

Short-term resilience, long-term risks

Puri told reporters that India’s priority is to maintain at least 60 days of cover for crude oil, natural gas and LPG each — a threshold the country is currently meeting, he said. He cautioned, however, that a prolonged escalation in the Gulf, especially if maritime chokepoints such as the Strait of Hormuz were closed for an extended period, would alter the outlook.

“If disruptions remain short-lived, we can manage through strategic reserves and alternate routes,” an aide to the minister said. “But a long-drawn conflict would have broader impacts on global energy markets and will need additional responses.”

Officials stressed that if the Strait of Hormuz were blocked temporarily, India could withstand around 30 days of disruption using available inventories and adjusted supply chains. The government has also been pursuing diversification of suppliers and additional long-term contracts to reduce concentration risk.

Supply diversification underway

Puri pointed to steps taken to widen supply sources beyond Gulf producers. He said talks have taken place to secure extra LPG cargoes from the United Arab Emirates if required, and pointed to planned gas supplies from Mozambique as another buffer that would strengthen India’s energy security over time.

The minister also highlighted domestic measures: expansion of drilling and exploration, faster investment in refining capacity and stock management. “We are not just dependent on strategic reserves — refinery inventories and retail stocks form a significant part of our buffer,” he said, noting India currently operates 24 refineries and continues to expand capacity.

Domestic stock management defended

Responding to criticism that India did not build up reserves when crude prices dipped after the pandemic, Puri rejected the charge. Officials explained that inventory management balances commercial use and replenishment; crude cannot be stored indefinitely at the cost of foregoing domestic supply needs and refinery runs.

The ministry said it will continue active stock rotation and procurement aligned with market conditions, while also accelerating domestic exploration projects, including in the Andaman basin.

Impact on consumers and next steps

For now, the immediate consumer impact is muted because pump prices in India remain regulated in part and retail changes reflect global price swings with a lag. Still, the reported under-recoveries signal pressure on state refiners’ finances, and sustained losses could push discussions on fiscal support, temporary price adjustments or targeted relief measures.

Officials said they will continue daily monitoring of port call schedules, cargo availability and refinery throughput. Industry sources expect the ministry to hold further meetings this week to review options if tensions in the Middle East intensify.

Related context

The ministry noted that LPG connections in the country have risen from about 14 crore in 2014 to more than 33 crore now, reflecting strengthened domestic distribution networks that would be mobilised in any disruption. Separate briefings this week also warned of inflationary pressure on household fuels if international LPG prices remain elevated.

The US defense department blacklists major entities including Alibaba, Baidu, and BYD over alleged ties to Beijing's military-industrial complex.

 In a major escalation of economic and strategic tensions between Washington and Beijing, the United States Department of Defense has significantly expanded its blacklist of entities accused of operating as "Chinese military companies." Over 100 prominent Chinese corporations, including global tech and automotive giants like Alibaba Group, Baidu, and BYD, have now been added to the restricted registry, officials confirmed early on Tuesday.

The decision, finalized under Section 1260H of the National Defense Authorization Act (NDAA), aims to counter Beijing's Military-Civil Fusion strategy. The Pentagon claims these commercial enterprises directly or indirectly assist the People’s Liberation Army (PLA) and various Chinese state intelligence and security apparatuses.

Tech and auto giants hit

The updated roster targets the absolute bedrock of China’s modern economic and technological landscape. E-commerce pioneer Alibaba, search engine and artificial intelligence developer Baidu, and BYD—currently the world's largest electric vehicle manufacturer—find themselves heavily restricted.

According to sources familiar with the matter, the inclusion of consumer-facing brands marks a distinct shift in Washington’s strategy. It moves beyond traditional defense contractors to choke off funding and technology access for companies that drive China's civilian tech sector.

Broad sectoral clampdown

The restrictions do not stop at automotive or e-commerce firms. The expanded list sweeps in global battery manufacturing giant CATL, tech and gaming conglomerate Tencent, telecom infrastructure leader Huawei, and consumer drone manufacturer DJI.

Furthermore, networking hardware maker TP-Link, robotics developer Unitree, surveillance technology manufacturer Hikvision, and shipping behemoth COSCO have been added. Major state-backed telecom operators, including China Mobile, China Telecom, and China Unicom, remain firmly anchored on the blacklist due to long-standing institutional ties to the Chinese defense establishment.

