Nifty Holds Above 24,000; Infosys Gains on GlobalFoundries AI Partnership - Paper by Pocketful
Market Recap: 24th June, 2026
Stock News Highlights
Infosys (+2.65%): Shares gained after the company expanded its multi-year collaboration with GlobalFoundries to deliver AI-led managed services across the semiconductor manufacturer’s enterprise IT landscape, reinforcing confidence in Infosys’ AI and digital transformation capabilities.
IRFC (-6.25%): Shares declined sharply after the Government of India announced an Offer for Sale (OFS) to divest a 2% stake, with an additional 1% greenshoe option. The floor price of ₹91 per share, set at a discount to the prevailing market price, weighed on investor sentiment.
SIS (+2.88%): Shares gained after the company announced that its Board of Directors will meet on June 29 to consider a proposal for the buyback of equity shares. The potential buyback boosted investor sentiment, as it could enhance shareholder value and signal management’s confidence in the company’s outlook.
Honasa Consumer (-0.94%): Shares traded in the red despite the company acquiring a 58% stake in Fluence Pharma, marking its entry into the nutraceuticals segment. Investor sentiment remained subdued amid profit booking and concerns over integration risks, overshadowing the long-term growth potential of the acquisition.
Sectoral Performance
Nifty Realty (+2.17%): The index rallied sharply with all constituents trading in the green. Brigade Enterprises, Phoenix Mills, and Lodha Developers led the gains as broad-based buying lifted the real estate sector.
Nifty IT (+2.05%): The index rose on broad-based buying, with all constituents closing in the green. Gains were led by Infosys, TCS, and Tech Mahindra as improving global technology sentiment boosted investor confidence.
Nifty India Defence (-1.97%): The index declined as 16 constituents closed in the red , outweighing gains in 3 stocks . Profit booking after the recent rally, concerns over stretched valuations, and a lack of fresh order announcements weighed on sentiment. Losses were led by defence heavyweights, dragging the sector lower despite selective buying in a few counters.
Nifty Energy (-0.89%): The index declined as broad-based selling pressure weighed on the sector. Losses were led by GE Vernova T&D, NTPC, and Hitachi Energy India amid profit booking and weakness across power and energy stocks. Investor caution over valuations and subdued near-term sector triggers further dampened sentiment.
Market Insights
Technical Level: Nifty opened on a flat note and held support near 23,790 in the early session. The index witnessed sustained buying throughout the day, forming higher highs and maintaining positive momentum. It faced resistance near 24,090 towards the close and gave up a few points in the final hour, but still ended the session firmly in positive territory.
Advance-Decline Ratio: Market breadth remained positive as 1,734 stocks advanced while 1,566 stocks declined, indicating a slight edge for buyers despite mixed participation across the broader market.
The Big Picture: Global sentiment improved after U.S. President Donald Trump claimed Iran had assured there would be no tolls or additional charges for ships passing through the Strait of Hormuz under a newly signed interim peace agreement. Easing geopolitical tensions and lower crude oil prices reduced concerns over global energy supply disruptions, supporting risk appetite across financial markets.
FII/DII Activity (June 24, 2026): Institutional sentiment remained supportive as DIIs were net buyers of ₹3,637 crore, comfortably offsetting FII net selling of ₹1,843 crore.
Word of the day
Chokepoint :
Meaning: A narrow route or critical point through which people, goods, or resources must pass, making it strategically important.
Market Context: The Strait of Hormuz is one of the world’s most important oil chokepoints, as a significant portion of global crude shipments passes through it.