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Equity benchmarks closed Monday’s session with marginal losses as investors remained cautious amid escalating geopolitical tensions between Russia and Ukraine, though broader market segments demonstrated resilience with significant outperformance.
The Sensex ended 77.26 points or 0.09 per cent lower at 81,373.75, recovering sharply from its intraday low of 80,654.26, while the Nifty 50 slipped 34.10 points or 0.14 per cent to 24,716.60. Both indices opened on a subdued note with the Sensex at 81,214.42 against its previous close of 81,451.01 and Nifty at 24,669.70 versus Friday’s close of 24,750.70.
“The domestic market continued its consolidation phase for the third consecutive week, influenced by renewed concerns over a potential tariff war and escalating geopolitical tensions between Russia and Ukraine,” said Vinod Nair, Head of Research at Geojit Investments Limited. “While global uncertainties have led investors to adopt a risk-averse approach, the Indian market has demonstrated resilience, underpinned by robust institutional inflows and selective sectoral strength like FMCG, real estate, and financial stocks.”
The broader markets significantly outperformed the benchmark indices, with the Nifty Midcap 100 advancing 355.55 points or 0.62 per cent to 57,775.55. Market breadth remained positive with 2,128 stocks advancing against 1,992 declines on the BSE, while 167 stocks remained unchanged. A total of 122 stocks hit their 52-week highs compared to 48 touching 52-week lows.
Among the top Nifty gainers, Adani Ports led with a 2.20 per cent surge to 1,464.30, followed by Mahindra & Mahindra which gained 1.59 per cent to 3,024.00. Eicher Motors rose 1.10 per cent to 240.92, while Power Grid Corporation advanced 1.05 per cent to 292.80 and Tata Consumer Products gained 0.91 per cent to 1,116.40.
On the losing side, Hero MotoCorp declined 2.05 per cent to 4,221.00, leading the laggards. HDFC Life fell 1.53 per cent to 765.00, JSW Steel dropped 1.48 per cent to 978.80, Tech Mahindra slipped 1.45 per cent to 1,551.00, and Bajaj Auto declined 1.24 per cent to 8,500.50.
Sectoral performance was mixed with PSU Banks and Realty leading gains of over 2 per cent, while IT, Metals, and Consumer Durables witnessed profit-booking. The Nifty Bank index gained 153.70 points or 0.28 per cent to 55,903.40, while Nifty Financial Services declined 50.85 points or 0.19 per cent to 26,448.40.
“The market started the week on a volatile note and ended almost flat, continuing its consolidation phase,” noted Ajit Mishra, SVP Research at Religare Broking. “It initially opened with a downtick; however, strength in select heavyweights followed by a gradual recovery in other sectors helped pare the losses.”
Market volatility was evident with heightened intraday swings as the Nifty touched a low of 24,526 before recovering to close near session highs. Bajaj Broking Research highlighted that “the index staged a notable intraday reversal, clawing back its early losses through the session, underpinned by selective buying interest and resilience in broader market segments.”
India’s manufacturing activity showed a slight moderation in May 2025, with the HSBC Manufacturing PMI revised down to 57.6 from April’s 58.2, marking the lowest reading in three months. However, this was balanced by positive domestic cues including cooling inflation and robust GDP growth, fueling expectations of a possible RBI rate cut.
“This week’s focus shifts to key macroeconomic indicators including U.S. Manufacturing PMI, Non-Farm Payrolls, Unemployment Rate, and speeches from Fed Chair Jerome Powell,” said Jateen Trivedi, VP Research Analyst at LKP Securities, commenting on gold’s movement to $3,350 on Comex amid safe-haven buying.
The Indian rupee traded positively, gaining 17 paise to 85.35 against the dollar despite crude oil prices surging over 3.5 per cent amid escalating Russia-Ukraine tensions. “As long as geopolitical imbalances persist, the rupee is expected to remain volatile within the 84.50 to 86.00 range,” Trivedi added.
Technical analysts remained cautious about the near-term outlook. “Nifty continues to hover in a narrow band between 24,500 and 25,000, indicating a phase of consolidation,” said Vatsal Bhuva, Technical Analyst at LKP Securities. “However, the RSI’s negative divergence and bearish crossover reflect weak momentum.”
Shrikant Chouhan, Head Equity Research at Kotak Securities, observed that “after an early morning intraday sell-off, the market took support near 24,500/80600 and bounced back sharply.” He emphasized that “the current market texture is non directional hence level based trading would be the ideal strategy for day traders.”
Looking ahead, market participants expect continued consolidation with focus on domestic factors including the upcoming RBI monetary policy outcome on Friday and global cues. “Supportive domestic macro indicators include a potential RBI rate cut, a better monsoon, Q4 GDP data and better GST collection,” Nair concluded, suggesting that while near-term volatility may persist, underlying fundamentals remain supportive for Indian equities.
Published on June 2, 2025
This article first appeared on The Hindu Business Line
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