Deep state-military ties alleged

In official documentation accompanying the notification, the US Pentagon laid out specific legal and strategic grounds for the blacklisting. The defense department explicitly cited institutional connections to key Chinese government bodies.

These include the State-owned Assets Supervision and Administration Commission (SASAC) and the Ministry of Industry and Information Technology (MIIT). Initial reports indicate that the Pentagon tracked extensive collaborations between these corporations and China’s State Administration for Science, Technology and Industry for National Defense (SASTIND), alongside direct supply pipelines to the PLA and domestic law enforcement agencies.

Target on strategic state programs

Washington’s strategic focus appears heavily trained on Beijing’s national industrial policies. The Pentagon’s notification specifically highlighted corporate participation in state-backed initiatives like the ‘Little Giant’ and ‘Single Champion’ programs.

US officials believe these specialized economic schemes are intentionally designed by Beijing to fast-track advanced dual-use technologies. By targeting participants in these programs, the US hopes to blunt China's efforts to achieve technological dominance in fields that could eventually enhance its defense capabilities and military readiness.

Options for corporate appeal

Despite the stringent nature of the listing, the Department of Defense has left a narrow administrative window open for affected businesses. The official US policy document outlines a formal process guidelines through which listed entities can legally challenge their inclusion.

Companies that believe they have been misidentified or falsely accused of state security links can present evidentiary counter-arguments. They may submit formal petitions for administrative reconsideration to request removal from the US Pentagon military list.

Rising friction on global trade

The immediate fallout is expected to hit global supply chains, particularly in the electric vehicle, semiconductor, and telecommunications sectors. With the US Pentagon military list now crossing the 100-company threshold, institutional investors face growing pressure to divest from these high-profile Chinese entities.

The move is anticipated to draw a sharp diplomatic rebuke from Beijing, which has consistently accused Washington of abusing national security arguments to suppress legitimate Chinese commercial enterprise on the global stage.

Apple WWDC 2026 introduced Siri AI, expanded Apple Intelligence features and iOS 27 updates, with a strong focus on privacy, productivity and child safety.

Apple unveiled a sweeping set of software and artificial intelligence upgrades at its Worldwide Developers Conference (WWDC) 2026, placing a revamped Siri, a significantly upgraded Apple Intelligence platform and the upcoming iOS 27 at the centre of its ecosystem strategy.

The annual developer event, held at Apple Park, marked one of the company’s most ambitious software announcements in recent years. The headline feature was the introduction of “Siri AI”, a redesigned virtual assistant that Apple says is more conversational, context-aware and capable of carrying out tasks across apps without requiring users to switch between them.

According to the company, Siri AI can draft emails and messages, understand on-screen content and provide contextual assistance across multiple applications. Apple also showcased visual intelligence capabilities, including the ability to analyse photos and identify information such as nutritional details of food items.

The upgrade represents the biggest transformation of Siri since its debut on the iPhone in 2011. The move is widely seen as Apple’s response to the rapid growth of AI-powered assistants and generative AI platforms that have reshaped the technology landscape over the past two years.

Siri Gets AI Boost

Apple said the new Siri will work with advanced AI models and will also be available as a standalone application in addition to its integration across Apple devices. The company highlighted improved natural language understanding and the ability to maintain context across conversations and tasks.

The assistant is designed to interact more seamlessly with apps and services, allowing users to complete actions without repeatedly switching interfaces.

Privacy Remains Central

A major part of Apple’s presentation focused on privacy. Senior Vice President Craig Federighi said user data would only be processed to fulfil specific requests and that privacy protections would remain a core principle behind Apple’s AI rollout.

The company reiterated that external experts would be able to examine and verify its privacy commitments, a message aimed at addressing growing concerns around data use in artificial intelligence systems.

Apple Intelligence Expands

Several new Apple Intelligence features are being integrated across Apple's software ecosystem. Safari is receiving enhanced tab management and one-tap password support, while Messages will gain AI-generated reply suggestions.

Apple also introduced cross-app contextual awareness, enabling devices to understand information shared between applications. During demonstrations, the company showed how the Phone app could access relevant context from emails and messages while a call is in progress.

iOS 27 Widens Compatibility

Apple announced that iOS 27 will be available for iPhone 11 and newer models, making it one of the broadest software rollouts in the company’s history.

