Mumbai, June 1: The Indian stock market closed in the red during Monday’s trading session. By the end of the day, the Sensex fell by 508.40 points, or 0.68%, settling at 74,267.34. The Nifty also experienced a decline, dropping 165.15 points, or 0.70%, to close at 23,382.60.
The market witnessed widespread selling pressure. Large-cap stocks, along with mid-cap and small-cap segments, faced significant sell-offs. The Nifty Midcap 100 index fell by 895.85 points, or 1.45%, to reach 60,827.95, while the Nifty Smallcap 100 index decreased by 159 points, or 0.99%, closing at 17,979.80.
Among the worst-performing indices were Nifty FMCG, Nifty India Defense, Nifty PSU Bank, Nifty Realty, Nifty Auto, Nifty Consumption, Nifty Energy, and Nifty Infra. In contrast, Nifty IT, Nifty Media, and Nifty Metal managed to close in the green.
In the Sensex pack, gainers included Tech Mahindra, Infosys, TCS, Indigo, HCL Tech, and Tata Steel. Conversely, losers comprised HUL, ITC, NTPC, M&M, Kotak Mahindra Bank, Trent, Bajaj Finance, UltraTech Cement, L&T, Maruti Suzuki, and Bajaj Finserv.
Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities, indicated that the immediate support level for Nifty is around 23,250-23,230. If the decline continues, it could reach as low as 23,100. The resistance level in the short term is between 23,530-23,550.
He further noted that the support for Bank Nifty lies between 53,200-53,100, with resistance levels at 54,000-54,100.
The market’s downturn is attributed to uncertainties surrounding the peace agreement between the U.S. and Iran. Reports suggest that Trump stated the deal with Iran pertains to nuclear issues and emphasized that he is not in a hurry regarding the agreement.
Additionally, selling by foreign institutional investors (FIIs) has been exerting pressure on the market. On Friday, FIIs sold shares worth ₹21,106 crores in the Indian markets.
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