More Stories

Informist, Tuesday, Jun. 3, 2025

By Akash Mandal

MUMBAI – Benchmark indices ended lower for the third straight session Tuesday, dragged down by heavyweights such as ICICI Bank, Larsen & Toubro, and Infosys. The indices had started the session on a positive note before slipping into the red. They recovered briefly but fell again and stayed weak for rest of the session. Both the Nifty 50 and the Sensex were down nearly 1% at their respective intraday lows.

The Nifty 50 closed below the crucial support of 24600 level for the first time since May 13. "Domestically, I don't really see any reason whatsoever for the persistent selling pressure...the market is probably discounting some negative news flow in the future from global markets," an analyst at a domestic brokerage said. The Nifty 50 closed at 24542.50 points, down 174.10 points or 0.7%. The BSE Sensex closed at 80737.51 points, down 636.24 points or 0.8%. Broader market indices ended mixed.

All Adani group stocks ended lower, with Adani Ports and Special Economic Zone and Adani Enterprises falling around 2% each and being the worst-hit in the Nifty 50. Media reports said US prosecutors are probing if Adani entities imported liquefied petroleum gas from Iran through the Mundra port in Gujarat. In May the US had said that purchase of Iranian oil or petrochemical products by any country would lead to immediate secondary sanctions.

Shares of Coal India fell nearly 2% after Morgan Stanley warned about rising inventories due to weak demand for thermal power. The brokerage maintained its 'equalweight' rating on the stock with a target price of INR 450. Shares of Eternal ended over 1% lower. The stock had risen as much as 2% at its intraday high. Global brokerage Morgan Stanley reiterated that the stock is its top pick and maintained its 'overweight' rating due to its leadership in both food delivery and quick commerce and an efficient cost structure.

Most sectoral indices ended lower. Gains were capped even in the indices that ended higher, with Nifty India Defence and Nifty Realty being the only exceptions. Both the indices ended over 1% higher. The rate-sensitive Nifty Realty has ended higher in 11 of the last 15 sessions, gaining over 13% in that period ahead of the Reserve Bank of India's monetary policy review on Friday, with wide expectations of a rate cut. Sobha, Brigade Enterprises, and Prestige Estates Projects ended 3-6% higher.

Fertiliser stocks were also big gainers of the day as analysts anticipate positive earnings for the sector on likely above-average monsoon, increased sowing, and higher minimum support prices. In May the European Parliament backed a proposal to raise tariffs on fertilisers and other agricultural goods imported from Russia and Belarus by 50%. Hopes of reduced competition from Russia and Belarus is a tailwind for the sector, analysts said. Fertilizers & Chemicals Travancore, National Fertilizers, Madras Fertilizers, and Rashtriya Chemicals & Fertilizers all ended 7-18% higher. Deepak Fertilisers & Petrochemicals and Mangalore Chemicals & Fertilisers notched fresh all-time highs during the session.

The Nifty Bank opened higher and rose 0.5% to a record high of 56161.40 point early in the trade, but it could not sustain the gains and ended 0.5% lower. IDFC First Bank, IndusInd Bank, and Axis Bank ended 1-2% lower. The index had ended higher for four straight sessions prior to this, gaining 1%.

Shares of YES Bank ended more than 10% lower after a large block deal in which nearly 840 million shares of the bank changed hands on the exchanges in early trade, with a large private equity firm being the likely seller. The bank also denied reports of Japan's Sumitomo Mitsui Banking Corp. approaching the RBI for a licence to operate a wholly-owned subsidiary as part of a plan to acquire controlling stake in the private bank.

Ola Electric Mobility ended 8% lower after over 140 million shares of the company were sold through block deals on bourses at an average price of INR 50.75. Hyundai Motor Co. was the likely seller, media reports said. Aptus Value Housing plunged nearly 9% after an 8.8% stake in the company was sold in a block deal in early trade. The stake was likely sold by private equity firm Westbridge Investments.

United Spirits ended 2% higher, having risen as much as 4% in early trade, after JP Morgan upgraded its rating on the stock to 'overweight' from 'neutral' and also raised the target price over 24% to INR 1,760.

* Of the Nifty 50 stocks, 7 rose and 43 fell 

* Of the Sensex stocks, 1 rose and 29 fell

* On the NSE, 1,224 stocks rose, 1,696 fell, and 79 were unchanged

* On the BSE, 1,733 stocks rose, 2,264 fell, and 147 were unchanged

* Nifty Realty: up 1.2%; Nifty India Defence: up 1.1%; Nifty Private Bank: down 1.2%

BSE                                               NSE

Sensex: 80737.51, down 636.24 points or 0.8%      Nifty 50: 24542.50, down 174.10 points or 0.7%

End

Edited by Ashish Shirke

For users of real-time market data terminals, Informist news is available exclusively on the NSE Cogencis WorkStation.

Cogencis news is now Informist news. This follows the acquisition of Cogencis Information Services Ltd by NSE Data & Analytics Ltd, a 100% subsidiary of the National Stock Exchange of India Ltd. As a part of the transaction, the news department of Cogencis has been sold to Informist Media Pvt Ltd.

Informist Media Tel +91 (22) 6985-4000

Send comments to feedback@informistmedia.com

© Informist Media Pvt. Ltd. 2025. All rights reserved.