The update includes a series of performance enhancements. Apple claimed that photos will load significantly faster, AirDrop transfers will become quicker and system-level improvements will deliver smoother multitasking performance.

The software also introduces an upgraded search framework across iPhone, iPad and Mac devices. Spotlight, Photos and Mail searches are expected to become more accurate and responsive.

New Tools for Families

Child safety emerged as another major theme during the keynote.

Apple said devices used by children under 13 will have several parental protection features enabled by default. These include “Ask to Browse” controls for website access and “Ask to Buy” approval requirements for App Store and in-app purchases.

Parents will also be able to manage who their children can contact and what digital content they can access.

AI-Powered Creativity Features

The Photos app is receiving new AI-assisted editing tools, including “Reframe” and “Extend”. Apple demonstrated how users can alter image composition, expand scene boundaries and remove unwanted objects with greater realism.

The company also refreshed its Image Playground application and introduced built-in AI dictation within the keyboard. The feature can automatically correct spelling, punctuation and formatting while filtering out common filler words during voice input.

Leadership Transition in Focus

The event carried additional significance as it was the final WWDC keynote led by Apple CEO Tim Cook before a planned leadership transition later this year.

Closing the presentation, Cook reflected on Apple’s mission and future direction, expressing confidence that the company’s strongest years still lie ahead. His remarks came as Apple seeks to strengthen its position in the rapidly evolving AI market while maintaining its long-standing emphasis on privacy and tightly integrated software experiences.

With Siri AI, broader Apple Intelligence integration and iOS 27, Apple has signalled that artificial intelligence will play a far larger role across its devices in the years ahead.

Despite Middle East-driven fuel price pressure, vehicle retail surges 9.55% year-on-year as buyers shift toward EVs and high-mileage options across segments

Record Sales Amid Rising Fuel Costs

India's automobile retail market posted its strongest-ever May performance, with total vehicle sales touching 25,31,067 units — a 9.55% jump over the 23,10,451 units sold in the same month last year. The data, released by the Federation of Automobile Dealers Associations (FADA), comes even as the ongoing US-Iran conflict continues to keep fuel prices elevated across the country.

What made May particularly significant, though, was not just the volume. For the first time in the country's automotive history, electric vehicles crossed the 11% share mark in overall retail sales — a milestone that industry watchers say reflects a meaningful shift in buyer behaviour rather than a short-term blip.

EV Demand Climbs as Petrol Prices Bite

The Middle East crisis has pushed petrol and diesel prices higher, and dealers say it is showing up directly in showroom conversations. Customers are increasingly asking about fuel efficiency and alternative powertrain options — EVs and hybrids — across segments ranging from entry-level two-wheelers to passenger cars and commercial vehicles.

In the two-wheeler segment, the EV share has moved sharply from 6.11% a year ago to 9.25% in May 2026. That near-three-percentage-point gain in twelve months suggests the fuel price environment is accelerating a transition that was already underway.

Passenger Vehicles Log Strong 23% Growth

The standout performer in terms of growth rate was the passenger vehicle segment. Car retail sales surged 23.25% year-on-year to a record 4,02,591 units, up from 3,26,656 units in May 2025. Dealers attribute part of this momentum to pent-up demand, model launches, and a customer base increasingly choosing fuel-efficient and electric options in the mid and compact SUV space.

Two-wheeler sales, which account for the bulk of overall volumes, rose 7.54% to 18,44,947 units — steady growth for a segment that continues to be the primary mobility choice for a large section of Indian buyers.

Commercial and Three-Wheeler Segments Hold Firm

Three-wheelers posted a 3.56% increase to 1,11,526 units compared to 1,07,688 units in May last year. The commercial vehicle segment — trucks and heavy transport — grew 5.29% to reach a record 83,823 units, indicating that freight and logistics demand remains robust despite macroeconomic headwinds.

The one segment that did not follow the broader trend was construction equipment (wheeled). Sales here declined 17.51%, which FADA attributed largely to a high base effect from the corresponding period last year rather than any fundamental demand weakness.

A Structural Shift, Not Just a Spike

Industry observers are reading May's numbers carefully. The 11% EV share in total retail is not a product of any single launch or incentive scheme — it reflects growing consumer comfort with electric options, expanding charging infrastructure in urban centres, and a price sensitivity that high fuel costs have only sharpened.

