Closing Bell: Sensex, Nifty flat amid volatility; mid, smallcaps outperform

Indian equity indices ended on a flat note with Nifty around 24,700 amid volatility on June 2. At close, the Sensex was down 77.26 points or 0.09 percent at 81,373.75, and the Nifty was down 34.10 points or 0.14 percent at 24,716.60.

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.

After witnessing a short-term downward correction in the last few sessions, Nifty showed signs of upside recovery from the lower levels on Monday and closed the day lower by 34 points. Nifty opened on a negative note on the backdrop of weak Asian markets and slipped into further weakness soon after the opening. It later showed upside recovery from the lows of 24526 and closed the day off the lows.

A small positive candle was formed on the daily chart with long lower shadow. This market action indicates a formation of bullish hammer type candle pattern (not a classical one) at the support of 20day EMA after a fall of few sessions.

The underlying trend of Nifty remains choppy with weak bias. Having shown upside recovery from the higher lows on Monday, the Nifty is expected to show short term upside bounce towards 24900 in the next few sessions. Immediate support is at 24500.

Nifty continues to hover in a narrow band between 24,500 and 25,000, indicating a phase of consolidation. Despite a gap-down start on Monday, it managed to close above its 20-day EMA, showing some buying interest at lower levels. However, the RSI’s negative divergence and bearish crossover reflect weak momentum. Immediate support is placed at 23,630 where its 20 days EMA is placed, while positional support lies at 24,500–24,550. Resistance levels are marked at 24,860 and 25,070. The trend remains sideways with a slight negative bias unless a range breakout occurs.

The market started the week on a volatile note and ended almost flat, continuing its consolidation phase. It initially opened with a downtick; however, strength in select heavyweights followed by a gradual recovery in other sectors helped pare the losses. Meanwhile, a mixed trend across sectors kept traders active, with realty and FMCG emerging as gainers, while metal and IT closed in the red. The broader indices outperformed for yet another session, gaining between 0.7% and 1.3%.

While domestic cues remain favorable, global uncertainty continues to keep participants on edge, delaying the next directional move in the index. On the index front, Nifty’s rebound after an intraday dip below its short-term moving average (20 DEMA) indicates that the bulls are not ready to loosen their grip, keeping hopes of a recovery alive. Amidst all this, buoyancy in select themes and the broader market is offering ample trading opportunities, so participants should remain focused accordingly.

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. 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.

Supportive domestic macro indicators include a potential RBI rate cut, a better monsoon, Q4 GDP data and better GST collection. Under the current market landscape, investors are adopting a cautious short-term strategy, with a focus on domestically oriented and interest-sensitive sectors.

Indian Rupee rose today on inflows led by MSCI rebalancing and a weak US Dollar index. However, disappointing macro-economic data and weak domestic markets capped sharp gains. India’s manufacturing PMI fell to 57.6 in May 2024 vs forecast of 58.3. Surge in crude oil prices and renewed geopolitical tensions also weighed on the Rupee at higher levels. US Dollar fell on trade tariff uncertainty after US President Donald Trump said that he planned to double duties to 50% on import of steel and aluminium.

We expect Rupee to trade with a negative bias on weak domestic markets and FII outflows. Rising global crude oil prices, trade tensions between US and China and renewed geo-political tensions between Ukraine and Russia may further pressurise the Rupee.

However, weakness in the US Dollar may support the Rupee at lower levels. Traders may take cues from ISM manufacturing PMI data from the US.

USDINR spot price is expected to trade in a range of Rs 85.10 to Rs 85.80.

Despite weak market sentiment, Leela Hotels’ IPO debuted flat in line with our expectations. It had received decent overall subscription, largely driven by Qualified Institutional Buyers (QIBs). However, demand from Retail and High Net-worth Individuals (HNIs) remained subdued. This lower interest is justified given investor concerns around the IPO’s valuation, the company’s significant debt burden even after recent reductions, and operational challenges such as occupancy rates lagging behind industry averages.

However, we view the company as a compelling long-term play, aligned with the structural growth in India’s luxury hospitality and tourism sector. We recommend allotted investors to HOLD it for long-term perspective, as the company is well positioned to benefit from improving macro trends in travel and high-end hospitality.

Indian rupee ended 20 paise higher at 85.38 per dollar on Monday versus previous close of 85.58.

Indian equity indices ended on a flat note with Nifty around 24,700 amid volatility on June 2.

