Good morning! It’s Thursday, June 25, and the story of today’s market is really the story of one American chip company that just shocked the entire world — and the ripples are already being felt in Indian tech stocks. Let me explain what happened and what it means for your money.
Opening Snapshot: NIFTY Picks Up Where Wednesday Left Off
Indian markets closed strongly on Wednesday, June 24. The NIFTY 50 — that’s India’s most watched index, tracking the country’s top 50 largest companies — closed at 24,169 points, up 147 points (+0.61%) on the day. Think of NIFTY like a report card for India’s biggest businesses: when it rises, it means those companies are collectively doing better in investors’ eyes.
The SENSEX (a similar index tracking 30 large companies on the Bombay Stock Exchange) followed along, closing at 77,509, up 518 points (+0.67%).
Now here’s something interesting: not all companies moved the same way yesterday. The market is like a school where different classes performed differently:
- NIFTY 100 (Large Caps): 25,226 (+0.60%) — These are India’s biggest, most established companies
- NIFTY MIDCAP 50: 17,729 (+0.22%) — Fast-growing mid-size businesses, slightly cautious
- NIFTY SMALLCAP: 18,890 (+0.13%) — Smaller emerging companies, barely budged
The big guys led the charge. Why? When global news is uncertain, investors tend to stick with safer, bigger names. Yesterday, Large Caps clearly won the day.
Yesterday’s Cap-by-Cap Recap: Who Moved and Why
Large Cap — the standout: Maruti Suzuki surged +3.19% to ₹13,670. Auto stocks flew high as Nifty Auto jumped 1.42% for the session — likely on positive demand signals. On the flip side, Titan fell -1.55% to ₹4,256, possibly facing profit-taking after a strong run. ICICI Bank (+1.11%), SBI (+1.41%), and TCS (+1.67%) all had a strong session.
Mid Cap: Coforge rose +1.22% as mid-cap IT caught a tailwind from dollar strength. Dixon Technologies gained +0.75% on continued interest in electronics manufacturing. Mid-cap IT names like Mphasis (-0.13%) and Persistent (-0.05%) were nearly flat — investors were holding their breath before Micron’s earnings.
Small Cap: Campus Activewear jumped +3.01% to ₹239 — a strong move on good volume. Kaynes Technology rose +1.50% to ₹3,251, continuing its theme of defence and electronics manufacturing momentum.
The Big News Driving Today’s Markets
1. Micron’s historic earnings beat — this is the one to watch
After Indian markets closed yesterday, US chip maker Micron Technology reported its Q3 2026 earnings. The numbers were staggering: Micron earned ₹25.11 per share when analysts expected just ₹20.49 — that’s a 22% beat. Revenue came in at $41.46 billion, $5.7 billion above forecasts. This was called “the biggest quarter in Micron’s history.”
Micron’s stock jumped +14.5% after hours to $1,199.
Why does this matter for India? Micron makes memory chips — the kind that go into AI servers, smartphones, and data centres. When Micron thrives, it signals that demand for AI infrastructure and technology services is booming. Indian IT companies like TCS, Infosys, Wipro, HCL Tech, and mid-cap IT players like Persistent Systems and Mphasis serve exactly these kinds of tech clients. A surging Micron often lifts the entire IT sector’s mood.
Watch NIFTY IT closely today — it could outperform.
2. Crude oil tumbled to $73 — a massive gift for India
Brent crude oil fell 5.23% to $73.05 per barrel yesterday. This is huge. India imports roughly 85% of the oil it needs — so cheaper oil is like getting a discount on a massive monthly bill. Lower crude prices mean:
- Cheaper petrol and diesel at the pump
- Lower transport costs → cheaper vegetables, groceries, everything
- A stronger rupee, since India doesn’t need to spend as many dollars buying oil
- Better profit margins for airlines, logistics companies, and paint manufacturers (who use crude-derived chemicals)
3. S&P Global warns of slower India growth — RBI may hike rates
S&P Global projected a 110-basis-point drop in India’s economic growth and suggested the RBI (Reserve Bank of India) may start hiking interest rates from October. Think of interest rate hikes like a doctor prescribing bitter medicine — it’s done to control inflation, but it makes loans more expensive. If this plays out, sectors like real estate, auto loans, and NBFCs (non-banking financial companies) could face headwinds in the coming months.
Global Overnight Recap: What Happened While India Slept
US Markets (Wednesday close):
- Dow Jones: 51,848 (+0.35%) — Old-economy stocks did well
- S&P 500: 7,358 (-0.10%) — Barely flat
- NASDAQ: 25,476 (-0.43%) — Tech slipped ahead of Micron’s results
The market was holding its breath before Micron reported. Now that Micron delivered a massive beat, expect a more positive tone when US markets reopen tonight — and that typically flows back into Indian markets tomorrow.