FADA's data also points to a maturing market where buyers are making more calculated decisions. The shift in two-wheeler EV share from 6% to over 9% in a year is particularly telling — this is a cost-sensitive segment where running costs matter significantly, and rising petrol prices are doing the math for consumers.

With fuel prices unlikely to ease in the near term given the geopolitical situation, the June and July numbers will be closely watched to see whether May's EV milestone holds or extends further.

Rajesh Mehta says SEBI's interim order reflects a misunderstanding of the gold refinery business model; company submits five years of audited sales data

SEBI Order Triggers Controversy

The chairman of Rajesh Exports, Rajesh J. Mehta, has come out strongly against media reports claiming a ₹15.15 lakh crore fraud at the Bengaluru-based gold company, saying the entire controversy stems from a fundamental misreading of how gold refinery businesses record revenue.

The Securities and Exchange Board of India issued an interim order — running to 109 pages — following a shareholder complaint that alleged discrepancies in the company's financial records. SEBI's observations noted that the company appeared to have inflated 99% of its total reported revenue over a five-year period. However, Mehta is categorical that no final order has been passed and no penalty imposed.

"These are observations, not charges," he said, adding that the matter will be resolved once regulators review the complete documentation.

The Valcambi Factor

At the heart of the dispute is Valcambi, a Switzerland-based step-down subsidiary of Rajesh Exports and one of the world's largest gold refineries. The company sells refined gold bars to central banks and major bullion dealers globally, generating very high turnover with razor-thin profit margins.

Mehta explained the business model with a straightforward example. If Valcambi imports impure gold worth ₹100, refines it, and sells it for ₹101, the total recorded revenue is ₹101 — even though the actual gross profit is just ₹1. Net profit after expenses typically works out to 25 to 50 paise on that transaction.

According to Mehta, SEBI may have mistakenly treated the EBITDA figures as a proxy for gross profit and, finding a large gap with reported sales, concluded the numbers were inflated. "They added up the EBITDA instead of looking at the actual sales data. That's where the confusion started," he said.

The company says it has submitted full, audited sales data for financial years 2020 to 2025 to SEBI and the stock exchanges.

Revenue Structure Explained

Rajesh Exports reports consolidated revenue combining two streams: Valcambi's global bullion sales, which form the bulk of the total figure, and the Indian parent company's standalone revenue from domestic jewellery and bullion operations. The latter has stayed in the range of ₹20,000 to ₹25,000 crore over the five-year period in question.

Consolidated revenue from operations stood at ₹2.58 lakh crore in FY2021, climbing to ₹7.78 lakh crore in FY2026 — figures dominated almost entirely by the Swiss subsidiary's high-volume gold trading.

Forensic Audit and Data Sharing

Mehta pushed back on claims that the company withheld information from forensic auditors, saying the audit has been underway for two and a half years and auditors had access to the office premises for three months. He said the ERP system and books of accounts were made fully available in compliance with applicable rules.

On certain data related to Valcambi's client transactions — specifically, which central banks purchased how much gold — Mehta cited international secrecy laws and non-disclosure agreements. He said disclosing such details would expose competitive strategy and could create complications for sovereign clients. The audited balance sheets of both Valcambi and its holding company Gezear, audited by KPMG, have been submitted to SEBI along with all relevant schedules.

LIC Stake, Promoter Holdings

LIC holds roughly 10% in Rajesh Exports, a stake accumulated gradually over 15 to 20 years through open-market purchases. Mehta pointed out that LIC has not bought a single new share in the company over the past four to five years. He also stated that promoters have never sold shares to LIC or to anyone else — their holding remains unchanged from day one, and the family has in fact purchased additional shares from the market from time to time.

The company is also debt-free, with no outstanding loans to any bank or institution globally.

Company's Next Steps

Rajesh Exports is preparing a detailed legal and factual response to SEBI's interim order. Certified documents and audited balance sheets from Valcambi and Gezear are being resubmitted to the regulator. The company has already filed clarifications with BSE and NSE on June 4, 5, and 6.

Mehta expressed confidence that SEBI's concerns would be fully addressed once the complete documentation is examined. "The moment the atmosphere clears, the stock will return to its real value," he said, urging investors not to panic over what he described as temporary market sentiment.

