Auto Weakness Weighs on D-Street While Pharma Extends Rally - Paper by Pocketful

Jun 29, 2026

BEML (-2.26%): Shares declined despite the company securing an additional export order worth approximately $5.35 million from the Middle East for heavy earth-moving equipment, taking the total contract value to around $41.73 million and its international order book to approximately $112.35 million.
Lupin (+2.81%): Stock rose after the company received tentative US FDA approval for its ANDA for Enzalutamide Tablets in multiple strengths, used to treat various types of prostate cancer, strengthening its oncology portfolio.
Ashoka Buildcon (+0.88%): Shares advanced after the company received a Letter of Acceptance worth approximately $35.42 million from the Central Housing and Planning Authority, Guyana, for the construction of a four-lane highway project.
Persistent Systems (-11.22%): Stock plunged after the company announced the €1.4 billion acquisition of Germany’s Nagarro SE, with investors reacting negatively as brokerages flagged the deal as expensive despite its potential to strengthen the company’s European presence and scale.

Nifty Pharma (+1.03%): The index rallied to a fresh 52-week high, led by Laurus Labs, Dr. Reddy’s Laboratories & Lupin Optimism over expanding GLP-1 manufacturing opportunities, strengthening export demand, and rising expectations of long-term growth in biosimilars and generic drug exports boosted investor sentiment across the sector.
Nifty Healthcare (+0.94%): The index advanced with 12 gainers and 8 losers as optimism around expanding GLP-1 manufacturing opportunities, improving pharmaceutical exports, and strong long-term growth prospects for India’s healthcare ecosystem lifted investor sentiment across the sector.
Nifty Auto (-2.08%): The index declined on profit booking after last week’s sharp rally, Losses in Mahindra & Mahindra, Maruti Suzuki, and TVS Motor weighed on the sector as investors booked gains despite a broadly positive long-term outlook.
Nifty Media (-1.32%): The index extended losses for the second consecutive session, with 4 gainers and 6 losers.3 Weak investor sentiment, profit booking after recent gains, and caution over advertising revenue growth weighed on media stocks.

Technical Level: Nifty opened on a flat note and consolidated in a narrow range during the first half, facing resistance near 24,120. Selling pressure intensified in the second half, dragging the index sharply lower. It later moved sideways into the close, forming immediate support near 23,930, indicating a cautious undertone.
Advance-Decline Ratio: Market breadth remained weak, with 1,329 advances against 2,036 declines, indicating broad-based selling pressure across the broader market despite selective buying in a few sectors.
The Big Picture: Global sentiment improved after U.S. President Donald Trump announced fresh talks with Iran in Qatar, easing geopolitical tensions. The prospect of uninterrupted oil flows through the Strait of Hormuz pushed crude oil prices lower, supporting risk sentiment across global markets.
FII/DII Activity (June 25, 2026): Market breadth remained weak, with 1,329 advances against 2,036 declines, indicating broad-based selling pressure across the broader market despite selective buying in a few sectors.

IPO Corner: Aastha Sprintex IPO opened for subscription today and will close on July 1, with investors closely watching subscription demand and listing expectations.
Macro: China NBS Manufacturing PMI (Jun) & France Inflation Rate YoY Prel (Jun) data scheduled for release tomorrow.
Market Watch: Monday’s session began on a weak note as profit booking after the recent auto rally weighed on sentiment, while pharma and healthcare stocks outperformed. After a range-bound start, the market witnessed sharp selling through the session before consolidating into the close. Immediate support is seen near 23,800, while 24,120 remains the key resistance level.

Profit Booking

Selling stocks after a price rally to lock in gains, often causing short-term market declines even when the overall outlook remains positive.

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