Indian equity benchmarks opened slightly lower on Tuesday, weighed down by weakness in index heavyweights such as Larsen & Toubro (L&T) and Bajaj Finance. At 9:24 AM, the BSE Sensex was down 152 points or 0.19% at 81,221.39, while the NSE Nifty declined 36.40 points or 0.16% to 24,680.40.
Despite the tepid opening in frontline indices, broader markets showed resilience. The Nifty Midcap 100 gained 167.85 points or 0.29% to trade at 57,943.40, and the Nifty Smallcap 100 advanced 107.85 points or 0.60% to 18,202.05, indicating sustained investor interest in the broader market.
Sectoral Trends:
Gains were visible across several sectors including auto, PSU banks, pharma, metal, real estate, and media. On the other hand, financial services, FMCG, energy, and private banks came under selling pressure.
Among the top performers in the Sensex pack were Zomato (Eternal), Tata Steel, Mahindra & Mahindra, IndusInd Bank, Tata Motors, and Asian Paints. Meanwhile, L&T, Bajaj Finance, Bharti Airtel, HUL, ICICI Bank, Axis Bank, and Maruti Suzuki were the major laggards.
Technical Outlook:
Market analysts noted that the Nifty may find immediate support at 24,700, followed by 24,600 and 24,500. On the upside, resistance levels are expected at 24,800, 24,900, and 25,000.
“Markets are in a consolidation phase, moving within a tight range,” said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services. “In such an environment, a buy-on-dips strategy remains effective, especially amid persistent global uncertainties tied to geopolitics, tariffs, and trade.”
Institutional Activity:
Foreign Institutional Investors (FIIs) extended their selling streak for the second consecutive session on June 2, offloading equities worth ₹2,589 crore. In contrast, Domestic Institutional Investors (DIIs) continued their buying spree for the tenth straight session, purchasing equities worth ₹5,313 crore.
Global Cues:
Most major Asian markets were trading in positive territory, providing some global support. Tokyo, Shanghai, Jakarta, and Hong Kong led the gains across the region.