The stock market opened on a positive note on June 9, with the Sensex and Nifty recovering after Monday’s sharp decline. Auto and realty stocks emerged as the top gainers during early trade.

Mumbai: Indian benchmark indices opened in the green on Tuesday, June 9, recovering a part of the losses recorded in the previous session. The BSE Sensex was trading around 73,700, up nearly 100 points in early trade, while the NSE Nifty gained about 50 points to move above the 23,200 mark.

The positive opening came after a sharp sell-off on Monday, when investors booked profits across sectors and global cues remained mixed. Early market activity on Tuesday indicated selective buying, particularly in auto and realty stocks, helping benchmark indices edge higher.

Auto, Realty Lead

Sectoral indices reflected a preference for domestic growth-oriented stocks. Nifty Auto and Nifty Realty were among the strongest performers during the opening hours, attracting fresh buying interest from investors.

Market participants said investors were looking at sectors linked to domestic consumption and infrastructure activity, while remaining cautious on broader global developments and foreign fund flows.

Recovery After Sharp Fall

Tuesday’s gains follow a difficult trading session on June 8. The Sensex had closed 719 points lower at 73,524, while the Nifty declined 244 points to settle at 23,123.

The previous session witnessed broad-based selling pressure, with heavyweight stocks dragging benchmark indices lower. Analysts attributed the decline to a combination of profit booking and weak investor sentiment amid global uncertainties.

While Tuesday’s recovery was modest, it helped improve sentiment after the steep fall witnessed a day earlier.

Mixed Asian Markets

Asian markets presented a mixed picture on Tuesday morning, offering limited direction to investors.

South Korea’s Kospi emerged as the strongest performer, rising nearly 3.8%, while Japan’s Nikkei gained close to 1%. In contrast, Hong Kong’s Hang Seng index traded lower, reflecting caution among regional investors.

The varied performance across Asian markets suggested that investors continue to assess economic data, interest-rate expectations and geopolitical developments before taking larger positions.

US Markets End Mixed

Wall Street also closed on a mixed note overnight.

The Dow Jones Industrial Average slipped 0.16%, while technology-heavy Nasdaq gained 0.86%. The S&P 500 ended 0.30% higher.

The divergence between major US indices reflected continued investor interest in technology stocks, even as broader market sentiment remained cautious.

Foreign Investors Continue Selling

Foreign Institutional Investors (FIIs) remained net sellers in Indian equities. According to the latest available data, foreign investors sold shares worth ₹5,556 crore on June 8.

Domestic Institutional Investors (DIIs), however, continued to provide support to the market, recording net purchases of ₹5,165 crore during the session.

Over the past month, domestic institutions have remained significant buyers, helping absorb sustained foreign outflows and providing stability to the market during volatile phases.

Market Outlook

Analysts expect volatility to remain elevated in the near term as investors track global market movements, institutional fund flows and domestic economic indicators.

For now, the recovery in the Sensex and Nifty suggests that investors are selectively returning to the market after Monday’s correction. Whether the gains sustain through the session will depend on broader participation and developments in global equities.

The stock market's immediate focus is likely to remain on foreign investment trends, sector-specific buying and overall risk appetite in the coming days.

Fresh hostilities between Iran and Israel send shockwaves across world markets; Brent crude surges past $97, South Korea's Kospi sinks 8%

Markets Open in the Red

Indian equity markets were jolted into a steep sell-off on Monday, 8 June 2026, as renewed hostilities between Iran and Israel sparked a sharp risk-off mood across global financial markets. The BSE Sensex crashed 719 points to settle at 73,524.26, while the NSE Nifty50 slumped roughly 1% to close at 23,123 points — its sharpest single-session decline in recent weeks.

The selling was broad-based and swift. Blue-chip names bore the brunt of the fall, with TCS, Eternal, Mahindra & Mahindra, IndiGo, Bajaj Finance, and Larsen & Toubro among the prominent losers on the Sensex. Investor sentiment soured quickly through the morning session, and there was little recovery through the day.

Sectoral Pain, With Pockets of Resilience

Across the NSE's sectoral indices, the damage was widespread. Nifty Realty led the losses, tumbling nearly 2%, followed by declines across financial services, auto, and IT. Only Nifty Pharma, PSU Bank, and Healthcare managed to hold their ground and end Monday in positive territory — a thin silver lining in an otherwise bruising session.

