The Indian stock market ended the volatile and range-bound trading session on a flat-to-positive note on Thursday, 4 June, as investors turned cautious ahead of the key Reserve Bank of India meeting amid US-Iran war-fuelled inflation and growth concerns.
Meanwhile, Middle East hostilities also kept sentiment in check.
BSE Sensex ended the trade at 74,360, up 14 points or 0.02%, while the Nifty 50 index closed 11 points or 0.05% higher at 23,417.
Broader markets outperformed significantly. The Nifty Midcap 100 index closed 0.46% higher and the Nifty Smallcap 100 index 0.49%.
Indian stock market today: 10 key highlights
Here are the key highlights from the Indian stock market today:
1. What moved market today?
Weak global cues and caution ahead of the MPC monetary policy announcement kept participants on the sidelines, said Ajit Mishra, SVP, Research, Religare Broking. “Elevated crude oil prices and volatile global risk appetite further weighed on sentiment, although buying in select heavyweight stocks helped limit the downside.”
2. Top Nifty 50 gainers today
Twenty-seven of 50 Nifty stocks closed higher today. Titan was the top gainer as it rose 3.7% following analyst day at the company. Eternal, up 3%, followed closely. Cipla, Coal India, Adani Enterprises and ITC were among top gainers from the Nifty 50 pack, rising 1-2%.
3. Top Nifty 50 losers
On the flip side, IT major Infosys emerged as the worst performer, shedding 1.5%. Hindalco, SBI Life, Bajaj Finserv and UltraTech Cement were the other losers in the Nifty 50 index.
4. Media best-performing sector
In the sectoral space, only metals and IT indices closed in the red, down 0.73% and 0.29%, respectively. Meanwhile, Nifty Media, up 2.19%, was the best performer, followed by PSU banks. Healthcare and Pharma also recorded healthy gains of up to 0.38%.
5. 19 stocks gain with 10% or more gains
Nineteen stocks ended with gains of 10% or more today. Some of the leading gainers include ZEEL, ZEE Learn, ITDC, Panacea Biotech, MSTC and Kwality Wall’s (India) Limited.
6. Meesho, Delta Corp among top losers
GICL was the top loser today as it shed 15.59%, followed by JHS Svendgaard Retail Ventures, which closed 14.90% lower. Meesho, Zensar Technologies, Delta Corp and NALCO also closed 5-6% lower.
7. Most active stocks
Vodafone Idea was the most active stock on NSE today, as 86.01 crore shares of the telco changed hands. Ola Electric followed suit as 25.16 crore shares of the electric two-wheeler maker were traded. GTL Infra, IFCI and Suzlon Energy were among other most active stocks by volume.
8. Stocks at 52-week highs and lows
On NSE, 103 stocks touched 52-week highs and 56 hit their 52-week lows. CG Power, Cupid, Federal Bank, HFCL, Vodafone Idea, ideaForge were among stocks that rose to their highest levels in a year. On the flip side, ITC, Praveg, Patanjali and Go Digit slipped to one-year lows.
9. Advance-decline ratio
Advance-decline ratio favoured buyers as 1817 stocks gained, 1474 lost and 105 were unchanged.
10. Nifty tech view
The tussle for the next directional move in the Nifty continues, with a mildly negative undertone persisting. Apart from global cues, participants will closely watch the MPC’s stance on rates, growth, and inflation for signals amid an uncertain global environment and concerns around a weak monsoon, said Mishra.
“Technically, the 23,550–23,700 zone is expected to act as an immediate resistance area, while a fall below 23,150 could trigger a resumption of the corrective phase. Until then, the market will likely remain range-bound, with stock-specific movements dominating broader trends,” he added.
Rupak De, Senior Technical Analyst at LKP Securities, said, “The index remained range-bound during the day while continuing to trade below the critical 20 EMA, indicating underlying weakness. The RSI remains in a bearish crossover and is trending lower, suggesting negative momentum. Sentiment is likely to stay uncertain with a bearish bias in the short term, as long as the index remains below 23,500. On the other hand, a decisive move above 23,500 could trigger a rally towards 23,700.”
On the downside, immediate support is placed at 23,370; a decisive breach below this level may drag the Nifty towards 23,200 and lower levels, he noted.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
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