Stock Market Today: Sensex, Nifty end slightly lower; Banks, Fin Services drag

 

Stock Market Today 1 June 2023: Indian stock markets ended marginally lower amid volatility on Thursday. The equity benchmarks traded in the green terrain for most of the session, amid strong economic data and continuous foreign fund inflows. 

The market sentiments were upbeat as India’s  GDP grew at 6.1 percent in the March quarter of FY23. Foreign institutional investors (FII) net bought shares worth net Rs 3,406 crore on May 31, according to the provisional data available on the NSE. 

The sentiments got a further boost as India`s manufacturing PMI showcased encouraging developments in May. The S&P Global India Manufacturing Purchasing Managers’ Index rose from 57.2 in April to 58.7 in May, indicating the strongest improvement in the manufacturing sector since October 2020. 

Some support also came after Chief Economic Adviser V Anantha Nageswaran’s said that India’s economic growth may exceed the initial estimate of 6.5 percent in the current fiscal (FY24) and the country can look for another year of solid economic performance. 

 

Stock Market Indexes Today

 

The Nifty 50 index closed lower by 46.65 points or 0.25 percent and closed at 18487.75 levels while the Sensex was down by 193.70 points or 0.31 percent and finished at 62428.54 levels. The Bank Nifty index ended lower by 337.95 points or 0.77 percent on the spot level and closed at 43790.20 levels

The broader markets outperformed their larger peers today, as the Nifty midcap index was up by 51.10 points or 0.15 percent and closed at 33812.40 levels. The Nifty smallcap index closed higher by 103.75 points or 1.02 percent at 10269.85 levels.

 

Nifty 50 top gainers & losers 

 

The top gainers in the Nifty 50 index were Apollo Hospital, Divis Lab, Tata Motors, Bajaj-Auto, and  Asian Paint and the top losers were Coal India, Kotak Bank, Bharti Airtel, SBI Life, and HDFC Life

The top gainers in the Nifty midcap index were TTML, M&MFin, Laurus Lab and the top losers were Guj Gas Ltd, Max Health, and TVS Motors

 The smallcap top gainers were PNB Housing, Deepak Fertiliser, and Cyient while the top losers were Suzlon, Aegis Chemical, Anupam Rasayan

The most active stocks in the Nifty index in terms of value were HDFC, Bank, ICICI Bank, and Reliance The most active stocks in terms of volume were Coal India, HDFC Bank, and ICICI Bank

On the sectoral front, Nifty Realty, Pharma, and Media closed higher while the sector that closed in the red were Banks, Fin Services, and Energy

 

Global Stock Market Today

 

On the global front, Asian stock markets mostly closed in the red on Thursday, despite the US debt ceiling bill being passed overnight in the House of Representatives. Nikkei closed higher, while Hang Seng erased early losses and closed slightly lower. Kospi closed in the red while the Shanghai index pared early losses and closed flat after growth in manufacturing activity, the Ciaxin Manufacturing PMI data crossed 50 marks in May.

European stock markets are trading higher on Thursday. The market sentiments are upbeat due to better-than-expected Manufacturing PMI data released in China and positive retail sales data in Germany. The initial vote in favor of the US debt ceiling deal also boosted the sentiment.

 

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You may also like to read,  Stock Market Prediction Next Week (29 May- 2 June 2023)

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Happy Investing!!

Editorial desk