Iran-Israel Exchange Ignites Market Fear

The trigger was unmistakable. Israel launched military strikes on Iran on Monday, following a wave of Iranian missiles targeting Israeli territory. Tehran accused Israel of repeatedly violating a ceasefire agreement through its ongoing operations in Lebanon. The exchange drew fresh condemnation internationally, with reports indicating the attacks proceeded despite a direct appeal from US President Donald Trump to de-escalate.

The geopolitical flare-up instantly introduced a new layer of uncertainty into an already fragile global environment, sending investors scrambling toward safer assets and away from equities.

Oil Prices Surge Past $97

Energy markets reacted sharply. Global benchmark Brent crude surged over 4% to $97.19 per barrel, while West Texas Intermediate climbed 3.35% to $93.89. The spike reflects growing anxiety over supply disruptions in the Middle East — a region that remains central to global oil flows. Higher crude prices also add inflationary pressure to import-heavy economies like India, compounding concerns for domestic markets.

Asian Markets in Freefall

The carnage was not limited to Dalal Street. South Korea's Kospi bore the sharpest blow, plunging 8% — a level that typically triggers circuit breakers — to settle at 7,768 points, down 375 points. Japan's Nikkei fell 3.83% to 64,040, losing over 2,500 points in a single session. Hong Kong's Hang Seng declined a more moderate 1.01% to 24,700.

Wall Street Had Already Signalled Trouble

The rout had been foreshadowed on Friday. US markets ended last week under significant pressure — the Dow Jones Industrial Average slid 695 points (-1.35%) to 50,867, the S&P 500 shed 201 points (-2.64%) to 7,384, and the tech-heavy Nasdaq took the hardest hit, falling 1,122 points (-4.18%) to 25,709. That Wall Street selloff set a grim tone heading into Monday's Asian and Indian sessions.

FIIs Pull Back Sharply

Foreign institutional investors have been pulling money out of Indian equities at a notable pace. On 5 June, FIIs and FPIs recorded a net outflow of ₹8,776 crore. Over the last seven days, cumulative FII selling reached ₹27,203 crore, and over the past month the figure stands at a substantial ₹76,006 crore. Domestic institutional investors have been providing partial cushioning — buying ₹9,134 crore on the latest session and ₹95,209 crore over the past 30 days — but have not been able to fully offset the foreign outflows.

Rupee Under Pressure

The Indian rupee also weakened under the day's pressure, falling 17 paise to 95.35 against the US dollar in early trade on Monday, reflecting the combined effect of FII outflows, rising oil import costs, and broader dollar strength in a risk-averse global environment.

Market participants will closely track developments in the Middle East through the week, with any further escalation likely to deepen the sell-off across emerging market equities including India.

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Fresh military exchange between Tehran and Tel Aviv sends shockwaves across global markets; Brent crude surges past $96

Indian equity markets opened the week on a deeply unsettling note Monday as renewed hostilities between Iran and Israel triggered a sharp sell-off across Dalal Street. The BSE Sensex nosedived nearly 900 points in early trade on June 8, while the Nifty 50 slumped 1% to 23,113 — a reflection of the anxiety gripping investors not just in Mumbai but across financial capitals worldwide.

Explosions in Iran Unsettle Markets

The trigger was unmistakable. Israel's military launched fresh attacks on Iran Monday, following a wave of Iranian missiles fired at Israeli territory. Tehran accused Israel of repeatedly violating a ceasefire agreement through its continued strikes on Lebanon. The tit-for-tat exchange shattered whatever fragile calm had held in the region and sent risk assets tumbling globally.

The timing was particularly damaging for markets already on edge. Wall Street had recorded steep losses on Friday, with the Nasdaq shedding over 4% and the Dow Jones declining 1.35%. Asian markets opened Monday in freefall — South Korea's KOSPI crashed 4.49% and Japan's Nikkei fell nearly 3.83%, with Hong Kong's Hang Seng also trading in the red.

Blue Chips Bear the Brunt

On the Sensex, heavyweights including TCS, Eternal, Mahindra & Mahindra, IndiGo, Bajaj Finance and Larsen & Toubro were among the hardest hit. The broad-based selling left few sectors unscathed. On the NSE, Nifty Realty led the losses, tumbling 1.96%, while most other sectoral indices traded in negative territory. The only bright spots were Nifty Pharma, PSU Bank and Healthcare, which managed to hold their ground amid the broader carnage.

