Benchmark indices Nifty and Sensex were off to a solid start on Thursday, June 26, as the ceasefire between Israel and Iran holds firm, calming global nerves. Metal and oil & gas stocks opened in the green, while the broader market also mirrored positive trends.

At about 9:30 am, the Sensex was up 419.15 points or 0.51 percent at 83,174.66, and the Nifty was up 129.50 points or 0.51 percent at 25,374.25. About 1897 shares advanced, 892 shares declined, and 146 shares remained unchanged.

All eyes are now on US Federal Reserve Chair Jerome Powell’s testimony before the Senate Banking Committee, where he’s expected to weigh in on inflation, interest rate outlook, and the Fed’s approach to balancing growth with price stability.

Global markets have turned risk-on following the ceasefire between Israel and Iran. However, the unresolved issue of reciprocal tariffs could limit the sustainability of the rally, experts say.  Attention is now shifting to July 9, when the 90-day pause on these tariffs expires. The outcome of bilateral trade negotiations with the US will be closely watched, and any progress—particularly on an India-US trade deal—could provide a significant boost to sentiment.

Sectoral indices showed a mixed trend in Thursday’s trade. Gains were led by Nifty Metal, which rose 0.45 perce t, followed by Nifty Consumer Durables and Nifty Auto, up 0.37 percent and 0.35 percent, respectively. Nifty FMCG, Energy, Infra, and Pharma also posted modest gains ranging between 0.12 percent and 0.24 percent. The broader market fared better, with the Nifty Smallcap 100 rising 0.28 percent and the Midcap 100 up 0.13 percent. On the flip side, Nifty Realty was the worst performer, slipping 0.55 percent, while private and PSU bank indices also saw mild declines. The India VIX edged lower by 0.15 percent, reflecting continued market calm.

From a technical perspective, the support zone around 24,750–24,700 continues to act as a firm demand base, keeping bullish sentiment intact. The index’s ability to consistently trade above the immediate support of 25,000–24,900 underscores lower-level demand. A convincing close above the 25,300 mark would likely reignite bullish sentiment and open the path toward 25,500. On the contrary, a breach below the critical 24,700 level could trigger meaningful downside pressure, although the current structure favours buying on dips.

As for individual stocks, Carraro India Ltd fell over a percent as the lock-in period for pre-IPO shareholders ends, making nearly half of the company’s equity eligible for trading. Around 2.8 crore shares—equivalent to 49 percent of Carraro India's total outstanding stock—can now be sold in the open market.

PolicyBazaar parent PB Fintech also slipped as the firm is likely to see a large stake sold by co-founders Yashish Dahiya and Alok Bansal. According to reports, the co-founders will sell 50.5 lakh shares, equaling 1.1 percent of the total equity in the firm, valued at $106 million through the block deal route, said sources to CNBC-TV18.

Shares of Dr Reddy's Laboratories fell 1 percent after Citi research maintained its sell call on the stock and lowered its target price, citing concerns over the company's outlook in the coming quarters. With a price target of Rs 990, the international brokerage implies a downside potential of over 26 percent from the last close of Rs 1,341. The previous target price given by Citi was Rs 1,040 per share.

Jio Financial Services, Bharat Electronics, JSW Steel, Tata Steel, and Nestle were the top gainers on the Nifty. Laggards on the index included Tech Mahindra, Dr Reddy's, Kotak Mahindra Bank, and SBI.