At close, the Sensex was down 77.26 points or 0.09 percent at 81,373.75, and the Nifty was down 34.10 points or 0.14 percent at 24,716.60. About 2065 shares advanced, 1903 shares declined, and 159 shares unchanged.

Adani Ports, M&M, Eternal, Tata Consumer, Power Grid Corp were among major gainers on the Nifty, while losers included Hero MotoCorp, Tech Mahindra, JSW Steel, HDFC Life, Tata Steel.

Among sectors, PSU Bank and Realty gained 2 percent each, while Consumer Durables, IT and Metal indices down 0.5 percent each.

The BSE midcap index rose 0.6 percent and smallcap index added 0.4 percent.

#1 Q4 largely in-line, consolidated revenue/EBITDA grew 13 percent/20 percent YoY

#2 EBITDA (Ex-24/7 costs) stood at Rs 930 crore (+18 percent YoY)

#3 Decline in Bangladesh patients impacted HCS revenue growth

#4 However, HCS EBITDA grew by 16 percent YoY (+120 bps YoY)

#5 In HealthCo, offline pharmacies continue to do well

#6 Higher ESOP charges impacted online profitability

Advanta Seeds, part of UPL Group, has announced the strategic acquisition of key corn assets from K-Adriatica. The deal includes temperate corn breeding germplasm, a pipeline of corn hybrids, and a diverse corn product portfolio.

#1 Delivered an in-line Q4 EBITDA at 6.5 percent

#2 BPC continued to deliver broad-based growth led primarily by owned-brands

#3 Overall segment contribution/EBITDA was in-line with estimates at 23 percent/8.9 percent of NSV

#4 Fashion continues to be weak

#1 Q4 sales marginally ahead, gross/EBITDA margin behind estimate

#2 FY26 guidance is lower than previous estimate

#3 However, constructive on medium-term earnings growth

#4 Management expects Unichem EBITDA margin at 18-20 percent from approximately 15 percent in FY25

#5 Stock trades at 35.0x/27.7x/22.9x FY26/27/28 EPS

#1 Q4 earnings in-line

#2 Like integrated, patient-centric & technology-supported healthcare ecosystem

#3 Successful integration via 24x7 break-even, Keimed addition

#4 3,500+ bed additions should drive strong shareholder returns and should differentiate franchise from peers

Debashis Chatterjee, Chief Executive Officer & Managing Director has opted retirement from his office due to personal reasons w.e.f. the close of business hours on May 30, 2025.

The board considered the recommendation of the nomination & remuneration committee and approved the appointment of Venugopal Lambu as

Chief Executive Officer & Managing Director w.e.f. May 31, 2025.

Matthew Stuart Becker,  Lim Loo Khoon, and Tan Wei Cheong of Deloitte & Touche LLP, acting as court-appointed joint and several receivers and Kiri Industries have entered into a share purchase agreement  on May 29, 2025 with Zhejiang Longsheng Group Co.

Zhejiang Longsheng Group has agreed to acquire 2,623,354 equity shares, representing 37.57% of the paid-up share capital of DyStar Global Holdings (Singapore) Pte. Ltd. (“DyStar”) held by the company.

Diamond Power announced a strategic partnership with TS Conductor, a global leader in highperformance transmission conductor technology, to jointly address the evolving needs of India’s power sector.

Thomas Cook (India) has announced a strategic partnership with Muthoot Forex to expand the reach of its Borderless Travel and Study Buddy Cards. Through this collaboration, both prepaid forex cards will now be available across Muthoot’s extensive network of 7,000+ branches, including 43 full-fledged forex branches – across India’s metros, minimetros and Tier 2-4 source markets.

The Sensex was down 11.31 points or 0.01 percent at 81,439.70, and the Nifty was down 1.55 points or 0.01 percent at 24,749.15. About 1884 shares advanced, 1736 shares declined, and 147 shares unchanged.

Sun Pharmaceutical Industries announced the successful completion of its acquisition of Checkpoint Therapeutics, Inc., an immunotherapy and targeted oncology company.

As part of the acquisition, Sun Pharma acquires UNLOXCYTTM, the first and only FDAapproved anti-PD-L1 treatment for advanced cutaneous squamous cell carcinoma.

The company received the Establishment Inspection Report from United States Food and Drug Administration (USFDA) for the inspection conducted during March, 2025 at the company’s Active Pharmaceutical Ingredient(API) manufacturing facility located at Bachupally, Hyderabad, Telangana.

