Closing Bell: Sensex up 220 pts, Nifty above 24,600; realty underperforms

Indian equity indices ended higher on June 4 with Nifty above 24,600. At close, the Sensex was up 260.74 points or 0.32 percent at 80,998.25, and the Nifty was up 77.70 points or 0.32 percent at 24,620.20.

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 range-bound activity. The Nifty ends 70 points higher, while the Sensex was up by 260 points. Among sectors, the Digital index gained 1.35 percent, whereas selective financial stocks registered intraday profit booking at higher levels. Technically, after a muted open, the market witnessed some recovery from the lower levels. However, it is still trading below the 20-day SMA (Simple Moving Average) of 24,700/81300, which is largely negative.

We believe that the current market structure is non-directional, and the intraday formation indicating range-bound activity is likely to continue in the near future. For traders, the key levels to watch are 24,450/80500 and 24,700/81300. A move above the 20-day SMA or 24,700/81300 could see the market rallying toward 24,760–24,850/81500-81800. Conversely, a dismissal of 24,450/80500 could accelerate selling pressure, with the market potentially slipping to 24,320–24,300/80100-80000.

Indian equities closed with gains following positive global cues with Nifty50 up 0.3% at 24,620. US markets ended higher on Tuesday after better than expected April job openings data, indicating resilience in the US labour market despite concerns over tariff policies. Further, Asian indices ended in the positive on optimism over trade talks between the US and Chinese President this week. Meanwhile, US is pushing trading partners to provide their best offers on trade negotiation by Wednesday as tariff deadline looms.

Nifty IT edged up by 0.4% after US Nasdaq Index rose by 0.8% on Tuesday supported by gains in Nvidia and other semiconductor stocks. Railway stocks were in momentum, driven by surge in order books after a slew of recent government orders.

Broader market witnessed buying interest with Nifty Midcap100 and Smallcap100 gaining 0.4-0.5% each. India's service sector showed steady growth in May, with the services PMI recorded at 58.8, marginally up from 58.7 in April.

With the 3-day monetary policy meet beginning today, investors will be closely tracking RBI’s interest rate decision on Friday. Rate-sensitive sectors including PSU Banks, Realty and Auto will be in focus, driven by expectation of a third rate cut in 2025 and measures to further boost liquidity.

The FIIs ended May’25 with a net buying of Rs 11,773 crore, the highest monthly buying since Sept’24. However, FIIs have been net sellers for the past two consecutive sessions, with a cumulative outflow of over Rs 5000 crore as on 3rd June. Meanwhile, DII buying is supporting the market, led by a rise in block deals (Rs 3,480 crore deals executed today).

We expect the market to remain in consolidation mode, tracking global markets and macro-economic cues; while stock-specific action would continue on the back of sectoral developments.

Markets traded range-bound but managed to close marginally in the green, taking a breather after Tuesday’s decline. Following an initial uptick, the Nifty oscillated within a narrow range and eventually settled at 24,612. A mixed trend across sectors kept traders engaged, with metals and energy ending higher, while realty and financials closed in the red. The highlight of the session was the strength in the broader market, as both midcap and smallcap indices posted gains in the range of 0.7% to 0.8%.

This pause in the index can largely be attributed to the stability in banking stocks and a noticeable cool-off in the India VIX. However, participants are advised not to read too much into this move and should maintain a cautious stance ahead of the weekly expiry on Thursday. Additionally, focus should remain on a stock-specific trading approach, given the rotational buying observed across various themes.

After showing a sharp weakness from the day's high on Tuesday, Nifty witnessed modest upside bounce on Wednesday and closed the day higher by 77 points amidst range movement. After opening with a positive note, the market shifted into a narrow range movement with positive bias for better part of the session. However further buying was seen towards the end and Nifty closed at the highs.

A reasonable bullish candle was formed on the daily chart on Wednesday, that was placed beside the long bear candle of previous session, which is indicating an attempt of upside bounce in the market. Nifty is currently placed within a broader high low range of 24500-25000 levels and is currently in an attempt of upside bounce from near the lower end of range.

The underlying trend of Nifty remains choppy. Further upside above the hurdle 24850 levels could bring bulls back into action. Immediate support is placed at 24500 levels.

