Closing Bell: Nifty below 24,550, Sensex down 636 pts; realty stocks outperform

Indian benchmark indices ended lower on third consecutive session on June 3 with Nifty below 24,550. At close, the Sensex was down 636.24 points or 0.78 percent at 80,737.51, and the Nifty was down 174.10 points or 0.70 percent at 24,542.50.

We wrap up today's edition of the Moneycontrol live market blog, and will be back tomorrow morning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices for all the global market action.

Today, the benchmark indices witnessed profit booking at higher levels. The Nifty ends 174 points lower, while the Sensex was down by 636 points. Among sectors, the Private Bank index lost the most, shedding 1.25 percent, whereas despite the weak market sentiment, the Reality and Defense indices outperformed, rallying over 1 percent.

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.

We believe that the intraday market texture is weak, but a fresh sell-off is possible only if the level of 24,450/80500 is breached. Below this, the index could decline to 24,320–24,300/80100-80000. On the upside, if the index moves above 24,600/81000, a quick pullback rally towards the 20-day SMA or 24,700/81300 could occur. Further upside may also continue, potentially lifting the market up to 24,760/81500.

After showing upside recovery from the lows on Monday, Nifty failed to sustain the early gains on Tuesday and closed the day lower by 174 points. After opening with a positive note, the market witnessed sharp weakness from the day's high soon after the opening. Weakness continued in the mid to later part of the session and Nifty finally closed at the lows.

A long negative candle was formed on the daily chart, that has negated the positive impact created by the previous session. 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.

There is no outcome yet on the global trade settlement involving major economies, which is creating a lot of uncertainty amongst the investors and prompting them to slash their equity bets at regular intervals. Also, with no solution yet to the conflict between Russia & Ukraine, the risk off sentiment continues with the investors.

The Nifty has extended its consolidation phase for yet another day, showing no urgency in establishing a clear directional trend. It appears that investors are awaiting a decisive commentary following the RBI's interest rate decision. Technically, very short-term support is placed at 24,500. A fall below this level may trigger an increase in short positions, potentially leading to a swift decline towards 24,000. On the other hand, if the Nifty holds above 24,500, it could see a recovery towards the 24,700–24,750 zone in the near term.

The domestic market remained in negative terrain amid mixed global cues, geopolitical issues and a volatile currency market led by a weak USD. 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.

Markets edged lower in a volatile trading session, losing over half a percent amid weak cues. After an initial uptick, the Nifty oscillated sharply in early trade; however, a sharp decline below the short-term moving average (20 DEMA) in the latter half of the session kept the tone negative. Eventually, it closed near the day’s low at the 24,539 level. On the sectoral front, most key sectors ended in the red, with energy, financials, and IT among the top losers. The broader indices showed a mixed trend — the smallcap index closed almost flat, while the midcap index lost nearly half a percent.

The ongoing foreign fund outflows, coupled with weak global cues such as geopolitical tensions and uncertainty over trade deals, are adding pressure to the markets. Notably, the Nifty has decisively breached its short-term support zone (20 DEMA) for the first time in nearly one and a half months, which may lead to further downside toward the 24,200–24,400 zone. However, the relatively stronger performance in the banking space could help limit the pace of decline. We recommend maintaining caution in stock selection and trade management in the current environment.

The Indian rupee erased Monday’s gains amid risk-averse sentiments, a rebound in the US dollar, and foreign fund outflows. The local currency has been consolidating within a narrow range over the past five days, awaiting fresh triggers—most notably the upcoming RBI policy announcement.

In the near term, the spot USD/INR is expected to trade between 85.10 and 85.90.

NSE’s listing is long overdue, especially considering it first approached SEBI back in 2016. Given its dominant position globally in derivatives and strong fundamentals, it makes sense for the exchange to go public. From a policy standpoint, we have seen a shift regulators now seem more open to listed exchanges, provided conflicts of interest are well-managed. We feel a public listing could improve transparency, deepen governance, and offer a benchmark for capital markets infrastructure in India.

