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Benchmark indices witnessed sharp volatility on Tuesday amid foreign fund outflows and mixed global cues, including tariff and trade uncertainties.
The indices ended lower for third consecutive trading session. Despite positive opening, Sensex ended 636.24 pts or 0.78 per cent lower at 80,737.51, and Nifty 50 declined 174.10 pts or 0.70 per cent to 24,542.50. The volatility index fell nearly 4 per cent.
Smallcap index delivered resilience, while midcap index slipped.
Shrikant Chouhan, Head Equity Research, Kotak Securities, said, “the benchmark indices witnessed profit booking at higher levels.”
“Technically, after a positive open, the market slipped below the 20-day SMA (Simple Moving Average) or 24,700/81300, and thereafter, selling pressure intensified. On daily charts, a long bearish candle has formed, and on intraday charts, a lower top formation is holding, which is largely negative,” Chouhan added.
According to Vinod Nair, Head of Research, Geojit Investments Limited, domestic market remained in negative terrain amid mixed global cues, geopolitical issues and a volatile currency market led by a weak USD.
On the sectoral front, realty and defence outperformed. Fertiliser stocks also shined. Private bank, banking and financial stocks witnessed maximum selling pressure.
Nifty Private Bank index declined over 1 per cent, while IT slipped 0.67 per cent.
“Profit booking is evident across sectors, except for real estate stocks, supported by expectations of an interest rate cut by the RBI. Mid- and small-cap stocks are experiencing relatively less consolidation than large caps due to better earnings growth & moderation in premium valuation. While short-term consolidation is likely to persist, strong domestic oriented players are estimated to provide outperformance against external volatility,” Nair added.
About 1,696 stocks declined and 1,224 advanced of all the 2,999 stocks that were traded on the National Stock Exchange.
Market movers today
Among the Nifty 50 pack, Grasim Industries led the gainers with 1 per cent gain. Shriram Finance, Bajaj Auto, Mahindra & Mahindra, Dr Reddy’s Laboratories, Cipla and Hindalco shares closed with modest gains.
On the flip side, Adani Ports and Adani Enterprises depreciated by 2 per cent. Coal India, Bajaj Finserv and Power Grid also declined close to 2 per cent. All other Adani Group stocks such as Adani Power, Adani Energy Solutions, Adani Green Energy and ACC also ended in negative territory.
Yes Bank shares tumbled 10 per cent, and dragged the private bank index. Other losers include IDFC First Bank, RBL Bank, IndusInd and Bandhan Bank.
Defence stocks like GRSE, Cochin Shipyard, Unimech and BEML surged 4-6 per cent. Among realty, Sobha shares zoomed close to 6 per cent.
103 stocks including FACT, ITI, Orchid Pharma, Nitco and Aditya Birla Money hit the upper circuit. 71 stocks hit lower circuit.
60 stocks such as BSE, Bharti Hexacom, CUB and Deepak Fertilizers hit a 52-week high, while 25 stocks hit 52-week low.
Cochin Shipyard. Hindustan Zinc, Prestige Estate, BSE and Federal Bank emerged as top gainers of midcap, while Ola Electric, Suzlon Energy, Vodafone Idea, BHEL shares depreciated 4-8 per cent.
Among smallcap, Brainbees Solutions (FirstCry), GRSE, Radico, PCBL and Brigade soared 4-6 per cent.
Voltamp Transformers, National Fertilizer, Dodla Dairy, RCF and India Cements zoomed 7-9 per cent on the BSE, while Yes Bank, Aptus Value, Avanti Feeds, Genus Power and Reliance Power tanked 5-10 per cent.
On the technical front, Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, said, “The market has been moving within a broader high low range over the last couple of weeks within 24500-25000 levels and the Nifty is currently placed at the lower range.
Further weakness below from here could open more weakness down to the next supports of 24400-24300 levels. Any upside from here could find resistance around 24800 levels.”
Asian markets ended lower. US market ended higher on Monday.
“Persistent global uncertainties, including the ongoing Russia-Ukraine conflict, continue to impact Indian markets. The war has disrupted global supply chains, leading to increased input costs and reduced demand for exports, thereby affecting Indian businesses and contributing to market volatility,” Vikram Kasat, Head – Advisory, PL Capital, said.
“Additionally, India’s reliance on discounted Russian oil amidst Western sanctions has introduced further complexities, potentially influencing investor sentiment. Despite these challenges, the bromine segment remains stable, supported by consistent global demand and supply-side constraints, offering a positive near-term outlook amid broader market uncertainties.”
Going ahead, investors will watch out for the upcoming RBI monetary policy and US job data in near-term.
Published on June 3, 2025
This article first appeared on The Hindu Business Line
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