Oil Spikes as Peace Deal Hopes Fade

Crude oil markets reacted swiftly. Brent crude surged 3.63% to $96.75 a barrel as traders priced in the risk of a wider Middle East conflict and the potential disruption to regional oil supply routes. West Texas Intermediate rose 3.35% to $93.89. The spike came against the backdrop of already fragile negotiations around a US-Iran peace deal — a process that now faces fresh uncertainty with the resumption of hostilities, despite reported appeals from US President Donald Trump urging restraint.

Rupee Under Pressure

The Indian rupee also felt the heat, dropping 17 paise to 95.35 against the US dollar in early trade — a combination of risk-off sentiment, rising oil import costs, and foreign institutional selling. Data showed foreign institutional investors (FIIs) offloaded domestic equities worth ₹8,776 crore on June 5 alone. Over the last 30 days, FII net outflows have totalled a steep ₹76,006 crore. Domestic institutional investors (DIIs) stepped in to absorb some of the pressure, buying ₹9,134 crore on the same day.

Wider Fallout Being Assessed

Market participants are now closely watching how the situation evolves over the coming hours. Any escalation could push crude further upward, adding to inflationary pressure and widening India's current account deficit. The RBI's room to manoeuvre on rates could also come under scrutiny if the rupee continues to weaken.

For now, Dalal Street is in full risk-off mode. Traders and fund managers will be watching diplomatic developments out of West Asia with as much attention as they give to domestic economic data.

A major change in India’s banking sector is set to reshape the way loans are approved from April 2027. Under the RBI’s upcoming Expected Credit Loss (ECL) framework, banks will be required to provide for potential losses much earlier than under the current system. Industry experts say the move could make home, auto and education loans harder to obtain for customers with weaker credit profiles.

Borrowers with CIBIL scores below 730 are expected to face the biggest impact. Banks may either become more cautious in extending credit or compensate for higher risks by charging increased interest rates and seeking additional collateral. According to industry estimates, nearly 62% of loan applicants in the country have credit scores below 730, meaning a large section of borrowers could find financing more expensive or difficult after the new norms take effect.

The Reserve Bank of India’s ‘ECL Direction-2026’ will come into force on April 1, 2027. Unlike the current practice, where banks make provisions after a loan turns into a non-performing asset, the new framework requires lenders to anticipate possible future defaults and maintain funds in advance. Banking experts estimate that the transition could reduce sector-wide profits by nearly ₹42,000 crore because of higher provisioning requirements.

According to Damodaran C, Chief Risk Officer at Federal Bank, customers who pose greater lending risks are likely to face higher borrowing costs under the new regime. Borrowers with stronger credit histories, meanwhile, may enjoy better terms and greater flexibility.

Shift Towards Premium Borrowers

Banks are expected to place increased emphasis on customers with strong repayment records and credit scores above 730. Industry estimates suggest that around seven crore borrowers fall into this category. Lenders are likely to prioritize these customers while strengthening risk monitoring and recovery mechanisms.

The new framework will also encourage banks to assess multiple factors while evaluating future defaults. Apart from repayment history and changes in CIBIL scores, institutions may examine income trends, employment stability and the loan-to-value ratio before approving loans.

Higher Provisioning Burden

The proposed rules significantly increase the amount banks must set aside when borrowers miss instalments. For example, on a home loan of ₹25 lakh, a 30-day default currently requires provisioning of around ₹10,000. Under the new norms, that amount will rise to ₹25,000. For defaults between 31 and 60 days, the provision requirement could increase from ₹10,000 to ₹1.25 lakh.

For accounts overdue beyond 90 days, banks currently set aside about 15% of the loan amount, or ₹3.75 lakh in the case of a ₹25 lakh loan. Under the ECL framework, this requirement would increase to ₹5 lakh, raising the cost of lending for banks.

Impact on Borrowers

Financial analysts believe the new rules are aimed at improving the stability of the banking system and identifying risks at an earlier stage. However, the changes could make access to retail loans more selective. Borrowers with lower credit scores may need to improve repayment discipline and maintain healthy credit profiles to secure favourable loan terms.

With the ECL Direction-2026 scheduled for implementation from April 1, 2027, banks are expected to gradually recalibrate lending strategies, placing greater emphasis on credit quality and risk management.