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Below the Quote on Market Wrap 23th June 2025 from Mr. Ajit Mishra – SVP, Research, Religare Broking Ltd

"Markets began the week on a volatile note and lost over half a percent, continuing the ongoing corrective phase. The weak start was largely due to escalating tensions in the Middle East, with the US entering the conflict. Additionally, weakness in IT heavyweights following Accenture's subdued guidance further dampened sentiment. However, the situation improved as strength in select heavyweights from other sectors helped the benchmark index recover some losses. Eventually, the Nifty settled at 24,971.90, down 0.56%.

Most sectors ended lower, with IT, auto, and FMCG among the top losers. In contrast, the broader indices managed to inch higher amid choppy trade, gaining between 0.3% and 0.7%.

This has been a recurring trend for the past five weeks, where the Nifty shows a decisive move on the last trading day of the week but fails to sustain it as the new week begins, remaining stuck within the broader range of 24,400–25,200. Looking ahead, in the absence of any major domestic triggers, global market performance and crude oil price movement will be key in setting the tone. Participants are advised to avoid aggressive bets and instead focus on selective stock picking based on relative strength during this consolidation phase."

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