Equity benchmarks the Sensex and the Nifty ended lower for the second consecutive session on Thursday (June 1) on losses led by select heavyweights, including Kotak Mahindra Bank, ICICI Bank and Bharti Airtel, amid mixed global cues.
After opening 114 points higher at 62,736.47, Sensex remained in a narrow range throughout the session without major positive triggers. Analysts pointed out that the market had already discounted factors such as strong domestic GDP numbers and the US debt ceiling deal, which is why it remained rangebound for the session.
While India’s growth outlook is positive, recent macro data from China hinted that the world’s second-largest economy was still struggling. China’s poor growth can impact global economic growth, roiling the mood of the market.
Besides, investors now feel that a pause in rate hikes from the US Fed in June could be short-lived if inflation remains elevated and the US jobs market remains tight.
As per a Wall Street Journal report, Federal Reserve officials signalled the central bank may keep the rates steady in the June meeting but may raise them again later this summer.
“A decision to hold our policy rate constant at a coming meeting should not be interpreted to mean that we have reached the peak rate for this cycle,” Wall Street Journal reported quoting Fed governor Philip Jefferson saying so in a speech Wednesday in Washington.
Sensex fell 263 points in intraday trade before ending 194 points (0.31 per cent) lower at 62,428.54 while the Nifty closed with a loss of 47 points (0.25 per cent) at 18,487.75.
Mid and smallcaps, however, ended in the green, outperforming the benchmark Sensex. The BSE Midcap closed 0.11 per cent higher while the Smallcap index rose 0.61 per cent.
Nearly 180 stocks, including Bajaj Auto, Aurobindo Pharma, IndusInd Bank, Lupin, Marico, Indian Hotels Company and Godrej Consumer Products, hit their fresh 52-week highs in intraday trade on BSE.
Top Nifty Gainers and Losers
Shares of Apollo Hospitals (up 4.35 per cent), Divi’s Labs (up 2.55 per cent) and Bajaj Auto (up 1.63 per cent) ended as the top gainers in the Nifty index.
On the flip side, shares of Coal India (down 4.66 per cent), Kotak Mahindra Bank (down 4.24 per cent) and Bharti Airtel (down 2.71 per cent) ended as the top losers in the index.
As many as 28 stocks ended higher while 22 stocks ended lower in the Nifty index.
(More to come)
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Updated: 01 Jun 2023, 04:02 PM IST