Benchmark indices Nifty and Sensex were off to a strong start on June 24, buoyed by easing geopolitical tensions after Iran and Israel agreed to a complete ceasefire. The announcement was made by US President Donald Trump via his Truth Social account, offering investors much-needed relief after 12 days of turmoil.

At about 9:50 am, the Sensex was up 545.38 points or 0.67 percent at 82,442.17, and the Nifty was up 173.70 points or 0.70 percent at 25,145.60. About 2427 shares advanced, 617 shares declined, and 121 shares remained unchanged.

Oil prices fell sharply in early Asian trade. West Texas Intermediate (WTI) crude futures for August dropped as much as 5.1 percent to $65.02 a barrel, slipping below levels last seen before the June 12 Israel-Iran conflict. Brent crude also slid 8 percent overnight after reports confirmed that Iran’s strikes on US bases in Qatar were coordinated and caused no casualties.

"Despite the fall, markets have displayed underlying resilience and yesterday's 200-point recovery was a case in point," Devarsh Vakil, Head of Prime Research at HDFC Securities, said. He added that markets are rejoicing at the easing of geopolitical uncertainties, and the prospect of lower US interest rates in July emerges.

Market experts say that attention now turns to the reciprocal tariff ending on July 9th, and all bilateral trade agreements have to happen before that. Therefore, markets are likely to respond to developments on the trade front from now on.

Sectoral indices were largely in the green on June 24, reflecting broad-based market strength. The Nifty PSU Bank index led the gains with a 1.74 percent rise, followed by Nifty Auto and Nifty Infra, which climbed 1.33 percent and 1.19 percent, respectively. Banking heavyweights also participated in the rally, with Nifty Bank and Nifty Private Bank up over 1 percent each. The Nifty IT, Metal, FMCG, and Consumer Durables indices gained between 0.85 and 1.10 percent. Meanwhile, Nifty Midcap 100 and Smallcap 100 rose 0.92 percent each, showing strength in the broader market. India VIX, the volatility index, eased further by 4.13 percent to 13.47, indicating cooling investor nerves.

KPIT Tech shares tumbled 4 percent after the company said the outlook remains uncertain given the demand environment and tariff-related pressures. However, it added that it is betting on its latest acquisition to steady the ship. The company has approved the 100 percent acquisition of Caresoft’s Global Engineering Solutions business, a move it hopes will drive growth and sharpen its edge in key automotive segments.

Shares of Jindal Steel and Power Ltd (JSPL) climbed 1 percent after Nuvama Institutional Equities reiterated its ‘Buy’ call on the stock, projecting a robust earnings trajectory over the next two years. With a price target of Rs 1,193—implying a 30 percent upside from the last close of Rs 911—Nuvama expects JSPL’s EBITDA to nearly double by FY27.

From a technical perspective, despite a weak open yesterday, the Nifty managed an impressive recovery, ending just shy of the psychological 25,000 mark. The index slipped 140.5 points to close at 24,971.90, with the rebound signalling strong buying interest at lower levels. Key resistance remains at 25,200–25,230. A close above this zone would open the door for further upside. On the downside, 24,750–24,700 remains a crucial support band to watch.

Adani Ports, Shriram Finance, M&M, UltraTech Cement, and Jio Financial Services were the top gainers on the Nifty. Laggards on the index included NTPC, ONGC, and Bharat Electronics.