Asian Markets (Thursday morning):
- Nikkei 225 (Japan): ~69,090 (-1.00%) — Japan tech took a cautious step back
- Shanghai (China): 4,096 (-0.25%) — China slightly weak on domestic data
- Hang Seng (Hong Kong): ~23,327 — Mixed, searching for direction
Asian markets are mostly in a “wait and see” mood. They haven’t yet fully priced in Micron’s huge beat from last night.
Why US matters for India: When US tech stocks do well, Foreign Institutional Investors (FIIs — large global funds managing billions of dollars) feel more confident. They’re more likely to invest in Indian markets too. A Micron-powered tech rally in the US tonight could bring FII buying back to Indian IT tomorrow.
Crude & Rupee Check
- Brent Crude: $73.05/barrel (down 5.23% yesterday)
- USD/INR: ₹94.47 per dollar
The rupee at ₹94.47 is a critical level. Cheaper crude means India spends fewer dollars on oil imports, which eases pressure on the rupee. For IT exporters (TCS, Infosys, Wipro), a weaker rupee is actually good — they earn in dollars, so every rupee depreciation means more rupees when they convert. At ₹94.47, IT margins are reasonably healthy.
For oil-linked stocks like ONGC and HPCL, the crude price drop is a double-edged sword — cheaper input costs, but also lower realization prices.
FII and DII Flows: Who’s Buying, Who’s Selling
On Wednesday, here’s what happened:
- FIIs (Foreign Institutional Investors) sold ₹1,843 crore — these global funds took money out of India
- DIIs (Domestic Institutional Investors — Indian mutual funds, insurance companies, pension funds) bought ₹3,637 crore — Indian investors stepped in strongly
This is an important pattern. FIIs have been net sellers for much of 2026, wary of global risks. But DIIs — backed by your SIP (Systematic Investment Plan) contributions — have consistently supported the market. When FIIs sell and DIIs absorb that selling without the market collapsing, it shows underlying domestic strength.
Key Sectors and Cap Segments to Watch Today
1. IT sector — Large Cap and Mid Cap IT could fly TCS, HCL Tech, Infosys, Wipro all belong here. Micron’s massive beat signals booming demand for AI and tech infrastructure — exactly the kind of work Indian IT companies do for US clients. Watch NIFTY IT today; it could breach 28,000. Mid-cap IT names like Persistent Systems, Mphasis, and Coforge could have an even sharper bounce since they’re more leveraged to growth.
2. Auto sector — Maruti and the large-cap movers Auto had the best sectoral performance yesterday (+1.42%). Lower crude means lower input costs for manufacturers and lower running costs for buyers. Watch Maruti Suzuki, which already showed 3%+ strength yesterday.
3. Metals and Oil & Gas — counter-trade today Tata Steel on BSE fell 4.63% yesterday and ONGC fell 3.07% — both hurt by the crude and commodity price drop. These sectors may remain under pressure today as Brent stays near $73.
3 Things to Watch Today
1. IT stocks in the first 30 minutes: The Micron earnings beat is the catalyst. If NIFTY IT opens sharply higher and sustains gains past 10:00 AM, that’s a sign of genuine momentum. If it fades, it means traders already priced this in overnight.
2. Brent crude stability: If oil holds near $73 or falls further, that’s more good news for aviation, FMCG, and paint companies. Watch IndiGo, Asian Paints, and Hindustan Unilever for follow-through buying.
3. VIX (Fear Index) direction: India VIX — the market’s “fear gauge” — fell sharply by 4.69% yesterday to 12.76. A low VIX means investors are calm and confident. If VIX continues to drop today, it signals a stable, bullish setup. If it suddenly spikes, be cautious.
One Investor Tip for Today
If you invest via SIP, today’s environment is a reminder of why that strategy works. FIIs sold ₹1,843 crore yesterday — and DIIs (backed largely by retail SIP investors like you) bought ₹3,637 crore, more than covering the exit. Markets stayed strong not because of foreign money, but because Indian savers keep showing up.
You don’t need to react to every day’s news. But days like today — with Micron’s earnings beat — are worth paying attention to if you’re considering increasing your equity allocation or adding a sectoral IT fund to your portfolio. Good opportunities rarely come with announcement bells.
Have a great trading Thursday!
Sources: Global market data via Yahoo Finance and web research, FII/DII provisional data via NSE, Micron Q3 earnings via Investing.com and Yahoo Finance, crude oil prices via Trading Economics, Asian markets via CNBC. This briefing is for education only — not investment advice.
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