The board of directors at its meeting held on 30th May, 2025 has approved the investment in Tikitar and Shell India, a joint venture company of Tikitar Group and Shell Gas B.V, in the domain of manufacturing and marketing of value-added bitumen.

Also approved replacing the existing old Catalytic Cracking Unit (CCU) and Fluidised Catalytic Cracking Unit (FCCU) at Mumbai Refinery with a “State of Art” Petro Resid Fluidized Catalytic Cracking (PRFCC) Unit and its associated facilities, at gross capital expenditure of Rs.14,200 crore.

The board of directors of IRB Infra at its meeting held on May 30, 2025, approved to enter into project implementation / management agreements with IRB InvIT Fund to act as the project manager, in connection with the projects operated by IRB Hapur Moradabad Tollway, Kaithal Tollway and Kishangarh Gulabpura Tollway, as the project SPVs of the IRB InvIT Fund, for approximately Rs 4,466 crores on fixed price basis (inclusive of applicable taxes) over the balance concession period with weighted average life of 20 years.

#1 Q4 broadly in-line on both revenues & EBITDA

#2 Capex at Rs 4,230 crore was up vs Q3 at Rs 3,210 crore however came below estimate at Rs 5,000 crore

#3 Board approved an equity fund raise of Rs 20,000 crore

#4 Idea remains in talks with banks for a debt fund raise

The board of Indian Oil Corporation at its meeting held on 30.05.2025 has accorded approval for CPCL’s Investment proposal for the production of Group-II/III Lube Oil Base Stock (LOBS) at an estimated cost of Rs 1,620 crore.

Adani Energy Solutions has won a Rs 1,660 crore inter-state transmission project in Maharashtra.

The project scope includes establishment of 3,000 Mega Volt-Amperes (MVA) of substations capacity, besides other related transmission infrastructure, taking AESL’s overall transmission network to 26,696 ckm and 93,236 MVA of transformation capacity. AESL is scheduled to commission the project by January 2028.

Coal India May Update:

• Total production down 1.40% at 63.5 mt compared to 64.4 mt YoY
• Total offtake down 7.80% at 64.0 mt compared to 69.4 mt YoY

The Sensex was down 143.06 points or 0.18 percent at 81,307.95, and the Nifty was down 42.15 points or 0.17 percent at 24,708.55. About 1878 shares advanced, 1727 shares declined, and 136 shares unchanged.

Solar Industries India received orders worth Rs 402 crore from Coal India for supply of Cartridge Explosives & Accessories, to be delivered over a period of two years.

#1 Q4 revenue was in-line with expectation

#2 EBITDA came in ahead of estimate

#3 Higher-than- estimate EBITDA margin in healthcare services segment

#4 Compared to consensus, EBITDA missed estimates by 2.5 percent

#5 PAT came in 19 percent ahead of estimate, aided by higher-than- estimate other income & low tax rate

Indian rupee extended the opening gains and trading higher by 24 paise at 85.34 per dollar versus Friday's close of 85.58.

European stocks started the new month under pressure as a flare-up in global trade tensions and geopolitical uncertainty dampened investors’ appetite for risk.

Central Depository Services shares shares up 7 percent, extend gains on second consecutive session

#1 NMDC total iron ore sales at 4.34 mt in May 2025 against 2.82 mt in May 2024

#2 Total production at 4.43 mt versus 2.34 mt, YoY

Ajmera Realty & Infra India achieved a milestone by receiving the Occupation Certificate (OC) for its luxurious residential project, Ajmera Prive, on May 16, 2025. This project is in the upscale Juhu neighbourhood of Mumbai and was launched in October 2022. The Company is set to hand over possession to homebuyers more than a year ahead of the RERA-mandated completion date of June 2026.

Post IPO in December 2024 Nisus Finance had a very successful FY 2025, both in operational and financial terms. The company has effectively leveraged its IPO to expand, and its dual focus on advisory and asset management services is producing strong returns. IPO significantly strengthened brand and capital base, boosting liquidity and providing ample capital for growth in FY 2026. Both segments transaction advisory and fund and asset management showed substantial profitability, indicating a well-diversified and resilient business model.

Consolidated Net Profit: Rs 3,258.34 lakhs Up from Rs 2,405.36 lakhs in FY 2024 (35.5% growth) and topline Consolidated Revenue from Operations: Rs 6,561.93 lakhs 52.5% growth from Rs 4,302.84 lakhs in FY 2024.