The domestic market traded in a narrow range with a mildly positive bias, supported by favourable global cues such as strong U.S. job data and signs of easing U.S.-China trade tensions.

Mid- and small-cap stocks outperformed, driven by better than estimated earnings growth and moderation in valuation.

Investors are now focused on the RBI policy meeting starting today, with expectations of a rate cut and clarity on the future growth & inflation forecast.

Rupee traded weak by 25 paise at 85.87, inching closer to the 86.00 mark, as foreign investors remained in sell mode ahead of the RBI policy announcement scheduled for Friday, June 6.

Sentiment remained under pressure due to persistent fund outflows and the dollar index rising above the 99.00 level.

With key economic data lined up from the US, volatility is expected to stay elevated. The rupee is seen trading in a range of 85.50 to 86.40.

Post the knee-jerk reaction in the opening trade, the Index gradually soared higher to conclude the trade at 24,620.20 with gains of 77.70 points. Except for the Realty sector, all of the others settled trade in green, with Metal and Energy being the top performers. Meanwhile, the Railway stocks regained their lost momentum in today's trade. Mid and Smallcaps extended their outperformance by advancing over 0.70% each.

On the daily chart, the Index has formed a Bullish Harami candlestick pattern that signals potential reversal from a downtrend to an uptrend.

The level of 24,500 will be considered as a strong support, whereas the higher side seems to be capped at 24,725.

The Nifty continues to exhibit a lackluster sentiment as traders await the RBI rate decision. The market is likely to remain sideways for another session until the announcement and follow-up commentary on Friday.

A bearish crossover in the momentum oscillator RSI signals weakening price momentum, suggesting limited movement in the near term.

Immediate support is placed at 24,500; a break below this level could lead to further weakness. On the higher side, resistance is seen at 24,750/24,900.

Indian rupee ended 41 paise lower at 85.90 per dollar on Wednesday versus Tuesday close of 85.59.

Indian equity indices ended higher on June 4 with Nifty above 24,600.

At close, the Sensex was up 260.74 points or 0.32 percent at 80,998.25, and the Nifty was up 77.70 points or 0.32 percent at 24,620.20. About 2017 shares advanced, 1835 shares declined, and 141 shares unchanged.

Eternal, Jio Financial, Bharti Airtel, IndusInd Bank, Reliance Industries were among major gainers on the Nifty, while losers were Trent, Bajaj Finserv, Shriram Finance, TCS, Axis Bank.

BSE Midcap and smallcap indices rose 0.5 percent each.

On the sectoral front, BSE Realty index was down 0.7 percent, while telecom, metal, oil & gas indices added 0.5-1 percent.

#1 Harrier.ev to promote EV penetration at an attractive price point

#2 Overall positioning of harrier EV is similar to M&M’s BEVs

#3 We estimate 4 percent/5 percent EV penetration in FY26/27 versus 2.3 percent in FY25

# Average price of entry diesel automatic variants for high SUV segment is similar to Harrier EV

Bharat Electronics has secured additional orders worth Rs 537 crore. Major orders received include communication equipment, advanced composite communication system for ship,jammers, software, simulator upgrades, spares, test rigs, services etc.

#1 Annual investor day takeaways broadly in-line with earlier commentary

#2 Order pipeline healthy at Rs 1.8 lakh crore of which Rs 90,000 crore is from T&D

#3 Company expects healthy growth of domestic T&D segment over next 3-4 years

#4 Company targets revenue of over Rs 3,000 crore from cables business over next 2 years

The Sensex was up 330.16 points or 0.41 percent at 81,067.67, and the Nifty was up 97.80 points or 0.40 percent at 24,640.30. About 1900 shares advanced, 1612 shares declined, and 114 shares unchanged.

KEC International has secured new orders of Rs 2,211 crores across various businesses. The Transmission & Distribution (T&D) business has secured orders for T&D projects in the Middle East and Americas for design, supply & installation of 380 kV Overhead Transmission Lines in the Kingdom of Saudi Arabia (KSA) and supply of towers, hardware and poles in the Americas.

Oil & Gas Pipelines business has secured its second international order for terminal station works in Africa in addition to its

ongoing pipeline laying project in the region.

Cables business has secured orders for supply of various types of cables in India and overseas.

