More Stories

Informist, Tuesday, Jun. 2, 2026

By Arundathi A R

MUMBAI – Benchmark equity stock indices are expected to continue to fall Tuesday after Tehran suspended talks with the US over Israel's expanding military attack in Lebanon. Crude oil price levels rebounded to $94 a barrel from the low of around $92 a barrel Monday. However, in the global equity market, all three major US indices settled higher on Monday, while Asian markets were mixed in early trade.

Iran's negotiating team will stop exchanging messages with the US through mediators following attacks on Lebanon by Israel, CNBC reported, quoting Iran's state-owned media Tasnim. Iran will also close the Strait of Hormuz in retaliation for violations of the ceasefire. "No dialogue will take place" till Israel fully withdraws from the occupied areas in Lebanon, Iran said, as per the report.

US President Donald Trump said he asked Israeli Prime Minister Benjamin Netanyahu to take his troops back from Lebanon's capital, Al Jazeera reported. He also spoke with Hezbollah representatives, who "agreed to stop shooting" at Israeli forces. Mohammad Bagher Ghalibaf, Iran's chief negotiator, told Lebanon's Parliamentary Speaker Nabih Berri that if Israel's "aggression against Lebanon continues", Tehran will not only halt the path of negotiations with the US, but we will also be in "direct confrontation with the enemy," according to Al Jazeera's report.

Reacting to Iran's decision to suspend talks with the US, Trump said, "I don't care if they're over, honestly," CNBC reported. Trump said the discussions "started to get very boring." On his Truth Social media, Trump posted he "had a very productive call" with Netanyahu. "There will be no Troops going to Beirut, and any Troops that are on their way have already been turned back," CNBC reported. While in another post, he wrote, "talks are continuing, at a rapid pace, with the Islamic Republic of Iran."

Though the August Brent crude oil futures contract was nearly 1% lower than its previous close, prices bounced back and held above $94 per barrel. At 0742 IST, the Brent crude oil futures contract was 0.7% lower at $94.33 per barrel. The crude oil contract shed almost 9% in the week and nearly 16% in the last seven days. 

Foreign institutional investors were net sellers on Monday as well, net selling shares worth INR 39.12 billion. This was, however, lower than the INR 211.06 billion net sold on Friday.

At 0750 IST, the June futures contract of GIFT Nifty was 0.8% lower at 23250 points from its previous close. This was over 130 points lower than the Nifty 50's Monday's close of 23382.60. "The Nifty 50 is expected to face resistance at the 23600 level and to find support at the 23200 level," Nirav Harish Chheda, assistant vice president of derivatives and technical research at Nirmal Bang, said.

"From a technical standpoint, Nifty continues to trade below all key moving averages, indicating a prevailing downtrend across timeframes," Nandish Shah, senior derivative and technical analyst at HDFC Securities, said. "Immediate support is placed at the recent swing low of 23262; a decisive breach could accelerate downside momentum toward the 23000 mark. On the upside, the 23700–23800 zone is likely to act as a resistance band."

Brokerage firm Prabhudas Lilladher said Monday in a report on cement that several markets witnessed rollbacks of earlier price hikes or flat prices in May due to weak demand and higher competitive intensity. Subdued construction activity, labour shortages, and heatwaves weighed heavily on demand during May, the brokerage said, which led to price corrections in several markets. The all-India average price of cement declined INR 2 per bag on a month-on-month basis to INR 331 per bag, it said. "Going forward, subdued demand during the seasonally weak monsoon period can put pressure on pricing across regions, pulling prices downwards," the brokerage said.

India's goods and services tax collections grew 3.2% on year to INR 1.94 trillion in May, government data released Monday showed. Due to a fall in integrated goods and service tax and compensation cess, the central government's tax collections in April fell 1.9% on year to INR 2.66 trillion, data released by the Controller General of Accounts showed Monday. The tax collection in April accounted for 6% of the Budget target of INR 44.041 trillion for the current financial year.  End

US$1 = INR 94.99

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

Edited by Saji George Titus

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. 2026. All rights reserved.