Sensex, Nifty 50 End with Modest Gains—10 Key Highlights from Indian Stock Market Today

Benchmark indices ended Tuesday’s volatile session with modest gains as investors weighed global cues, sectoral rotation, and inflation expectations ahead of crucial domestic macro data. The BSE Sensex rose 104 points to close at 76,964, while the Nifty 50 gained 31 points, ending at 23,408. Despite opening on a cautious note, both indices managed to hold steady amid choppy trade, supported by select heavyweights and buying in banking and FMCG shares.

1. Headline Indices Finish Green but Range-Bound

The Sensex and Nifty 50 fluctuated within a narrow range throughout the session. The indices mirrored mixed global signals, with investors exhibiting a wait-and-watch approach before India’s May CPI data, due later this week.

“The Indian market seems to be in a consolidation phase. We’re seeing rotational buying with a focus on defensives. Investors are awaiting clarity on inflation and U.S. Fed signals,” said Vinod Nair, Head of Research, Geojit Financial Services.

2. Banking and FMCG Lead Gains

Sectorally, banking, FMCG, and auto stocks provided most of the support to benchmarks. Nifty Bank added around 0.5% led by gains in HDFC Bank, Axis Bank, and Kotak Mahindra Bank.

“Private sector lenders saw renewed interest as valuations remain attractive post the recent dip. FMCG, too, benefitted from rural demand optimism,” noted Amit Goel, Chief Market Strategist at SBI Securities.

3. IT Stocks Under Pressure

The Nifty IT index slipped nearly 0.7%, with Infosys, TCS, and Tech Mahindra weighing on the sector. Weak global cues and fears of reduced tech spending in the U.S. prompted profit-booking in the space.

4. Midcap and Smallcap Indices Continue to Shine

Despite the subdued performance in large caps, the Nifty Midcap 100 and Smallcap 100 indices outperformed, gaining 0.4% and 0.7%, respectively. Investors continued to chase broader market opportunities amid earnings resilience and favorable domestic cues.

5. Volatility Index Eases Marginally

India VIX, the volatility gauge, declined by 1.2% to settle at 12.06, indicating lower near-term fear in the market. This comes even as traders remain cautious ahead of macro data releases and the U.S. Federal Reserve’s interest rate decision.

6. Top Gainers and Losers on the Nifty 50

Gainers:

• Nestlé India (+2.6%)

• Titan (+2.3%)

• HDFC Bank (+1.7%)

• Tata Motors (+1.5%)

Losers:

• Infosys (-1.4%)

• TCS (-1.1%)

• JSW Steel (-0.9%)

7. Rupee Inches Lower Against Dollar

The Indian rupee closed marginally weaker at ₹83.51 per dollar, compared to ₹83.48 on Monday. Weakening Asian currencies and higher crude oil prices exerted downward pressure, although robust FPI inflows cushioned losses.

8. Foreign Institutional Investors (FIIs) Maintain Buying Streak

According to provisional exchange data, FIIs remained net buyers in the cash market for the fifth consecutive session, purchasing ₹1,148 crore worth of equities. In contrast, domestic institutional investors (DIIs) were net sellers to the tune of ₹872 crore.

9. Crude Oil Prices Rise on Supply Concerns

Brent crude futures rose above $83.60 per barrel, driven by expectations of tighter global supply and tensions in the Middle East. Indian energy stocks remained mixed, with ONGC and IOC trading flat to marginally higher.

10. Investor Sentiment Cautious Ahead of Inflation Data

All eyes are on India’s retail inflation data for May, scheduled for release on June 12. Analysts anticipate a reading of around 4.8%, slightly higher than April’s 4.83%, which could influence the RBI’s stance on interest rates going forward.

“Markets are likely to be data-dependent in the near term. Inflation, industrial output, and the Fed’s commentary will set the tone for the rest of the month,” remarked Ruchit Jain, Lead Technical Analyst, 5paisa.com.

Market Outlook: Cautious Optimism with Eyes on Data

With benchmarks consolidating near record highs, traders are advised to adopt a stock-specific strategy. The positive bias remains intact, but global uncertainties and macro data may drive short-term volatility.

“Short-term corrections are healthy. Investors should use dips to accumulate quality names, especially in banking, capital goods, and consumption,” advised Shrikant Chouhan, Executive VP, Kotak Securities.