The news about an unlisted rally in NSE shares reflects market optimism, but expectations must be balanced with regulatory caution

Indian rupee ended 21 paise lower at 85.59 per dollar on Tuesday versus Monday's close of 85.38.

Indian benchmark indices ended lower on third consecutive session on June 3 with Nifty below 24,550.

At close, the Sensex was down 636.24 points or 0.78 percent at 80,737.51, and the Nifty was down 174.10 points or 0.70 percent at 24,542.50. About 1701 shares advanced, 2148 shares declined, and 134 shares unchanged.

BSE Midcap index shed 0.5 percent, while smalllcap index ended flat.

Among sectors, realty index rose 1 percent, while bank, capital goods, consumer durables, IT, oil & gas, power, private bank, PSU bank indices down 0.5-1 percent.

Adani Ports, Bajaj Finserv, Adani Enterprises, Coal India, Power Grid were among major losers on the Nifty, while gainers included Grasim Industries, Shriram Finance, M&M, Bajaj Auto, Cipla.

The board of directors of Seamec in its meeting held today i.e. June 3, 2025, considered and approved the purchase of Vessel “SEAMEC ANANT” from HAL Offshore Limited, the Holding Company at a price of USD 70 million, subject to approval of the shareholders.

Premier Explosives has now received an order dated June 02, 2025 from Telangana Pollution Control Board regarding revocation of closure order dated May 07, 2025, for a period of three months for the company's factory situated at Katepally Village, Motakondur MandaI, Yadadri-Bhuvanagiri District, Telangana, on payment of environmental compensation of Rs 6,75,0001.

The Company has made full payment of Rs. 92.68 crore to Dhursar Solar Power Private Limited, towards claim of tariff as per the Energy Purchase Agreement with the Company.

Accordingly, the Company preferred an appeal before the Hon’ble NCLAT and will seek withdrawal of the Order dated May 30, 2025 passed by NCLT Mumbai in case no. C.P. (IB)/ 624(MB)2022, for Corporate Insolvency Resolution process and appointment of the interim resolution professional.

The upcoming RBI MPC meeting is coming at the backdrop of strong GDP growth print of 7.4% which was significantly higher than market expectation of 6.8%. While it is difficult to make forward looking projections on global growth where significant uncertainties still exist, the latest domestic growth data suggest limited downside risks to growth.

Therefore, we expect a 25 bp cut in policy rate at the June MPC meeting. This coupled with the ongoing accommodative stance will position MPC to react to any data surprises on either side. By adequate modulation in the systemic liquidity, RBI has ensured overnight rates hovering at lower end of LAF corridor in the recent past, thus effectively easing by 75 bp as against 50bp rate reduction till now in this rate reduction cycle.

The lowering interest rate differential between US and India and its impact on overseas investments (FPI flows) in India and the mid to long term trajectory of the inflation factoring in adverse base effect (lower base increasing the YOY number) will weigh in MPC decisions as the policy rate goes further lower.

Therefore, we expect one more 25bp cut in next MPC meeting to be held in August most likely ending the rate easing cycle with Repo rate getting floored at 5.50% followed by a prolonged pause.

Indian rupee is trading lower at 85.55 per dollar versus Monday's close of 85.38.

The Sensex was down 625.98 points or 0.77 percent at 80,747.77, and the Nifty was down 168.25 points or 0.68 percent at 24,548.35. About 1580 shares advanced, 1934 shares declined, and 118 shares unchanged.

The company recorded 1.71 lakh tonnes of manganese ore production in May 2025, registering an impressive 18% growth over the corresponding period last year (CPLY).

This marks the highest-ever production for the month of May and the fourth-highest monthly production since inception.

The company has decided to close its brewery unit at Baikampady, Mangalore, Karnataka, effective June 30, 2025. It has initiated a strategic capacity consolidation and is pursuing expansion at the Nanjangud Brewery in Mysuru, where it is making significant investments to enhance supply chain efficiencies. The closure of the Mangalore brewery will not impact business performance in Karnataka, the company said.

