Indian equity benchmark indices, the Sensex and Nifty, opened in the green on the first trading session of June, even as crude oil prices gained more than 3 per cent amid little sign of progress in US-Iran ceasefire negotiations. While the 30-share BSE Sensex gained 427.28 points or 0.57 per cent to start the session at 75,203.02, the Nifty added 106.75 points to open at 23,654.50. In the last trading session, the Sensex closed at 74,775.74 and the Nifty 50 at 23,547.75. Similarly, the broader indices traded in the green in the opening session. While the BSE Midcap Select Index was up by 0.39 points, the BSE Smallcap Select Index added 65.45 points or 0.78 per cent, to trade in green at 8,421.75.
From the Sensex pack, Asian Paints, Infosys, Indigo, Tech Mahindra, TCS and HCL Tech were in green with Asian Paints leading the pack by gaining 3.60 per cent in the early trade. On the other hand, Sun Pharma, M&M, NTPC, Hindustan Unilever, and Trent were among the top losers, with Sun Pharma the biggest loser, down over 1.17 per cent.
Nifty IT gains over 2%
Meanwhile, the Nifty IT index surged over 2 per cent in early trade. The index rose 2.17 per cent to 29,710.65. The rally comes amid renewed global enthusiasm around artificial intelligence-linked technology stocks. The action also comes after the Asian share market remained firm amid the boom in all things AI, which continued to drive demand.
What did Gift Nifty indicate?
Gift Nifty, an early indicator for the Nifty 50, indicated a flat start as it opened with a fall of 26 points at 23,664, compared to the previous close of 23,690. Foreign Institutional Investors (FIIs) have continued to maintain a net selling stance in recent sessions, highlighting caution towards emerging markets. Persistent foreign outflows remain a key factor limiting stronger upside momentum in Indian equities, even as robust domestic participation continues to provide important market support.
“Uncertainty surrounding US-Iran negotiations continues to linger. Comments from US President Donald Trump indicating that he is in “no hurry” to finalise a deal have prevented markets from fully pricing in a geopolitical resolution. As a result, crude oil prices and global risk sentiment are likely to remain highly sensitive to incoming headlines,” Hariprasad K, SEBI-registered Research Analyst and Founder, Livelong Wealth
Asian Markets Today
Asian shares traded higher as the boom in all things AI continued to drive demand. Japan’s Nikkei 225 was up by 713.50 points or 1.08 per cent at 67,043 at the time of writing the report. Similarly, Hong Kong’s Hang Seng was up by 191.61 points or 0.76 per cent. South Korea’s Kospi traded in the green with a gain of 83.45 per cent at the time of writing the report. However, Shanghai’s SSE Composite index was down by 4.85 points or 0.12 per cent.
ALSO READ | Railway passengers alert: Snacks to cost more at Central Railway stations from June 1
(This article is for informational purposes only and should not be construed as investment, financial, or other advice.)