On IPO fund usage disclosures: The Planned expansions into IFSC-GIFT City (India), DIFC-Dubai (UAE), and FSC-Mauritius are critical growth levers and which could deliver results in coming 6 months. We see a balanced and scalable business model and expect fund management income (annuity-type) to increase in share in FY2026.

Business outlook considering the current performance revenue in FY26 is likely to grow by ~20–30% assuming continued traction in transaction advisory and Increased AUM and mandates under fund and asset management and overall growth would come post ipo money deployment.

We believe Nisus is well-positioned to deploy capital into high-margin advisory and asset management opportunities across domestic and international markets on long term growth despite knowing short term volatility in the market environment.

In Nisus investors should not look this as short term strategy but rather look at long term investment strategy for healthy ROI. Hence recommend long term HOLD for long term investors while short term investors can wait and watch for a good discount price opportunity due to market volatility.

Considering all the factors Nisus Finance has strong upside potential if it continues to grow profits and ROE, fully deploy IPO funds effectively, expand its fee-based and fund-driven income, maintain or improve its P/B rating in line with its peers.

The Sensex was down 192.81 points or 0.24 percent at 81,258.20, and the Nifty was down 52.85 points or 0.21 percent at 24,697.85. About 1868 shares advanced, 1696 shares declined, and 139 shares unchanged.

#1 In our view, this was aided by rural growth & marriage season in North

#2 In terms of wholesales, TVS & Eicher were key positive surprises

#3 M&M remained strong, as expected

#4 Tata Motors sales were weaker than expected

#1 Profit spikes 192.9 percent to Rs 20.3 crore Vs Rs 6.93 crore, YoY

#2 Revenue grows 23.6 percent to Rs 2,061.8 crore Vs Rs 1668 crore, YoY

Ashok Leyland sold 15,484 vehicles in May 2025, against 14,682 vehicles in May 2025, up 5 percent.

Hero MotoCorp dispatched 5.08 lakh motorcycles and scooters during May 2025, achieving both sequential and annual growth.

Hyundai Motor India recorded total monthly sales of 58,701 units in May 2025, comprising domestic sales of 43,861 units and export sales of 14,840 units.

Following a record sell-off in early 2025, which resulted in the loss of $1.3 trillion from India’s market capitalisation, Foreign Institutional Investors (FIIs) mounted a significant comeback in May 2025, injecting Rs 20,000 crore (approximately $2.4 billion) over a span of two months.

The decrease in the Dollar Index, anticipated reductions in the interest rates set by the Reserve Bank of India (RBI), combined with a stable economic environment, controlled inflation, lower crude oil prices, and favorable corporate earnings, is further supported by the alleviation of global trade tensions and more appealing valuations have led to a FII comeback.

While global volatility and valuation fluctuations may induce occasional outflows, India’s GDP growth of 7.4% in the fourth quarter of FY25, exceeding estimates, has reinforced confidence in a revival of corporate earnings, which should encourage foreign institutional investors (FIIs) to re-enter the market.

#1 Soft Q4, missing estimate due to continued subscriber erosion & a higher interest burden

#2 Ongoing erosion of company’s subscriber base highlights no quick fix to company’s fundamental challenges

#3 With government already largest shareholder, see challenges to further equity infusion by government

#1 Q4 short of expectations, market share loss continues

#2 Revenue down 1 percent QoQ with ARPU increase of 0.6 percent QoQ to Rs 164 (versus estimate of Rs 167)

#3 EBITDA 3 percent below estimate, margin in-line

#4 Will keep an eye on fund raise updates, capex plan, 5G coverage

#1 Q4 margin miss estimate

#2 Expect margin recovery to be led by price hikes, tubular plant and smelter

#3 Falling imported battery cell prices, a concern

Cosmo First announces the successful commissioning of new BOPP (Biaxially Oriented PolyPropylene) Film Line with Capex of Rs 400 crores+ at Company's existing manufacturing plant located at Aurangabad, Maharashtra.

The new line boasts an annual rated capacity of 81,200 MT with the world’s most advanced technology. With the commissioning of the new line, the company’s annual BOPP capacity will increase by approx. 40% to 2,77,000 MT.

The USFDA conducted a general GMP (Good Manufacturing Practices) Inspection of Piramal Pharma's facility at Aurora, Canada from 26th May 2025 to 30th May, 2025.

The inspection was completed successfully with Zero Form - 483 observations and No Action Indicated (NAI) designation.