Indian Rupee weakened vs the US Dollar on weak domestic equities and FII outflows. Positive US Dollar index and rising crude oil prices further pressurised the Rupee. US Dollar index fell on Monday on disappointing ISM manufacturing PMI. It fell to 48.5 in May 2024 vs forecast of 49.3. However, the greenback recovered on weaker than expected China’s Caixin manufacturing PMI.

We expect Rupee to trade with a negative bias on weak domestic markets and strong Dollar. FII outflows and rising global crude oil prices may further pressurise the Rupee. Trade tensions between US and China and renewed geo-political tensions between Ukraine and Russia may also weigh on the domestic unit. Traders may take cues from JOLTS job openings and factory orders data from the US. Investors may remain cautious ahead of RBI’s monetary policy meeting decision later this week. USDINR spot price is expected to trade in a range of Rs 85.20 to Rs 85.90.

The Sensex was down 534.11 points or 0.66 percent at 80,839.64, and the Nifty was down 147.15 points or 0.60 percent at 24,569.45. About 1577 shares advanced, 1916 shares declined, and 108 shares unchanged.

Sumit Khandelwal, General Manager, has been designated as the Chief Financial Officer (CFO) of the bank with immediate effect, replacing Sujoy Dutta, General Manager.

The company has announced production of 1,95,882 units in the month of May, an increase of 1.4 percent over 1,93,207 units produced in the previous month.

Indian rupee is trading lower 13 paise at 85.51 per dollar versus Monday's close of 85.38.

Medicamen Biotech has received its first Abbreviated New Drug Application (ANDA) approval from the U.S. Food and Drug Administration (USFDA) today for Bortezomib for injection 3.5 mg.

The ANDA is for Bortezomib for Injection, 3.5 mg Single-Dose Vial. The FDA has determined that Bortezomib for Injection, 3.5 mg Single-Dose Vial, is bioequivalent and therapeutically equivalent to the Reference Listed Drug (RLD), Velcade for Injection, 3.5 mg/vial, of Takeda Pharmaceuticals U.S.A. Inc. (NDA-021602).

The biopharmaceutical company has received approval in India for its Liraglutide drug substance, and its wholly owned subsidiary, Biocon Pharma, has received approval for its Liraglutide drug product (6 mg/ml solution for injection in pre-filled pen and cartridge) from the Drugs Controller General of India (CDSCO). This is the generic version of Victoza, indicated for the treatment of insufficiently controlled Type 2 Diabetes Mellitus.

Indoco's subsidiary, Indoco Remedies UK Limited, officially launched Ticagrelor film-coated tablets 90mg in the United Kingdom on June 2, 2025.

Tata Consultancy Services (TCS) has expanded its two-decade-long strategic partnership with Virgin Atlantic.

Under this renewed seven-year agreement, the two organizations will deepen their collaboration to strengthen the technological foundations of Virgin Atlantic, enable modern airline retailing, deliver greater operational resilience, and enhance customer experience.

The company has signed a Hotel Management Agreement with Goyal Parmarthik Trust for the upcoming Zone by THE PARK, Mathura, located at Aanyor, Uttar Pradesh. Including this new hotel, the company currently operates 35 hotels across India.

Additionally, the company has entered into a Limited Liability Agreement with Anand Goyal and Nidhi Goyal for the incorporation of a Limited Liability Partnership (LLP), in which the company will hold a 51% capital contribution. The said LLP will build, own, and operate a hotel on an 18,000 square metre land parcel in Jaipur, Rajasthan.

The Board has approved the issuance of non-convertible debentures (NCDs) worth up to Rs 1,000 crore, in one or more tranches, on a private placement basis.

The EPC company has secured fresh orders worth Rs 534 crore across domestic and international geographies. With this, the company’s order intake in FY26 has crossed Rs 1,600 crore, driven by its core Transmission & Distribution (T&D) segment.

The company has received approval from ACRA, the Singapore regulator, for the acquisition of a 51 percent stake in the equity share capital of Om Vedic Heritage Centre Pte by its subsidiary Ayurvedic Academy Inc.