The escalation of geo-political tensions between Russia-Ukraine is leading investors to place their bets on Precious metals like gold and silver.

Silver has rallied in the international markets from lows of around USD 32.76/ounce on 30th May 2025, to around highs of USD 34.78 on 2nd June 2025, a rally of around 6 percent. On the MCX , silver prices have rallied from lows of Rs 96742/kg on 30th May 1015 to highs of Rs 101350/kg as on 3rd June, a rally of around 5 percent on the MCX futures.

Continued escalation of war between Russia-Ukraine will lead to further rally in Silver in the near term and MCX futures might soon move higher towards Rs 1,06,000/kg mark. Traders are advised caution as volatility will be key going forward.

#1 Focus is on growing ahead of the industry despite competition

#2 Camso initiatives in place to regain lost ground

#3 Steady market share gains across 2W & PCR replacement segments

#4 Push across OE/exports should sustain 11 percent revenue CAGR over FY25-27

#5 Expect OHT mix to rise to 25 percent in H2FY26, the highest among peers

The Sensex was up 278.45 points or 0.34 percent at 81,015.96, and the Nifty was up 79.90 points or 0.33 percent at 24,622.40. About 1856 shares advanced, 1619 shares declined, and 118 shares unchanged.

Western Carriers has received work order from Jindal Stainless for hiring & trip basis of Trailers for Container Movement inside the JSL plant in Jajpur.

#1 FY26 exports outlook is positive

#2 FY26 domestic replacement growth is likely to be in single digits

#3 Company has gained share in 2W, TBR & E-PCR space in FY25

#4 Company is targetting further gains in PCR/TBR segments

#5 Camso acquisition increases high-margin OHT/exports share in revenue from 15 percent/19 percent to 25 percent/26 percent

#6 We are building in revenue/EBITDA CAGR of 14 percent/26 percent over FY25-27

The company has been selected by RailTel Corporation of India as a managed service data centre partner on a revenue-sharing basis to design, build, finance, and operate a 10MW data centre in phases on RailTel’s land in Noida. The project will be executed under the digital platform arm of the company, Techno Digital.

The company’s wholly owned subsidiary Caplin Point Far East, Hong Kong, executed share purchase agreement for acquiring the entire stake in Triwin Pharma S.A DE C.V, a Mexican company.

Welspun Aunta-Simaria Project, a material subsidiary of Welspun Enterprises, has received the provisional certificate for commercial operation from National Highways Authority of India (NHAI) w.e.f. May 15, 2025.

The PCOD pertains to the project involving four/six-laning of Aunta-Simaria (Ganga Bridge with approach road) section of NH 31 from Km 197.900 to 206.050 (Design Chainage) and (Existing Chainage Km 204.741 to Km 209.945 of NH-31), a total Design Length of 8.150 Km, in the State of Bihar, awarded on Hybrid Annuity Mode (HAM) basis.

The company's psoriasis drug SCD-044 has failed to meet its primary endpoint of 75% improvement in PASI (Psoriasis Area and Severity Index) score at week 16 in its Phase 2 trial. Additionally, the company is discontinuing studies of SCD-044 for atopic dermatitis after top-line results from a Phase 2 clinical trial did not meet the primary objective of 75% improvement in EASI (Eczema Area and Severity Index) score at week 16.

The company has received an order for a 7.8 MW grid-connected solar rooftop project from the Rangiya Division of the Northeast Frontier Railway. The order, valued at Rs 33.6 crore, also includes a comprehensive 5-year annual maintenance contract (AMC) for various buildings within the Rangiya division.

The Sensex was up 274.52 points or 0.34 percent at 81,012.03, and the Nifty was up 73.60 points or 0.30 percent at 24,616.10. About 1890 shares advanced, 1548 shares declined, and 122 shares unchanged.

Gold and Silver prices rose toward $3,370 and $34.50 respectively, as escalating geopolitical and economic risks enhanced its safe-haven status. The OECD downgrading global growth forecast and weak US factory orders highlighted economic pressures, while resilient US labor data offered some support. Newly implemented US tariffs on steel and aluminum intensified trade tensions, compounded by ongoing disputes between US and china. Markets anticipate a crucial meeting between Presidents Trump and Xi later this week. Meanwhile, conflict in Ukraine and stalled US-Iran nuclear negotiations kept geopolitical concerns elevated, thus bolstering gold demand.

