FINAL TRADE: Indices end lower for second day; Sensex declines 194 pts, Nifty settles at 18,488
FINAL TRADE, June 1, 2023: Indices end lower for second day; Sensex declines 194 pts, Nifty settles at 18,488
FINAL TRADE, June 1, 2023: The Indian benchmark indices BSE Sensex and NSE Nifty ended lower for the second straight session on June 1. The Nifty slipped 47 points, or 0.25 per cent to 18,487.75, and the Sensex closed at 62,428.54, down 194 points.
"Going forward, the market will closely monitor the actions of the Reserve Bank of India (RBI) in its upcoming monetary policy announcement on June 8 as well as the Federal Reserve's decision on June 14. "Any potential interest rate hikes could unsettle market sentiment, given the fragile state of global economic recovery and the added pressure from China on global growth," says Rajesh Sinha, Sr. Research Analyst, Bonanza Portfolio.
In the broader market, the Nifty Midcap 100 and Nifty Smallcap 100 settled higher by 0.15 per cent and 1.02 per cent, respectively. Among the sectoral indices, Nifty Bank slipped 337.95 points to settle at 44,172.05. Out of 12 components, six ended in the red. Kotak Mahindra Bank and ICICI Bank were the top losers.
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Among the stocks that moved on the back of the news was Coal India, which fell over 4 per cent as the government proposed to sell stakes in the company. Besides, Saudi Aramco’s sharp cut in propane prices weighed on Gujarat Gas, as the stock was down nearly 4 per cent. On the contrary, Laurus Laboratories' stock closed nearly 3 per cent higher after the company signed definitive agreements to acquire an additional stake of 7.24 per cent in Immunoadoptive Cell Therapy (lmmunoACT). Automotive companies also reacted to the May 2023 sales numbers.
“Nifty remains in an uptrend with trend support placed at 18,150. As long as the index maintains this level, we expect the uptrend to continue towards 18,800-19,000. For the short term, we are looking at 18,400-18,450 as a support zone. A breach of the trend levels could infuse volatility. Select commodity stocks look interesting from value and risk perspective while frontline IT stocks are expected to underperform in the near term," said Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities.
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