The Sensex was down 366.23 points or 0.45 percent at 81,007.52, and the Nifty was down 101.45 points or 0.41 percent at 24,615.15. About 1796 shares advanced, 1593 shares declined, and 143 shares unchanged.

The Board has approved a proposal to raise up to Rs 300 crore through a preferential allotment of convertible warrants and equity shares to a promoter group entity and non-promoters, respectively.

A. Manimekhalai concludes tenure as MD & CEO of Union Bank and ceases to be director w.e.f June 3, 2025.

The Sensex was down 316.55 points or 0.39 percent at 81,057.20, and the Nifty was down 86.05 points or 0.35 percent at 24,630.55. About 1956 shares advanced, 1341 shares declined, and 140 shares unchanged.

The company has received orders for air spring assemblies worth Rs 92.6 crore from Rail Coach Factory, Kapurthala, and Modern Coach Factory, Raebareli.

The company has acquired a 33.64 percent equity stake in Oyster Green Hybrid One, a special purpose vehicle formed in collaboration with Oyster Renewable Energy, to develop a 282 MW hybrid renewable energy project to meet the power requirements of its plants.

The company is committed to invest up to Rs 132 crore in Oyster Green for the commissioning of the project, expected by the third quarter of FY26. In the current tranche, upon achievement of milestones, an amount of Rs 79.20 crore is being invested.

Tata Communications today announced the integration of a new submarine cable system —TGN-IA2 — constructed by the Asia Direct Cable (ADC) consortium, into its existing network fabric.

The company has signed a long-term Sales and Purchase Agreement (SPA) with BP Singapore Pte, a subsidiary of global energy company bp, for the supply of up to 0.41 MMTPA of LNG from 2027 to 2036.

The LNG procured under this agreement will be utilised to operate its 2,730 MW combined cycle gas-based power plants (GBPPs) in India. It will also support the Torrent Group’s City Gas Distribution (CGD) arm, Torrent Gas, to ensure reliable supply of gas for households, commercial and industrial consumers, and CNG vehicles.

The Water & Effluent Treatment business vertical of L&T has secured significant orders from the Public Health Engineering Department of Rajasthan.

It has won an EPC order for the Rajasthan Rural Water Supply and Fluorosis Mitigation Project – Phase II, Package-1. The scope encompasses supply & installation of 5,251-km transmission and distribution pipelines, construction of 38 ground level reservoirs with an aggregate capacity of 40 ML, 20 pump houses and 132 overhead service reservoirs with an aggregate capacity of 25 ML.

The biopharmaceutical company has received approval in India for its Liraglutide drug substance, and its wholly owned subsidiary, Biocon Pharma, has received approval for its Liraglutide drug product (6 mg/ml solution for injection in pre-filled pen and cartridge) from the Drugs Controller General of India (CDSCO). This is the generic version of Victoza, indicated for the treatment of insufficiently controlled Type 2 Diabetes Mellitus.

The shares of Prostarm Info Systems were listed on BSE at Rs 125 apiece. This marks a premium of 19.05 percent over the IPO price of Rs 105 apiece. The company debuted with a market capitalization of over Rs 707 crore.

On NSE, the shares of the inverter-maker were listed at Rs 120 apiece, marking a premium of 14.29 percent over the IPO price.

Notably, the listing premium is slightly higher than the grey market estimates. Ahead of listing, the unlisted shares of the company were trading with a grey market premium (GMP) of 11.43 percent over the IPO price at Rs 117 apiece, according to data on Investorgain. Read More

The Sensex was down 332.44 points or 0.41 percent at 81,041.31, and the Nifty was down 94.65 points or 0.38 percent at 24,621.95. About 1863 shares advanced, 1219 shares declined, and 154 shares unchanged.

The global technology company announced a strategic partnership with UiPath to accelerate agentic automation for UiPath customers worldwide. The partnership will drive large-scale transformation for enterprises across industries, enabling more intelligent and self-sufficient business process operations that require minimal human intervention.