The volatility in the Indian stock market persisted during Friday’s session, 5 June, even as the RBI announced various measures to ease pressure on the rupee while keeping interest rates unchanged for the third straight meeting, in line with expectations.
Although the Nifty 50 recovered from the day’s low, it still ended the trade with a 0.21% cut at 23,362, while the Sensex closed 0.13% lower at the 74,261 level. The broader market also mirrored the weak trend, as both the Nifty Midcap 100 and Nifty Smallcap 100 indices ended in the red.
Sectoral performance was mixed, with Nifty Media leading the gainers’ list by rallying 3.75%. It was followed by Nifty Realty, Nifty PSU Bank, Nifty Pharma, and Nifty FMCG, all of which closed with gains between 0.24% and 0.46%.
On the flip side, Nifty Metal and Nifty IT were among the top laggards, falling 1.58% and 1.1%, respectively.
In terms of weekly performance, the Nifty 50 lost 0.8% of its value, extending its losing streak to a second straight week, while the Sensex also closed lower for the second consecutive week.
Despite sustained selling by FPIs, the losses remained contained as domestic institutional investors absorbed most of the overseas outflows.
The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI), led by Governor Sanjay Malhotra, unanimously decided to keep the policy repo rate unchanged at 5.25 per cent while continuing with its neutral stance.
The Reserve Bank of India also raised its inflation projection for the ongoing financial year to 5.1% from 4.6% and trimmed its GDP growth expectation to 6.6% from 6.9%. It announced steps to attract dollar inflows and ease pressure on the rupee from rising crude oil prices triggered by the Middle East war and record foreign outflows.
Zee Entertainment tops gainers; Adani pack rallies on block deals
Zee Entertainment emerged as the top performer among Nifty 500 stocks, rallying 7.9% to ₹112.6 apiece, while Jyoti CNC Automation and Himadri Speciality also posted strong gains of 6.5% each. Major electric two-wheeler stocks, including OLA Electric and Ather Energy, ended with solid gains of 3.9% and 5%, respectively.
Adani Group stocks witnessed sharp buying interest amid multiple block deals, led by Adani Green Energy, which surged 7% to ₹1,522. Other group stocks, including Adani Energy Solutions, Adani Total Gas, Adani Enterprises, and Adani Ports & SEZ, also closed with gains of over 2%.
Meanwhile, select new-age tech stocks such as Groww, CarTrade Tech, and Urban Company gained 3%, 2.8%, and 2%, respectively. Among hospital and pharma stocks, Fortis Healthcare, Gland Pharma, Torrent Pharmaceuticals, and Ipca Laboratories advanced between 2% and 3%.
Keeping its winning run intact for the second straight session, Schneider Electric jumped another 6% to ₹1,172 apiece. Other stocks, including YES Bank, REC, NBCC (India), Hindustan Unilever, Canara Bank, and Home First Finance, also ended with gains of over 2%.
Wockhardt leads losers; metal and tech stocks under pressure
Among the top laggards, Wockhardt led the losers’ pack, crashing 7.3% to ₹1,920 and erasing part of its recent gains.
It was followed by Hindustan Zinc, Netweb Technologies, HFCL, National Aluminium, Tejas Networks, Jain Resource Recycling, BSE, Vedanta, Jindal Saw, PhysicsWallah, Multi Commodity Exchange, Anant Raj, Redington, Hindalco Industries, Wipro, and IFCI, all of which closed with losses of over 3%.
Disclaimer: We advise investors to check with certified experts before making any investment decisions.
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