Gold has support at $3330-3305 while resistance is at $3380-3400. Silver has support at $34.15-33.80 while resistance is at $34.65-34.85. In INR terms, gold has support at Rs96,420-96,000 while resistance is at Rs97,150-97,440. Silver has support at Rs100,460-99,550 while resistance is at Rs1,01,950-1,02,750.

Indian rupee is trading 25 paise lower at 85.94 per dollar on Wednesday versus Tuesday close of 85.59.

The state-owned company has reduced the prices of its Baila Lump ore by Rs 140 per tonne to Rs 6,300 per tonne, and Fines by Rs 150 per tonne to Rs 5,350 per tonne, effective June 4.

The company has announced a strategic partnership with Mavvrik, a leader in AI cost governance, to help enterprises gain visibility and precise financial control over rapidly escalating investments in AI, cloud, and hybrid infrastructure.

#1 Maintain buy on Embassy REIT, target at Rs 435

#2 Maintain buy on Brookfield REIT, target at Rs 330

#3 Distribution per unit grew strongly & the yield was 6-7 percent

#4 Saw mid-teen return last year & expect similar return in FY26

#5 Improving occupancies, increasing marginal rent key growth catalysts

#6 New asset builds & acquisitions set the tone for upcoming growth

Ritco Logistics has been awarded a high-value rate contract worth Rs 85 crore by Jindal Steel and Power Limited (JSPL).

Also, the company secured a major contract valued at Rs 36 crore from NTPC Limited for the movement of fly ash in Jharkhand.

The share touched a 52-week high of Rs 351.65 and a 52-week low of Rs 134.30 on 15 July, 2024 and 03 March, 2025, respectively.

Currently, the stock is trading 38.15 percent below its 52-week high and 61.95 percent above its 52-week low.

Market capitalisation stands at Rs 20,456.22 crore.

In line with the Reserve Bank of India's accommodative stance, the possibility of a rate cut remains on the table in the upcoming RBI policy meeting. It is anticipated that the suggested actions will increase the economy's money supply, boost consumer demand, increase liquidity, and encourage borrowing. By lowering the cost of borrowing, such move is likely to boost credit demand and improve investments in various industries.

Additionally, the anticipated rate cut, when viewed together with other macroeconomic indicators such as robust GDP growth, improving industrial output, and controlled inflation may create a favourable environment for medium-term outlook. Further, will set a stronger groundwork for sectoral recovery in the upcoming quarters.

Sectors such as real estate, which are highly sensitive to interest rate movements, are poised to benefit meaningfully along with a positive stimulate to allied industries. Investors are optimistic about decreased borrowing costs, which would stimulate demand for automotive and many other discretionary products, subsequently enhancing lending activities, benefitting both banks and non-banking financial institutions.

#1 Camso integration & overall margin revival are near-term objectives

#2 Company expects to gain market share in TBR replacement market

#3 Camso deal done, revenue potential of USD 1.2 bilion after 3 years

# Company is margin upcycle on back of softening of raw material basket prices

#5 See 200- 300 bps of margin expansion in FY26

Adani Airports Holdings (AAHL), a subsidiary of Adani Enterprises, has raised USD 750 million via External Commercial Borrowings (ECB) from a consortium of international banks. The transaction was led by First Abu Dhabi Bank, Barclays PLC, and Standard Chartered Bank.

The Sensex was up 160.27 points or 0.20 percent at 80,897.78, and the Nifty was up 47.30 points or 0.19 percent at 24,589.80. About 1800 shares advanced, 1491 shares declined, and 141 shares unchanged.

1 million shares of Ambuja Cement and 4 million shares of Gail India traded in a block: Bloomberg

The share touched a 52-week high of Rs 609 and a 52-week low of Rs 315.50 on 15 May, 2025 and 22 July, 2024, respectively.

Currently, the stock is trading 4.79 percent below its 52-week high and 83.79 percent above its 52-week low.

Market capitalisation stands at Rs 30,043.25 crore.

