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At around 10:30 am, the Sensex trades at 74,763, down 13 points, after rising over 400 points in opening trade, while the Nifty trades at 23,537, down 10 points.
Stock Market Today.
Market Updates Today: The domestic equity markets erased their opening gains and slipped into negative territory by mid-morning trade on Monday, June 1, as selling pressure in banking, financial and FMCG stocks outweighed strength in IT shares.
At around 10:30 am, the Sensex was trading at 74,763, down 13 points, or 0.02%, after rising more than 400 points in opening trade. The Nifty 50 was at 23,537, down 10 points, or 0.04%. The reversal came after a positive start supported by firm global cues.
Banks Drag Markets Lower
The weakness was largely concentrated in financial stocks. Nifty Bank declined 0.66% to 53,880, while Nifty Financial Services fell 0.69%. PSU Bank stocks were under pressure, with the Nifty PSU Bank index down 1%.
Among major laggards were Kotak Mahindra Bank, Bajaj Finance, Axis Bank, SBI and ICICI Bank. The broader market also lost momentum, with Nifty Midcap 100 falling 0.96% and Nifty Midcap Select dropping 1.1%. The Nifty Smallcap 100, however, remained relatively resilient and was down just 0.18%.
IT Emerges As Standout Performer
Technology shares continued to provide support to the market. The Nifty IT index surged 3.28%, making it the best-performing sector by a wide margin. Infosys jumped 4.6%, while Tech Mahindra gained more than 3%. TCS, HCLTech and other frontline IT names also traded firmly higher.
Media stocks rose 2.63%, while Pharma and Oil & Gas indices managed modest gains. On the other hand, FMCG stocks declined nearly 1%, while Consumer Durables, Realty and Auto sectors also traded in the red.
Market Breadth Weakens
The broader market, which had outperformed at the opening bell, witnessed profit booking as the session progressed. Nifty Midsmallcap 400 fell 0.61%, while Nifty LargeMidcap 250 declined 0.51%, indicating weakness beyond the benchmark indices.
Microcap stocks also slipped, with the Nifty Microcap 250 down 0.25%.
What Analysts Are Saying
According to V K Vijayakumar, Chief Investment Strategist at Geojit Investments, the market lacks strong directional triggers at present.
“With the uncertainty over the US-Iran deal continuing and Brent trading at about $93, there are no major triggers for the market at the start of this week,” he said.
He added that investors should watch May auto sales data and the RBI’s monetary policy meeting later this week for fresh cues.
Axis Direct’s Rajesh Palviya had earlier noted that Nifty is likely to find support near 23,400 and 23,200 levels, while a move above 23,850 would be required to revive bullish momentum.
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