The Indian equity markets entered June on a tepid note, as frontline indices closed with minor cuts on Monday, June 2, against a backdrop of mixed cues globally and sectoral rotation. The opening stages of trading in Indian equity markets saw some profit booking, especially in front-line indices – however, a late recovery helped pare most of the losses by the end of the session.
The S&P BSE Sensex ended the day at 81,373.75, lower by 77.26 points or by 0.09 per cent. The NSE Nifty50, on the other hand, closed at 24,716.60, down 34.10 points or 0.14 per cent. The Nifty Bank index, however, was an exception to the rule, closing at 55,903.40, up 0.28 per cent.
Top gainers
While there was a weak trend, a few Sensex members managed to stay in the green. Among them, Adani Ports, M&M, NTPC, PowerGrid, Nestle India, and Bajaj Finserv aided the overall market.
IT, banking majors drag indices
But also heavyweights in the IT pack and banking pack kept pressure on the overall market. Tech Mahindra, Infosys, Kotak Mahindra Bank, Tata Motors, Tata Steel, Titan, and HDFC Bank were the major underperformers during the session which limited any recovery by the market.
Infra, beverages lead sectoral rally
In terms of sectors, the infrastructure stocks took the prize with over 2 per cent gains. The construction sector posted a gain of just over 1 per cent. The alcoholic beverages and non-alcoholic beverages sector both increased by 1.5 per cent. The hospitality sector was under renewed buying as it gained just over 1 per cent.
Pennar, ADA Enterprises jump; Sakthi Group slips most
The Pennar Group was the highest gainer among business groups, rising 10 per cent. ADA Enterprises increased by 7.5 per cent, while both the Essar and Oswal groups gained 6 per cent. Jaipuria Group rose over four per cent.
The Sakthi Group was the biggest loser, falling over 2.5 per cent, followed by Manipal, Essel, Hero, and BK Birla Groups, which declined by between 1.6–2.5 per cent.
Market Outlook
Analysts say that investors are waiting for clarity on some macro data, including the RBI policy meeting, monsoon progress and more scope in global markets. Until then, the focus remains on stock-specific action and domestically-focused themes.