#1 See an effective industry tariff put, higher FCF & improving RoIC outlook

#2 In base case, assume 11 percent ARPU increase to Rs 290 by FY27

#3 EPS estimates for FY26/27/28 adjusted by -1.7 percent/+0.9 percent/+2.7 percent

Maruti Suzuki India announced the expansion of its solar capacity by 30MWp with two new projects. The company commissioned a 20MWp solar power project at its new facility in Kharkhoda, Haryana, and added another 10MWp solar capacity to its Manesar facility.

With these additions, MSIL's total solar capacity across its locations has enhanced from 49MWp to 79MWp in the last one year.

The AI-powered technology services and consulting company has won a multi-year deal with Entrust, a global leader in identity-centric security solutions. Wipro will provide strategic resources, scale, and agility to help Entrust accelerate its growth.

HDB Financial Services, a subsidiary of the bank, has received approval from SEBI to launch a Rs 12,500-crore initial public offering (IPO) within the next one year. The IPO will comprise a fresh issue of Rs 2,500 crore and an offer-for-sale of Rs 10,000 crore worth of shares by parent HDFC Bank. The bank currently holds a 94.36% stake in HDB Financial Services.

Allied Digital Services, Ashapura Intimates Fashion, Arcotech, Euro Asia Exports, Hardwyn India, Royal Cushion Vinyl Products, Sampre Nutritions, and Starlit Power Systems will release their quarterly earnings on June 4.

The Sensex was up 108.56 points or 0.13 percent at 80,846.07, and the Nifty was up 35.25 points or 0.14 percent at 24,577.75. About 1414 shares advanced, 1657 shares declined, and 164 shares unchanged.

L&T Technology Services signed strategic agreement with Tennant Company, a world leader in sustainable cleaning solutions. As part of the agreement, LTTS will set up a dedicated state-of-the-art Offshore Development Center (ODC) with a scalable engineering team to support Tennant’s efforts across New Product Development, product Life Cycle Management, and key business functions.

Praj Industries, International Air Transport Association (IATA), and Indian Sugar & Bio-energy Manufacturers Association (ISMA) have signed a strategic Memorandum of Understanding (MoU) to drive the certification and adoption of Sustainable Aviation Fuel (SAF) in the country.

The partnership will focus on conducting a comprehensive Life Cycle Assessment (LCA) of SAF derived from Indian sugarcane feedstock via the Ethanolto-Jet (ETJ) pathway—a critical milestone in demonstrating the environmental and economic viability of indigenous SAF solutions.

Optare Plc. UK, (Buyer - Subsidiary of Ashok Leyland Ltd.,) has entered into a Share Purchase Agreement with Dana Ltd.(Seller), for purchase of their 1.01% stake in Switch Mobility Limited, UK (SML UK).

Post this acquisition, Optare Plc’s shareholding in SML UK would increase from 98.56% to 99.57% and consequently, Optare Plc. UK along with Hinduja Automotive Limited, UK, will hold 100% in SML UK.

Yes Bank on Tuesday said its board has approved raising of Rs 16,000 crore through a mix of equity and debt to fund business growth.

The board approved raising of funds by way of issuance of eligible equity securities through various permissible means, provided that the aggregate amount to be raised by issuance of such securities would not exceed Rs 7,500 crore and would not result in an aggregate dilution of more than 10 per cent (including dilution on account of issuance of equity securities in terms of this item and conversion of any convertible debt securities approved by the board), the private bank said in a regulatory filing.

The board also gave its nod to raising funds by way of issuance of eligible debt securities in Indian or foreign currency, provided that the aggregate amount to be raised by issuance of such securities would not exceed Rs 8,500 crore and would not result in an aggregate dilution of more than 10 per cent, it said.

Gland Pharma has received approval from the United States Food and Drug Administration (USFDA) for its Abbreviated New Drug Application for Angiotensin II Acetate Injection 2.5 mg/mL.

The product is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), GIAPREZA of La Jolla Pharma LLC.

This Product is indicated for increasing the blood pressure in adults with septic or other distributive shock.

Allied Digital Services, Ashapura Intimates Fashion, Arcotech, Euro Asia Exports, Hardwyn India, Royal Cushion Vinyl Products, Sampre Nutritions, and Starlit Power Systems will release their quarterly earnings on June 4.